16-Unit Apartment
New
For Sale
$1,900,000
1515-1519 W Sharp Ave, Spokane, WA 99201
Mostly renovated community with onsite laundry, covered parking, and in-unit comfort features.
Property Size10,944 SF
Days on Market4
Property Features for 1515-1519 W Sharp Ave
General Information
Standard status
Active
Size
10,944 SF
Property subtype
Multifamily
Occupancy
100%
Financials
Asking Price
$1,900,000
Cap Rate
5.77%
Units
Unit Mix
12 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
16
Additional Details
Highway Access
Yes
Amenities
in-wall air conditioning
dishwashers
onsite laundry
covered parking
Building Details
Building Size
10,944 SF
Year Built
1977
Listing Agency:
SVN | Cornerstone
Listed By:
Jordan Lester, CCIM, MBA · License #WA #21008495
(509) 496-6922
Source:
Svncornerstone
Added: Sep 6
Last Checked: Sep 8 at 7:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | Cornerstone
Investment Insights
Based on property information with market context.
Sharp Apartments is a 16-unit apartment community constructed in 1977, with a mix of twelve 1-bed, 1-bath homes and four 2-bed, 1-bath homes. Twelve units have been renovated, while four remain in classic condition. Apartments include in-wall air conditioning, baseboard heat, dishwashers, and ample closet space, with onsite laundry and covered parking at the rear.
The property is located at 1515-1519 W Sharp Ave in Spokane’s West Central neighborhood, northwest of downtown. I-90 and US-2/Division Street provide regional access, while the Spokane County office campus, Spokane Arena, and Riverfront Park are within a few blocks. The asset is reported at 100% occupancy and a 5.77% in-place capitalization rate. The four classic units rent approximately 17% below renovated comparables in the immediate area, creating a documented renovation-based rent growth opportunity.
The property is located at 1515-1519 W Sharp Ave in Spokane’s West Central neighborhood, northwest of downtown. I-90 and US-2/Division Street provide regional access, while the Spokane County office campus, Spokane Arena, and Riverfront Park are within a few blocks. The asset is reported at 100% occupancy and a 5.77% in-place capitalization rate. The four classic units rent approximately 17% below renovated comparables in the immediate area, creating a documented renovation-based rent growth opportunity.
Key Highlights
- 16‑unit apartment community built in 1977
- Unit mix includes twelve 1‑bed, 1‑bath units averaging 576 square feet and four 2‑bed, 1‑bath units averaging 720 square feet
- 12 of 16 units have been renovated; 4 remain in classic condition
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
$108,848
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
5.73%
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%
$2,176,960
$2.2M
Cap Rate 7%
$1,554,971
$1.6M
Cap Rate 9%
$1,209,422
$1.2M
Market Conditions
NOI Build-Up for 10,944 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
$211.4K $19.32/SF
− Vacancy
−$13.5K −$1.24/SF
EGI
$197.9K $18.08/SF
− OpEx
−$89.1K −$8.14/SF
NOI
$108.8K $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%
$2,176,960
Cap Rate 7%
$1,554,971
Cap Rate 9%
$1,209,422
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,848 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,649 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,372
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
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 - Mostly renovated community with onsite laundry, covered parking, and in-unit comfort features.
Where is this apartment building located?
The property is located at 1515-1519 W Sharp Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 16‑unit apartment community built in 1977; Unit mix includes twelve 1‑bed, 1‑bath units averaging 576 square feet and four 2‑bed, 1‑bath units averaging 720 square feet; 12 of 16 units have been renovated; 4 remain in classic condition
