Six-Unit Apartment
For Sale
$645,000
1427 W 7th Ave, Spokane, WA 99204
MultiFamily, Multi Level, Spokane, WA
Property Size3,919 SF
Lot Size0.16 Acres
Price / SF$164.58
Days on Market186
Property Features for 1427 W 7th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
5
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Basement, Bedroom 3, Bathroom 2, Bathroom 6, Bathroom 5
Basement
Unfinished
Subdivision
Spokane
Lot features
Level
Directions
on the corner of S Walnut St and W 7th Ave Parcel
Standard status
Active
APN
25244.3306
Size
3,919 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CANNONS ADD L7 B36
Tax Annual Amount
5508
Legal Description
CANNONS ADD L7 B36
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1902
Number of units
6
Building materials
Wood Siding, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Mar 30
Changed: Sep 17
Last Checked: Oct 1 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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,978
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
