Five-Unit Apartment
1824 W 2nd Ave, Spokane, WA 99201
For Sale
$725,000
Five one-bedroom layouts feature full kitchens, hardwood floors, and tub-and-shower bathrooms.
Property Size3,040 SF
Price / SF$238.49
Days on Market257
Property Features for 1824 W 2nd Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
Laundry
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License WA #24027253
(509) 481-0373
Source:
Ericksrealty
Added: Feb 26
Changed: Nov 7
Last Checked: Nov 8 at 6:02PM
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 LT Real Estate
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Investment Insights
Based on property information with market context.
Built in 1903, this two-story apartment property contains five one-bedroom, one-bathroom units within 3,040 square feet. Interiors include original hardwood flooring and full kitchens, with tub-and-shower combinations in the bathrooms. Decorative fireplaces appear in select units, and the property also includes laundry facilities.
The building is in Spokane’s Browne’s Addition neighborhood, near parks, dining, medical facilities, and downtown Spokane.
The building is in Spokane’s Browne’s Addition neighborhood, near parks, dining, medical facilities, and downtown Spokane.
Key Highlights
- Five apartments, each with one bedroom and one bathroom
- 3,040 square feet across two stories
- Built in 1903
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,236
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,720
$604.7K
Cap Rate 7%
$431,943
$431.9K
Cap Rate 9%
$335,956
$336.0K
Market Conditions
NOI Build-Up for 3,040 SF
Gross rent
$58.7K $19.32/SF
− Vacancy
−$3.8K −$1.24/SF
EGI
$55.0K $18.08/SF
− OpEx
−$24.7K −$8.14/SF
NOI
$30.2K $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%
$604,720
Cap Rate 7%
$431,943
Cap Rate 9%
$335,956
Alternative Uses
Best Use
Apartment 5plus
$431.9K
$378.0K – $503.9K
NOI $30,236 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.3K
$686.3K – $915.0K
NOI $54,902 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,414
Businesses Nearby
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Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom layouts feature full kitchens, hardwood floors, and tub-and-shower bathrooms.
Where is this apartment building located?
The property is located at 1824 W 2nd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Five apartments, each with one bedroom and one bathroom; 3,040 square feet across two stories; Built in 1903
