Updated
For Sale
$524,999
1815 W 10th Ave, Spokane, WA 99204
Four one-bedroom units have received ongoing interior improvements and substantial exterior upgrades.
Property Size2,925 SF
Price / SF$179.49
Days on Market24
Property Features for 1815 W 10th Ave
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1947
Listing Agency:
Windermere Manito, LLC
(509) 475-2802
Listed By:
Khalil Beznaiguia · License #79117
Source:
Clemensregroup
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 25 at 4:21AM
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 Windermere Manito, LLC
Investment Insights
Based on property information with market context.
This fourplex contains four one-bedroom, one-bath residences, each measuring approximately 700+ square feet, within a 2,925-square-foot property. Interior work has been completed over time from 2007 through 2025 and includes flooring, paint, finishes, and appliances. The property has also received several larger-scale improvements, including window replacement in 2007, screen doors in 2008, lawn sprinklers and cyclone fencing in 2018, rear hallway carpet in 2019, and exterior painting with a new roof in 2026.
Located in Spokane’s South Hill area, the property is minutes from hospitals and downtown. Ongoing maintenance and a documented rental history add operating context for buyers evaluating a four-unit residential income asset. The unit configuration may also accommodate an owner-occupant seeking a smaller multifamily property, as stated in the property information.
Located in Spokane’s South Hill area, the property is minutes from hospitals and downtown. Ongoing maintenance and a documented rental history add operating context for buyers evaluating a four-unit residential income asset. The unit configuration may also accommodate an owner-occupant seeking a smaller multifamily property, as stated in the property information.
Key Highlights
- Four 1‑bedroom, 1‑bath units
- Approximately 700+ sq ft per unit; 2,925 sq ft property
- Interior improvements completed from 2007 through 2025
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
$33,460
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
6.37%
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%
$669,200
$669.2K
Cap Rate 7%
$478,000
$478.0K
Cap Rate 9%
$371,778
$371.8K
Market Conditions
NOI Build-Up for 2,925 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
$50.9K $17.40/SF
− Vacancy
−$3.1K −$1.06/SF
EGI
$47.8K $16.34/SF
− OpEx
−$14.3K −$4.90/SF
NOI
$33.5K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$669,200
Cap Rate 7%
$478,000
Cap Rate 9%
$371,778
Alternative Uses
Best Use
Multifamily LT 5
$478.0K
$418.3K – $557.7K
NOI $33,460 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$415.6K
$363.7K – $484.9K
NOI $29,092 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$754.7K
$660.3K – $880.4K
NOI $52,826 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom units have received ongoing interior improvements and substantial exterior upgrades.
Where is this quadplex located?
The property is located at 1815 W 10th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $524,999.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units; Approximately 700+ sq ft per unit; 2,925 sq ft property; Interior improvements completed from 2007 through 2025
