8-Unit Brick Apartment
For Sale
$915,000
1722 11th, Spokane, WA 99204
Brick construction and individually controlled radiator heat serve the updated units.
Property Size6,819 SF
Price / SF$134.18
Days on Market22
Property Features for 1722 11th
General Information
Standard status
Active
Size
6,819 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,146
Amenities
leased laundry machines
storage
Garage: See Remarks
Garage Spaces: 1
See Remarks
1
Building Details
Year Built
1914
Construction
brick
Listing Agency:
SDS Realty, Inc.
Listed By:
Jay Overholser · License #43093
Source:
Clearwaterproperties
Added: Aug 13
Changed: Sep 2
Last Checked: Sep 2 at 9:21PM
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 SDS Realty, Inc.
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 6,819 square feet and dates to 1914. The building features a brick exterior, hardwood floors, original woodwork, and individually controlled hot-water radiators serving the updated units. A full basement provides resident and owner storage along with leased laundry machines, the boiler, and tanks.
The property includes 1015 and 1017 S Cherry, where former garages were converted to units in the '50s, plus a detached one-bedroom unit at 1720 W 11th. All three are located on the same lot and have independent heat, lights, and hot water. The primary property address is 1722 11th, Spokane, WA 99204.
The property includes 1015 and 1017 S Cherry, where former garages were converted to units in the '50s, plus a detached one-bedroom unit at 1720 W 11th. All three are located on the same lot and have independent heat, lights, and hot water. The primary property address is 1722 11th, Spokane, WA 99204.
Key Highlights
- 8‑unit apartment property with 6,819 square feet
- 1914 construction with brick exterior, hardwood floors, and original woodwork
- Individually controlled hot‑water radiators in the updated units
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
$67,821
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
7.41%
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%
$1,356,420
$1.4M
Cap Rate 7%
$968,871
$968.9K
Cap Rate 9%
$753,567
$753.6K
Market Conditions
NOI Build-Up for 6,819 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
$131.7K $19.32/SF
− Vacancy
−$8.4K −$1.24/SF
EGI
$123.3K $18.08/SF
− OpEx
−$55.5K −$8.14/SF
NOI
$67.8K $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 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%
$1,356,420
Cap Rate 7%
$968,871
Cap Rate 9%
$753,567
Alternative Uses
Best Use
Apartment 5plus
$968.9K
$847.8K – $1.13M
NOI $67,821 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,151 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
688
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick construction and individually controlled radiator heat serve the updated units.
Where is this apartment building located?
The property is located at 1722 11th Spokane, WA.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: 8‑unit apartment property with 6,819 square feet; 1914 construction with brick exterior, hardwood floors, and original woodwork; Individually controlled hot‑water radiators in the updated units
