16-Unit Apartment
For Sale
$1,795,000
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 Market58
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%
Site & Location
Neighborhood
West Central
Highway Access
Yes
Units
Unit Mix
12 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
16
Amenities
in-wall air conditioning
dishwashers
onsite laundry
covered parking
Building Details
Building Size
10,944 SF
Year Built
1977
Listing Agency:
SVN Cornerstone LLC
Listed By:
Jordan Lester, CCIM, MBA · License #WA #21008495
(509) 496-6922
Source:
Svncornerstone
Added: Sep 6
Changed: Oct 25
Last Checked: Nov 1 at 4:48AM
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 LLC
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$108,848
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
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
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 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 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,649 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
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 $1,795,000.
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
