27-Unit Brick Apartment
1814 W 1ST AVE, Spokane, WA 99201
For Sale
Contact for pricing
A varied studio-to-two-bedroom unit mix is paired with an adjoining vacant parcel.
Property Size18,720 SF
Lot Size0.37 Acres
Price / SF$180.29
Days on Market9
Property Features for 1814 W 1ST AVE
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Buildings
Stories
Construction
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License WA #26840
(509) 315-8720
Source:
Crexi
Added: Nov 6
Changed: Nov 10
Last Checked: Nov 12 at 8:31AM
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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Investment Insights
Based on property information with market context.
The Osmun and Osmun Annex comprise two four-story brick residential buildings with 27 apartments. The mix includes 8 studios, 12 one-bedroom units, 5 two-bedroom/one-bath units, and 2 two-bedroom/two-bath units. The offering also includes the vacant 5,350-square-foot parcel at 1808 W 1st. Together, the three parcels contain approximately 16,050 square feet of land and 18,720 square feet of building area, and are being offered as one sale.
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
- 27 apartments across two four‑story brick buildings
- Unit mix: 8 studios, 12 one‑bedroom, 5 two‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath units
- Includes a vacant 5,350 SF parcel at 1808 W 1st
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.
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Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
1,414
Businesses Nearby
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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
$259,800
Median Home Value
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Market
Average Price Trend$/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 - A varied studio-to-two-bedroom unit mix is paired with an adjoining vacant parcel.
Where is this apartment building located?
The property is located at 1814 W 1ST AVE 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: 27 apartments across two four‑story brick buildings; Unit mix: 8 studios, 12 one‑bedroom, 5 two‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath units; Includes a vacant 5,350 SF parcel at 1808 W 1st
