Bungalow
For Sale
$524,999
1815 W 10th Ave, Spokane, WA 99204
MULTI_FAMILY - Bungalow - Spokane, WA
Property Size2,925 SF
Lot Size0.14 Acres
Price / SF$179.49
Days on Market56
Property Features for 1815 W 10th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking
2
Parking features
Alley, Offsite
Interior features
High Speed Internet
Fireplace
1
Basement
Daylight, Finished, Full, Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Sprinkler - Automatic, Level, Open Lot
View
Territorial
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.1803
Size
2,925 SF
Lot size
0.14 Acres
Utilities
Heating system
Ductless (Heating)
Building Details
Year built
1947
Floors in Building
1
Number of units
4
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Khalil Beznaiguia · License #79117
(509) 747-1051
Added: Jun 17
Changed: Aug 1
Last Checked: Aug 11 at 9:06PM
MLS# 202619401
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 bungalow-style quadplex at 1815 W 10th Ave offers four 1-bedroom, 1-bath units within a wood siding structure built in 1947. The property is reported as approximately 2,925 square feet and sits on a 0.1446-acre lot. Heating is provided via ductless systems, and the interior includes high-speed internet capability. Appliances listed include a free-standing range, dishwasher, refrigerator, and microwave.
Interior improvements have been completed on an ongoing basis from 2007 through 2025, with updates including flooring, paint, finishes, and appliances. Major capital improvements include new windows in 2007, screen doors in 2008, lawn sprinklers and cyclone fencing in 2018, rear hallway carpet in 2019, and exterior painting plus a brand-new roof in 2026. The home also features a fireplace.
Parking is described as alley access with offsite parking. Construction includes a composition roof, and the property is connected to city utilities as reflected by listed exterior and site improvements.
Interior improvements have been completed on an ongoing basis from 2007 through 2025, with updates including flooring, paint, finishes, and appliances. Major capital improvements include new windows in 2007, screen doors in 2008, lawn sprinklers and cyclone fencing in 2018, rear hallway carpet in 2019, and exterior painting plus a brand-new roof in 2026. The home also features a fireplace.
Parking is described as alley access with offsite parking. Construction includes a composition roof, and the property is connected to city utilities as reflected by listed exterior and site improvements.
Key Highlights
- Four 1‑bedroom, 1‑bath units in a bungalow‑style quadplex built in 1947
- Approximately 2,925 SF on a 0.1446‑acre lot
- Interior improvements completed from 2007 through 2025, including flooring, paint, finishes, and appliances
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
82
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?
Quadplex - Turnkey quadplex with four 1-bedroom, 1-bath units, ductless heating, and in-unit appliances.
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 in a bungalow‑style quadplex built in 1947; Approximately 2,925 SF on a 0.1446‑acre lot; Interior improvements completed from 2007 through 2025, including flooring, paint, finishes, and appliances
