Five-Unit Craftsman Apartment
For Sale
$500,000
1621 W 9TH Ave, Spokane, WA 99223
Residential Income, Spokane, WA
Property Size4,535 SF
Lot Size0.16 Acres
Price / SF$110.25
Days on Market47
Property Features for 1621 W 9TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3
Parking
1862
Parking features
Alley
Patio and Porch features
Patio
Interior features
Kitchen Island, Natural Woodwork
Basement
Full, Partially Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer, Hard Surface Counters
Lot features
Sprinkler - Partial, Treed, Level
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.4304
Size
4,535 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
5552
Utilities
Heating system
Forced Air, Electric (Heating), Baseboard
Amenities
individual storage areas
shared laundry facility
Building Details
Year built
1907
Floors in Building
2
Number of units
5
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Danny Pontius · License #117555
(509) 953-9539
Added: Jul 17
Changed: Aug 28
Last Checked: Sep 1 at 6:06AM
MLS# 202621087
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 4,535-square-foot apartment property in Spokane’s South Hill area contains five units: four within the primary residence and one in a detached backyard cottage. Built in 1907 in the Craftsman style, the property features wood flooring, natural woodwork, wood siding, composition roofing, and patio space. Kitchens include ranges, dishwashers, refrigerators, and hard-surface counters.
Each unit has separate electric metering. Basement areas provide individual tenant storage, while a shared laundry room serves the property. Heating includes baseboard, electric, and forced-air systems. The property has been restored and updated over time, has a rental history, and is professionally managed. Alley parking is also provided.
Each unit has separate electric metering. Basement areas provide individual tenant storage, while a shared laundry room serves the property. Heating includes baseboard, electric, and forced-air systems. The property has been restored and updated over time, has a rental history, and is professionally managed. Alley parking is also provided.
Key Highlights
- Five units across a main residence and detached backyard cottage
- 4,535 square feet on a 0.163‑acre lot
- Each unit has separate electric metering
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
$45,105
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
9.02%
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%
$902,100
$902.1K
Cap Rate 7%
$644,357
$644.4K
Cap Rate 9%
$501,167
$501.2K
Market Conditions
NOI Build-Up for 4,535 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
$87.6K $19.32/SF
− Vacancy
−$5.6K −$1.24/SF
EGI
$82.0K $18.08/SF
− OpEx
−$36.9K −$8.14/SF
NOI
$45.1K $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%
$902,100
Cap Rate 7%
$644,357
Cap Rate 9%
$501,167
Alternative Uses
Best Use
Apartment 5plus
$644.4K
$563.8K – $751.8K
NOI $45,105 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,902 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - South Hill property with a detached cottage, tenant storage, and shared laundry facilities.
Where is this apartment building located?
The property is located at 1621 W 9TH Ave Spokane, WA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Five units across a main residence and detached backyard cottage; 4,535 square feet on a 0.163‑acre lot; Each unit has separate electric metering
