Six-Unit Apartment
1427 W 7th Ave, Spokane, WA 99204
For Sale
$645,000
MultiFamily, Multi Level, Spokane, WA
Property Size3,919 SF
Lot Size0.16 Acres
Price / SF$164.58
Days on Market231
Property Features for 1427 W 7th Ave
General Information
Property type
Property subtype
Zoning
Bedrooms
Full bathrooms
Rooms
Basement
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License WA #1271842
(509) 496-6922
Added: Mar 30
Changed: Oct 31
Last Checked: Nov 15 at 6:06AM
MLS# 26-2801
Copyright © 2026 Coeur d'Alene Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,919-square-foot apartment property contains six units: five one-bedroom, one-bath apartments and one studio. One residence is positioned in a separate building, creating a distinct configuration within the property. The site includes three on-site parking spaces, additional street parking, and a dedicated room that may be converted to laundry use. Recent property improvements include new water heaters, fresh exterior paint, and upgraded copper electrical wiring. Built in 1902, the building has wood-frame construction with wood siding, composition roofing, electric baseboard heat, public water, and public sewer.
The property is fully occupied and located in Spokane’s Cliff Cannon neighborhood at 1427 W 7th Ave. Nearby destinations and connections identified for the property include a bus stop, hospitals, downtown Spokane, I-90, shopping, dining, and major employers. The property is zoned RMF and occupies approximately 0.16 acres.
The property is fully occupied and located in Spokane’s Cliff Cannon neighborhood at 1427 W 7th Ave. Nearby destinations and connections identified for the property include a bus stop, hospitals, downtown Spokane, I-90, shopping, dining, and major employers. The property is zoned RMF and occupies approximately 0.16 acres.
Key Highlights
- Six units: five 1bed/1bath apartments and one studio
- 3,919 square feet on a 0.16‑acre site
- Three on‑site parking spaces plus street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,978
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,560
$779.6K
Cap Rate 7%
$556,829
$556.8K
Cap Rate 9%
$433,089
$433.1K
Market Conditions
NOI Build-Up for 3,919 SF
Gross rent
$75.7K $19.32/SF
− Vacancy
−$4.8K −$1.24/SF
EGI
$70.9K $18.08/SF
− OpEx
−$31.9K −$8.14/SF
NOI
$39.0K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,560
Cap Rate 7%
$556,829
Cap Rate 9%
$433,089
Alternative Uses
Best Use
Apartment 5plus
$556.8K
$487.2K – $649.6K
NOI $38,978 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$884.7K – $1.18M
NOI $70,777 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
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Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment property with on-site parking and one unit in a separate building.
Where is this apartment building located?
The property is located at 1427 W 7th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Six units: five 1bed/1bath apartments and one studio; 3,919 square feet on a 0.16‑acre site; Three on‑site parking spaces plus street parking
