16-Unit Apartment
New
For Sale
$1,795,000
1515 W Sharp Ave, Spokane, WA 99201
MultiFamily, Multi Level, Spokane, WA
Property Size10,944 SF
Lot Size0.38 Acres
Price / SF$164.02
Days on Market2
Property Features for 1515 W Sharp Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LI
Bedrooms
19
Full bathrooms
15
Rooms
Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 7, Bathroom 2, Bathroom 12, Bedroom 10, Bedroom 8, Bathroom 15, Bedroom 17, Bathroom 3, Bathroom 11, Bedroom 18, Bedroom 11, Bedroom 19, Bathroom 7, Bedroom 5, Bathroom 5, Bedroom 13, Bathroom 14, Basement, Bedroom 9, Bedroom 3, Bedroom 4, Bathroom 9, Bathroom 6, Bedroom 2, Bedroom 1, Bathroom 8, Bathroom 10, Bedroom 14, Bathroom 13, Bedroom 15, Bedroom 16, Bedroom 12
Subdivision
Spokane
Lot features
Level
Directions
From I-90, take exit 280 for Maple St, cross the bridge north, and turn right on W Sharp Ave. 1515-1519 W Sharp is on the right between Ash & Walnut, minutes from Downtown Spokane & Kendall Yards.
Standard status
Active
APN
25131.1015
Size
10,944 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHAMBERLIN ADD E30FT LT 4 & W40FT LT 5 BLK 10 CHAMBERLIN ADD ALL LT 3 & W20FT LT 4 BLK 10
Tax Annual Amount
15287
Legal Description
CHAMBERLIN ADD E30FT LT 4 & W40FT LT 5 BLK 10 CHAMBERLIN ADD ALL LT 3 & W20FT LT 4 BLK 10
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
onsite laundry
covered rear parking
in-wall A/C
baseboard heat
dishwashers
ample closet space
Building Details
Year built
1977
Number of units
16
Building materials
Steel Siding, Concrete
Roof type
Aluminum
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Oct 16
Last Checked: Oct 17 at 6:06PM
MLS# 26-10283
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.
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Investment Insights
Based on property information with market context.
This 10,944-square-foot apartment property was built in 1977 and contains 16 homes: twelve 1-bedroom, 1-bathroom units of approximately 576 square feet and four 2-bedroom, 1-bathroom units of approximately 720 square feet. Twelve units have been renovated, while four remain in classic condition. In-wall air conditioning, electric baseboard heat, dishwashers, and closet space are provided in each unit. On-site laundry and covered parking at the rear serve residents. The property is zoned LI and occupies 0.38 acres.
At 1515 W Sharp Ave in Spokane, the property has 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 building is fully occupied, with a stated in-place cap rate of 5.77%.
At 1515 W Sharp Ave in Spokane, the property has 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 building is fully occupied, with a stated in-place cap rate of 5.77%.
Key Highlights
- 16 apartments: twelve 1‑bedroom/1‑bathroom units (~576 SF) and four 2‑bedroom/1‑bathroom units (~720 SF)
- 10,944‑square‑foot building on 0.38 acres
- Built in 1977; 12 units renovated and four 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.
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Property Analytics
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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
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
Frequently Asked Questions
What type of property is this?
Apartment building - A Spokane multifamily property combines a varied unit mix with on-site laundry and covered parking.
Where is this apartment building located?
The property is located at 1515 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 apartments: twelve 1‑bedroom/1‑bathroom units (~576 SF) and four 2‑bedroom/1‑bathroom units (~720 SF); 10,944‑square‑foot building on 0.38 acres; Built in 1977; 12 units renovated and four in classic condition
