Updated 4-Unit
New
For Sale
$500,000
Pending
1818 10th, Spokane, WA 99203
Renovated interiors include granite kitchens, tiled bathrooms, shared laundry, storage, and carport parking.
Property Size2,800 SF
Days on Market4
Property Features for 1818 10th
General Information
Standard status
Pending
Size
2,800 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
4
Amenities
shared laundry
storage units
carport parking
Garage: Carport
Carport
Building Details
Year Built
1900
Listing Agency:
R.H. Cooke & Associates
(509) 327-2282
Listed By:
Bob Cooke
Source:
Clearwaterproperties
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:04AM
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 R.H. Cooke & Associates
Investment Insights
Based on property information with market context.
This 4-unit quadplex contains 2,800 square feet and has received extensive interior updates. Kitchens feature shaker cabinetry, granite countertops, undermount sinks, and stainless steel appliances. Bathrooms have ceramic-tile surrounds and newer fixtures. A basement provides shared laundry facilities and individual storage units, while carport parking serves the property. Each unit has separate metering for heat and electric service. Water, sewer, and garbage are paid by the landlord.
Built in 1900, the property is located at 1818 10th in Spokane, Washington, with a 99203 ZIP code. The combination of updated unit interiors, basement amenities, separately metered heat and lights, and on-site covered parking defines the current configuration.
Built in 1900, the property is located at 1818 10th in Spokane, Washington, with a 99203 ZIP code. The combination of updated unit interiors, basement amenities, separately metered heat and lights, and on-site covered parking defines the current configuration.
Key Highlights
- Four‑unit quadplex totaling 2,800 SF
- Updated kitchens with shaker cabinets, granite countertops, undermount sinks, and stainless appliances
- Bathrooms upgraded with ceramic tile surrounds and new fixtures
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
$32,030
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
6.41%
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%
$640,600
$640.6K
Cap Rate 7%
$457,571
$457.6K
Cap Rate 9%
$355,889
$355.9K
Market Conditions
NOI Build-Up for 2,800 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
$48.7K $17.40/SF
− Vacancy
−$3.0K −$1.06/SF
EGI
$45.8K $16.34/SF
− OpEx
−$13.7K −$4.90/SF
NOI
$32.0K $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%
$640,600
Cap Rate 7%
$457,571
Cap Rate 9%
$355,889
Alternative Uses
Best Use
Multifamily LT 5
$457.6K
$400.4K – $533.8K
NOI $32,030 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$397.8K
$348.1K – $464.2K
NOI $27,849 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$722.4K
$632.1K – $842.8K
NOI $50,568 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 - Renovated interiors include granite kitchens, tiled bathrooms, shared laundry, storage, and carport parking.
Where is this quadplex located?
The property is located at 1818 10th Spokane, WA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 2,800 SF; Updated kitchens with shaker cabinets, granite countertops, undermount sinks, and stainless appliances; Bathrooms upgraded with ceramic tile surrounds and new fixtures
