Residential Income
For Sale
$314,900
147 S Elm St, Spokane, WA 99201
Residential Income, Spokane, WA
Property Size1,842 SF
Lot Size0.11 Acres
Price / SF$170.96
Days on Market56
Property Features for 147 S Elm St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Window features
Wood Frames
Fireplace
1
Basement
Crawl Space
Appliances
Free-Standing Range, Refrigerator, Washer, Dryer
Lot features
Sprinkler - Automatic, Level
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
From Downtown Spokane, head west on W 1st Avenue and continue straight toward Browne's Addition. Turn right onto S Elm Street, then continue south until you arrive at 147 S Elm Street, which will be on the right-hand side.
Standard status
Active
APN
25241.1708
Lot size
0.11 Acres
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Baseboard, Electric (Heating), Natural Gas, Ductless (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1899
Floors in Building
2
Number of units
1
Flooring type
Wood
Building materials
Shake Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Denay Hornberger
(509) 951-5992
Added: Jul 12
Changed: Sep 2
Last Checked: Sep 5 at 6:06AM
MLS# 202620826
Copyright © 2026 Spokane Association of REALTORS®. 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 bungalow offers 1,842 square feet of living space with 2 bedrooms and 1 bathroom, featuring beautiful wood floors and a cozy fireplace along with classic historic details. While it is officially configured as a 2-bedroom home, it also includes additional flexible rooms that may accommodate beds depending on the intended setup.
Per the sellers, the property has been consistently rented for the past 16 years. The sellers also indicate the home may be suited for short-term rental use, subject to applicable regulations and licensing. It is located near the MAC Museum, Coeur d’Alene Park, walking trails, the Spokane River, downtown Spokane, a grocery store, and multiple local restaurants, with Spokane International Airport approximately 10 minutes away.
Per the sellers, the property has been consistently rented for the past 16 years. The sellers also indicate the home may be suited for short-term rental use, subject to applicable regulations and licensing. It is located near the MAC Museum, Coeur d’Alene Park, walking trails, the Spokane River, downtown Spokane, a grocery store, and multiple local restaurants, with Spokane International Airport approximately 10 minutes away.
Key Highlights
- Historic bungalow built in 1899 with 1,842 SF, featuring 2 bedrooms and 1 bathroom
- Beautiful wood flooring throughout and a cozy fireplace
- Heating includes natural gas with baseboard and ductless options; cooling provided by window unit(s)
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
$18,320
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
5.82%
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%
$366,400
$366.4K
Cap Rate 7%
$261,714
$261.7K
Cap Rate 9%
$203,556
$203.6K
Market Conditions
NOI Build-Up for 1,842 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
$35.6K $19.32/SF
− Vacancy
−$2.3K −$1.24/SF
EGI
$33.3K $18.08/SF
− OpEx
−$15.0K −$8.14/SF
NOI
$18.3K $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%
$366,400
Cap Rate 7%
$261,714
Cap Rate 9%
$203,556
Alternative Uses
Best Use
Apartment 5plus
$261.7K
$229.0K – $305.3K
NOI $18,320 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$475.2K
$415.8K – $554.5K
NOI $33,267 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,414
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Bungalow with 2 bedrooms, 1 bathroom, wood floors, and a fireplace, plus additional flexible rooms.
Where is this single family property located?
The property is located at 147 S Elm St Spokane, WA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Historic bungalow built in 1899 with 1,842 SF, featuring 2 bedrooms and 1 bathroom; Beautiful wood flooring throughout and a cozy fireplace; Heating includes natural gas with baseboard and ductless options; cooling provided by window unit(s)
