27-Unit Brick Apartment
1808 1st, Spokane, WA 99201
For Sale
New
$3,375,000
The historic-district offering combines two residential buildings with a separate vacant parcel.
Property Size18,720 SF
Lot Size0.37 Acres
Price / SF$180.29
Days on Market2
Property Features for 1808 1st
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
Buildings
Stories
Construction
Listing Agency:
LT Real Estate
Listed By:
Ryan Towner · License #24027253
(509) 315-8714
Source:
Clearwaterproperties
Added: Nov 8
Last Checked: Nov 8 at 3:44PM
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 LT Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Two four-story brick apartment buildings, constructed in 1908, contain 27 units across a combined 18,720 square feet. The mix includes 8 studios, 12 one-bedroom apartments, 5 two-bedroom/one-bath units, and 2 two-bedroom/two-bath units. The offering also includes a vacant 5,350-square-foot lot at 1808 W 1st. All three parcels, with approximately 16,050 square feet of land, are offered together.
The property is in Browne's Addition, Spokane's first local historic district. Dining, grocery stores, parks, the MAC museum, and medical centers are nearby.
The property is in Browne's Addition, Spokane's first local historic district. Dining, grocery stores, parks, the MAC museum, and medical centers are nearby.
Key Highlights
- Two four‑story brick apartment buildings with 27 units
- Unit mix: 8 studios, 12 one‑bedroom, 5 two‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath
- 18,720 SF of building area across three parcels totaling approximately 16,050 SF of land
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$186,188
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,723,760
$3.7M
Cap Rate 7%
$2,659,829
$2.7M
Cap Rate 9%
$2,068,756
$2.1M
Market Conditions
NOI Build-Up for 18,720 SF
Gross rent
$361.7K $19.32/SF
− Vacancy
−$23.1K −$1.24/SF
EGI
$338.5K $18.08/SF
− OpEx
−$152.3K −$8.14/SF
NOI
$186.2K $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%
$3,723,760
Cap Rate 7%
$2,659,829
Cap Rate 9%
$2,068,756
Alternative Uses
Best Use
Apartment 5plus
$2.66M
$2.33M – $3.10M
NOI $186,188 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.83M
$4.23M – $5.63M
NOI $338,083 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
5,568
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
$259,800
Median Home Value
Market
Average Price Trend$/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 - The historic-district offering combines two residential buildings with a separate vacant parcel.
Where is this apartment building located?
The property is located at 1808 1st Spokane, WA.
What is the asking price?
The asking price for this property is $3,375,000.
What are key features of this property?
This property features: Two four‑story brick apartment buildings with 27 units; Unit mix: 8 studios, 12 one‑bedroom, 5 two‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath; 18,720 SF of building area across three parcels totaling approximately 16,050 SF of land
