Multifamily
For Sale
$985,000
1821 W 9th Ave, Spokane, WA 99204
A multifamily asset built in 1958 on Spokane’s South Hill.
Property Size5,928 SF
Days on Market140
Property Features for 1821 W 9th Ave
General Information
Standard status
Active
Size
5,928 SF
Property subtype
Multifamily
Building Details
Building Size
5,928 SF
Year Built
1958
Listed By:
Mitch Swenson, CCIM
(509) 622-3552
Source:
Naiblack
Added: Jun 1
Changed: Oct 12
Last Checked: Oct 16 at 7:00AM
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 Mitch Swenson, CCIM
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Investment Insights
Based on property information with market context.
This multifamily property at 1821 W 9th Ave in Spokane, Washington, was constructed in 1958. The asset is located in the South Hill area of Spokane.
Key Highlights
- Located at 1821 W 9th Ave, Spokane, WA 99204
- Built in 1958
- Situated in Spokane’s South Hill area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,960
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,179,200
$1.2M
Cap Rate 7%
$842,286
$842.3K
Cap Rate 9%
$655,111
$655.1K
Market Conditions
NOI Build-Up for 5,928 SF
Gross rent
$114.5K $19.32/SF
− Vacancy
−$7.3K −$1.24/SF
EGI
$107.2K $18.08/SF
− OpEx
−$48.2K −$8.14/SF
NOI
$59.0K $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%
$1,179,200
Cap Rate 7%
$842,286
Cap Rate 9%
$655,111
Alternative Uses
Best Use
Apartment 5plus
$842.3K
$737.0K – $982.7K
NOI $58,960 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,060 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - A multifamily asset built in 1958 on Spokane’s South Hill.
Where is this multifamily property located?
The property is located at 1821 W 9th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Located at 1821 W 9th Ave, Spokane, WA 99204; Built in 1958; Situated in Spokane’s South Hill area
