Renovated 5-Plex Apartment
For Sale
$800,000
2109 W Pacific Ave, Spokane, WA 99201
Four two-bedroom units and one one-bedroom-plus-office unit feature updated interiors and appliances.
Property Size3,892 SF
Price / SF$205.55
Days on Market47
Property Features for 2109 W Pacific Ave
General Information
Standard status
Active
Size
3,892 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Brownes Addition
Highway Access
Yes
Units
Unit Mix
4 x 2bd/1ba, 1 x 1bd+office/1ba
Multifamily Units
5
Parking per Unit
1
Amenities
on-site laundry
basement storage
Building Details
Year Built
1909
Buildings
1
Listing Agency:
Windermere Manito, LLC
Listed By:
Jill Klinke · License #SP53646
(509) 747-1051
Source:
Clemensregroup
Added: Sep 14
Changed: Oct 26
Last Checked: Oct 28 at 1:46PM
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
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Investment Insights
Based on property information with market context.
Built in 1909, this 3,892-square-foot apartment property contains five updated units: four two-bedroom, one-bath residences and one one-bedroom unit with an office and one bath. Renovations include new flooring, interior and exterior paint, plumbing fixtures, appliances, and a commercial 76-gallon gas water heater. Unit D was rebuilt to the studs. A conventional gas boiler with hydronic heating serves the entire building.
Each residence includes a covered parking space in the carport or garage, along with basement storage. On-site laundry uses a smart-card system, and the property also includes a newer garage/carport roof; the main roof is approximately 12 years old. The building is located in Browne’s Addition, one block from several restaurants, near Coeur d’Alene Park and a grocery store, with access to downtown Spokane and I-90.
Each residence includes a covered parking space in the carport or garage, along with basement storage. On-site laundry uses a smart-card system, and the property also includes a newer garage/carport roof; the main roof is approximately 12 years old. The building is located in Browne’s Addition, one block from several restaurants, near Coeur d’Alene Park and a grocery store, with access to downtown Spokane and I-90.
Key Highlights
- Five‑unit apartment property with four 2bd/1ba units and one 1bd+office/1ba unit
- 3,892 SF building constructed in 1909
- Updated flooring, paint, plumbing fixtures, appliances, and commercial 76‑gallon gas water heater
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,710
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom units and one one-bedroom-plus-office unit feature updated interiors and appliances.
Where is this apartment building located?
The property is located at 2109 W Pacific Ave 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 apartment property with four 2bd/1ba units and one 1bd+office/1ba unit; 3,892 SF building constructed in 1909; Updated flooring, paint, plumbing fixtures, appliances, and commercial 76‑gallon gas water heater
