Updated 4-Unit
For Sale
$500,000
Pending
1818 W 10th Ave, Spokane, WA 99204
Four residential units feature refreshed interiors, shared laundry, storage, and carport parking.
Property Size2,800 SF
Days on Market19
Property Features for 1818 W 10th Ave
General Information
Standard status
Pending
Size
2,800 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Amenities
shared laundry
storage units
carport parking
Building Details
Buildings
1
Listing Agency:
R.H. Cooke & Associates
(509) 998-0808
Listed By:
Bob Cooke
(509) 998-0808
Source:
Exprealty
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 21 at 12:02PM
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 2,800-square-foot quadplex contains four residential units with extensive interior updates. Kitchens have shaker cabinetry, granite countertops, undermount sinks, and stainless steel appliances. Bathrooms include ceramic tile surrounds and new fixtures throughout.
A basement provides shared laundry facilities and individual storage units. Carport parking serves the property. Each unit is separately metered for heat and lights, while the landlord pays water, sewer, and garbage expenses. The property is located at 1818 W 10th Ave in Spokane, Washington.
A basement provides shared laundry facilities and individual storage units. Carport parking serves the property. Each unit is separately metered for heat and lights, while the landlord pays water, sewer, and garbage expenses. The property is located at 1818 W 10th Ave in Spokane, Washington.
Key Highlights
- 2,800 SF quadplex with four residential units
- Updated kitchens with shaker cabinets, granite countertops, undermount sinks, and stainless appliances
- Bathrooms upgraded with ceramic tile surrounds and all 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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature refreshed interiors, shared laundry, storage, and carport parking.
Where is this quadplex located?
The property is located at 1818 W 10th Ave 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: 2,800 SF quadplex with four residential units; Updated kitchens with shaker cabinets, granite countertops, undermount sinks, and stainless appliances; Bathrooms upgraded with ceramic tile surrounds and all new fixtures
