8-Unit Apartment
For Sale
$1,890,000
2009 Grand, Spokane, WA 99203
Modern residences feature in-unit laundry and covered parking across from Manito Park.
Property Size7,528 SF
Price / SF$251.06
Days on Market12
Property Features for 2009 Grand
General Information
Standard status
Active
Size
7,528 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Additional Details
Gross Income
$144,396
Amenities
in-unit washer and dryer
Garage: Carport
Garage Spaces: 0
Carport
Building Details
Year Built
2011
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Clearwaterproperties
Added: Aug 21
Changed: Aug 31
Last Checked: Aug 31 at 2:40PM
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.
Built in 2011, this 7,528-square-foot apartment property contains eight two-bedroom residences, each with one-and-a-half bathrooms. Interior features include modern finishes and a washer and dryer within every unit. The building provides eight covered parking stalls for residents.
The property is located across from Manito Park in Spokane, Washington, with the city’s Medical District only minutes away. Its apartment configuration, established construction date, individual laundry amenities, and covered parking create a clearly defined multifamily offering with practical resident features.
The property is located across from Manito Park in Spokane, Washington, with the city’s Medical District only minutes away. Its apartment configuration, established construction date, individual laundry amenities, and covered parking create a clearly defined multifamily offering with practical resident features.
Key Highlights
- Eight two‑bedroom, one‑and‑a‑half‑bath apartment units
- 7,528 SF multifamily property built in 2011
- Modern finishes and in‑unit washer and dryer in each residence
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
$74,873
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
3.96%
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%
$1,497,460
$1.5M
Cap Rate 7%
$1,069,614
$1.1M
Cap Rate 9%
$831,922
$831.9K
Market Conditions
NOI Build-Up for 7,528 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
$145.4K $19.32/SF
− Vacancy
−$9.3K −$1.24/SF
EGI
$136.1K $18.08/SF
− OpEx
−$61.3K −$8.14/SF
NOI
$74.9K $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%
$1,497,460
Cap Rate 7%
$1,069,614
Cap Rate 9%
$831,922
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$935.9K – $1.25M
NOI $74,873 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $135,956 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
497
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Modern residences feature in-unit laundry and covered parking across from Manito Park.
Where is this apartment building located?
The property is located at 2009 Grand Spokane, WA.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Eight two‑bedroom, one‑and‑a‑half‑bath apartment units; 7,528 SF multifamily property built in 2011; Modern finishes and in‑unit washer and dryer in each residence
