Furnished Residential Income
For Sale
$225,000
1608 W 8TH Ave, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size770 SF
Price / SF$292.21
Days on Market110
Property Features for 1608 W 8TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1
Parking features
Underground/Basement, Offsite
Appliances
Free-Standing Range, Dishwasher, Microwave
Subdivision
Maple Manor Condominiums
Lot features
Hillside, City Bus (w/in 6 blks), Fencing
View
City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.3517
Size
770 SF
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Amenities
shared garage
onsite laundry
gated secure entrance
extra storage
Building Details
Year built
1959
Number of units
1
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Aaron Magner
(509) 344-9056
Added: Jun 17
Changed: Sep 13
Last Checked: Oct 4 at 8:06PM
MLS# 202619454
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 furnished condominium offers 770 square feet with two bedrooms, large rooms, generous closet space, and hardwood flooring. Interior improvements include a newer kitchen and bathroom, complemented by a free-standing range, dishwasher, microwave, and stainless appliances. The building dates to 1959 and features brick construction, electric and ductless heating, onsite laundry, and a gated entrance.
The property includes a shared garage, secure parking, and additional storage. Its Spokane setting provides access to downtown shopping, dining, and attractions, with the hospital district also nearby. The unit is currently leased through August 2026, and rental use is allowed.
The property includes a shared garage, secure parking, and additional storage. Its Spokane setting provides access to downtown shopping, dining, and attractions, with the hospital district also nearby. The unit is currently leased through August 2026, and rental use is allowed.
Key Highlights
- 770 square feet with two bedrooms and large rooms
- Furnished condo with hardwood floors and updated kitchen and bathroom
- Currently leased through August 2026; rental use allowed
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
$7,658
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
3.40%
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%
$153,160
$153.2K
Cap Rate 7%
$109,400
$109.4K
Cap Rate 9%
$85,089
$85.1K
Market Conditions
NOI Build-Up for 770 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
$14.9K $19.32/SF
− Vacancy
−$952 −$1.24/SF
EGI
$13.9K $18.08/SF
− OpEx
−$6.3K −$8.14/SF
NOI
$7.7K $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%
$153,160
Cap Rate 7%
$109,400
Cap Rate 9%
$85,089
Alternative Uses
Best Use
Apartment 5plus
$109.4K
$95.7K – $127.6K
NOI $7,658 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$198.7K
$173.8K – $231.8K
NOI $13,906 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with updated interiors, secure parking, and a lease extending through August 2026.
Where is this residential income property located?
The property is located at 1608 W 8TH Ave Spokane, WA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 770 square feet with two bedrooms and large rooms; Furnished condo with hardwood floors and updated kitchen and bathroom; Currently leased through August 2026; rental use allowed
