Renovated 5-Unit Apartment
For Sale
$800,000
2109 Pacific, Spokane, WA 99201
Five updated apartments with covered parking, private basement storage, and shared smart-card laundry facilities.
Property Size3,892 SF
Price / SF$205.55
Days on Market34
Property Features for 2109 Pacific
General Information
Standard status
Active
Size
3,892 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Units
Unit Mix
4 x 2bd/1ba, 1 x 1bd+office/1ba
Multifamily Units
5
Parking per Unit
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,650
Amenities
on-site laundry
basement storage
Garage: Detached, Carport
Garage Spaces: 2
Style: Craftsman
Craftsman
Detached, Carport
2
Building Details
Year Built
1909
Listing Agency:
Windermere Manito, LLC
Listed By:
Jill Klinke · License #SP53646
(509) 994-8273
Source:
Clearwaterproperties
Added: Aug 1
Changed: Sep 2
Last Checked: Sep 2 at 2:24PM
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 Windermere Manito, LLC
Investment Insights
Based on property information with market context.
This 3,892-square-foot apartment property contains five residences: four two-bedroom, one-bath units and one one-bedroom, one-bath unit with an office. Interiors have been renovated with new flooring, interior and exterior paint, plumbing fixtures, appliances, and other modern finishes. Unit D was rebuilt to the studs. Each apartment has dedicated basement storage and one covered parking space. A conventional gas boiler with hydronic heating serves the building, and a commercial 76-gallon gas water heater has been installed. Shared laundry uses a smart-card system.
Built in 1909, the property is located at 2109 Pacific in Spokane’s Browne’s Addition. Restaurants, Coeur d’Alene Park, and a grocery store are nearby, with access to downtown Spokane and I-90. The garage or carport roof is new, while the main roof is approximately 12 years old.
Built in 1909, the property is located at 2109 Pacific in Spokane’s Browne’s Addition. Restaurants, Coeur d’Alene Park, and a grocery store are nearby, with access to downtown Spokane and I-90. The garage or carport roof is new, while the main roof is approximately 12 years old.
Key Highlights
- Five‑unit mix includes four 2bd/1ba apartments and one 1bd+office/1ba apartment
- 3,892‑square‑foot building constructed in 1909
- Renovations include flooring, paint, plumbing fixtures, appliances, and remodeled interiors
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
$38,710
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
4.84%
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%
$774,200
$774.2K
Cap Rate 7%
$553,000
$553.0K
Cap Rate 9%
$430,111
$430.1K
Market Conditions
NOI Build-Up for 3,892 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
$75.2K $19.32/SF
− Vacancy
−$4.8K −$1.24/SF
EGI
$70.4K $18.08/SF
− OpEx
−$31.7K −$8.14/SF
NOI
$38.7K $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%
$774,200
Cap Rate 7%
$553,000
Cap Rate 9%
$430,111
Alternative Uses
Best Use
Apartment 5plus
$553.0K
$483.9K – $645.2K
NOI $38,710 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$878.6K – $1.17M
NOI $70,290 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five updated apartments with covered parking, private basement storage, and shared smart-card laundry facilities.
Where is this apartment building located?
The property is located at 2109 Pacific Spokane, WA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five‑unit mix includes four 2bd/1ba apartments and one 1bd+office/1ba apartment; 3,892‑square‑foot building constructed in 1909; Renovations include flooring, paint, plumbing fixtures, appliances, and remodeled interiors
