Lower South Hill Multifamily
For Sale
$675,000
1828 9th, Spokane, WA 99204
Multifamily income property with convenient access to major freeway routes and key North–South corridors.
Property Size4,353 SF
Price / SF$155.07
Days on Market30
Property Features for 1828 9th
General Information
Standard status
Active
Size
4,353 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Garage: Detached, Off Site, Alley Access
Garage Spaces: 0
Detached, Off Site, Alley Access
Building Details
Year Built
1908
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 14
Last Checked: Aug 14 at 4:52AM
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
Investment Insights
Based on property information with market context.
This multifamily income property is located in Spokane’s historically upscale Lower South Hill neighborhood, an area originally developed more than 120 years ago with an established mix of historic homes. The surrounding residential character reflects long-lasting craftsmanship, and the property benefits from convenient access to downtown.
Access is supported by nearby East–West freeway routes and North–South corridors including Maple and Monroe. Major employers are described as just minutes away, including Deaconess Hospital, Sacred Heart Hospital, Fairchild Air Force Base, and Downtown Spokane.
The property’s positioning within Spokane’s residential core is highlighted as central, with straightforward connections to major roads for commuting and daily access.
Access is supported by nearby East–West freeway routes and North–South corridors including Maple and Monroe. Major employers are described as just minutes away, including Deaconess Hospital, Sacred Heart Hospital, Fairchild Air Force Base, and Downtown Spokane.
The property’s positioning within Spokane’s residential core is highlighted as central, with straightforward connections to major roads for commuting and daily access.
Key Highlights
- Built in 1908 in Spokane’s historic Lower South Hill neighborhood
- Multifamily income property with convenient access to major freeway routes and North–South corridors like Maple and Monroe
- Garage noted as detached, off‑site, with alley access (garage spaces listed as 0)
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
$43,295
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%
$865,900
$865.9K
Cap Rate 7%
$618,500
$618.5K
Cap Rate 9%
$481,056
$481.1K
Market Conditions
NOI Build-Up for 4,353 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
$84.1K $19.32/SF
− Vacancy
−$5.4K −$1.24/SF
EGI
$78.7K $18.08/SF
− OpEx
−$35.4K −$8.14/SF
NOI
$43.3K $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 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%
$865,900
Cap Rate 7%
$618,500
Cap Rate 9%
$481,056
Alternative Uses
Best Use
Apartment 5plus
$618.5K
$541.2K – $721.6K
NOI $43,295 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$982.7K – $1.31M
NOI $78,615 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
958
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?
Multifamily property - Multifamily income property with convenient access to major freeway routes and key North–South corridors.
Where is this multifamily property located?
The property is located at 1828 9th Spokane, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Built in 1908 in Spokane’s historic Lower South Hill neighborhood; Multifamily income property with convenient access to major freeway routes and North–South corridors like Maple and Monroe; Garage noted as detached, off‑site, with alley access (garage spaces listed as 0)
