16-Unit Apartment
1515 Sharp, Spokane, WA 99201
For Sale
$1,795,000
Apartments include on-site laundry, covered parking, in-wall air conditioning, and baseboard heat.
Property Size10,944 SF
Price / SF$164.02
Days on Market22
Property Features for 1515 Sharp
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
onsite laundry
covered rear parking
Building Details
Year Built
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #21008495
(509) 496-6922
Source:
Exprealty
Added: Oct 16
Changed: Nov 6
Last Checked: Nov 6 at 2:51PM
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 Commercial
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Investment Insights
Based on property information with market context.
Sharp Apartments is a 16-unit multifamily property in Spokane, built in 1977. Its unit mix includes twelve one-bedroom, one-bathroom homes and four two-bedroom, one-bathroom homes. Twelve apartments have been renovated; the remaining four retain classic finishes. Each unit has in-wall air conditioning, baseboard heat, a dishwasher, and closet storage. Residents also have access to on-site laundry and covered parking at the rear of the property.
The property is in Spokane’s West Central neighborhood, with access to I-90 and US-2/Division St. Downtown Spokane, the Spokane County Courthouse campus, Spokane Arena, and Riverfront Park are minutes away. The property is reported at 100% occupancy with a 5.77% in-place cap rate.
The property is in Spokane’s West Central neighborhood, with access to I-90 and US-2/Division St. Downtown Spokane, the Spokane County Courthouse campus, Spokane Arena, and Riverfront Park are minutes away. The property is reported at 100% occupancy with a 5.77% in-place cap rate.
Key Highlights
- 16 apartments built in 1977
- Unit mix: 12 one‑bedroom/one‑bathroom units and 4 two‑bedroom/one‑bathroom units
- 12 units 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
Who owns this building?
See the owner, sales and loan history
Open 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
$259,800
Median Home Value
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Market
Average Price Trend$/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 - Apartments include on-site laundry, covered parking, in-wall air conditioning, and baseboard heat.
Where is this apartment building located?
The property is located at 1515 Sharp 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 apartments built in 1977; Unit mix: 12 one‑bedroom/one‑bathroom units and 4 two‑bedroom/one‑bathroom units; 12 units renovated; 4 remain in classic condition
