Four-Unit Residential Income
For Sale
$465,000
2022 W College Ave, Spokane, WA 99201
The occupied building includes a mix of one- and two-bedroom apartments with detached parking and a fenced yard.
Property Size2,632 SF
Lot Size0.15 Acres
Price / SF$176.67
Days on Market100
Property Features for 2022 W College Ave
General Information
Standard status
Active
Size
2,632 SF
Total Parking Spaces
1
Lot size
0.15 Acres
Property subtype
Residential Income
Occupancy
100%
Site & Location
Neighborhood
Riverside
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Building Details
Building Size
2,632 SF
Year Built
1895
Buildings
1
Stories
2
Units
4
Listing Agency:
Deese Real Estate
(509) 293-9291
Listed By:
Billy Deese · License #27657
(509) 590-5603
Source:
Ericksrealty
Added: Jul 16
Changed: Oct 23
Last Checked: Oct 23 at 3:37PM
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 Deese Real Estate
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Investment Insights
Based on property information with market context.
This 2,632-square-foot residential income property contains four apartments: three with one bedroom and one bathroom, plus a two-bedroom unit with one and a half bathrooms. Built in 1895, the building is fully occupied and professionally managed. A fenced yard provides outdoor space, and detached parking is accessed from the alley.
Located at 2022 W College Ave in Spokane, the property is a few blocks from the Kendall Yards district, which includes cafés, breweries, and riverside trails. Laundry is also noted as a property feature.
Located at 2022 W College Ave in Spokane, the property is a few blocks from the Kendall Yards district, which includes cafés, breweries, and riverside trails. Laundry is also noted as a property feature.
Key Highlights
- Four units: three 1‑bedroom/1‑bath apartments and one 2‑bedroom/1.5‑bath apartment
- 2,632 square feet; built in 1895
- Fully occupied and professionally managed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,109
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$602,180
$602.2K
Cap Rate 7%
$430,129
$430.1K
Cap Rate 9%
$334,544
$334.5K
Market Conditions
NOI Build-Up for 2,632 SF
Gross rent
$45.8K $17.40/SF
− Vacancy
−$2.8K −$1.06/SF
EGI
$43.0K $16.34/SF
− OpEx
−$12.9K −$4.90/SF
NOI
$30.1K $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 Rate 5%
$602,180
Cap Rate 7%
$430,129
Cap Rate 9%
$334,544
Alternative Uses
Best Use
Multifamily LT 5
$430.1K
$376.4K – $501.8K
NOI $30,109 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$374.0K
$327.2K – $436.3K
NOI $26,178 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$679.1K
$594.2K – $792.2K
NOI $47,534 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
966
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
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - The occupied building includes a mix of one- and two-bedroom apartments with detached parking and a fenced yard.
Where is this quadplex located?
The property is located at 2022 W College Ave Spokane, WA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Four units: three 1‑bedroom/1‑bath apartments and one 2‑bedroom/1.5‑bath apartment; 2,632 square feet; built in 1895; Fully occupied and professionally managed
