Fully Renovated 5-Plex
For Sale
$800,000
2109 W Pacific Ave, Spokane, WA 99201
Residential Income, Spokane, WA
Property Size3,892 SF
Lot Size0.19 Acres
Price / SF$205.55
Days on Market134
Property Features for 2109 W Pacific Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH035
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 4, Bedroom 2
Parking features
Carport
Interior features
High Speed Internet
Basement
Walk-Out Access, Partially Finished
Appliances
Free-Standing Range, Refrigerator, Microwave, Washer, Dryer
Subdivision
Browne's Addition
Lot features
City Bus (w/in 6 blks)
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25242.0102
Size
3,892 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
6650
Utilities
Utilities
Cable Available
Heating system
Ceiling, Radiant Ceiling, Radiant
Amenities
on-site laundry
basement storage
Building Details
Year built
1909
Floors in Building
3
Number of units
5
Building materials
Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Jill Klinke · License #SP53646
(509) 747-1051
Added: Apr 11
Changed: Aug 19
Last Checked: Aug 22 at 6:06AM
MLS# 202615287
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Fully renovated 5-plex built in 1909 in a Craftsman style with wood siding and a composition roof. The property totals 3,892 square feet on a 0.1894-acre lot and includes one covered parking space per unit via carport/car-garage-style parking, plus basement storage for each unit. Heating is provided by a conventional gas boiler with hydronic/radiant heat through the building.
The unit mix includes four 2 bedroom/1 bathroom units and one 1 bedroom plus office/1 bathroom unit. On-site laundry is available, and the heating and hot water are supported by a commercial 76-gallon gas hot water heater. Updates include new flooring, exterior and interior paint, plumbing fixtures in all units, and interior remodeling with Unit D remodeled to the studs. The garage/carport roof was replaced, and the main roof is approximately 12 years old.
Located at 2109 W Pacific Ave in Spokane, the property is about a block from multiple restaurants, close to Coeur d’Alene Park and a grocery store, with quick access to downtown Spokane and I-90.
The unit mix includes four 2 bedroom/1 bathroom units and one 1 bedroom plus office/1 bathroom unit. On-site laundry is available, and the heating and hot water are supported by a commercial 76-gallon gas hot water heater. Updates include new flooring, exterior and interior paint, plumbing fixtures in all units, and interior remodeling with Unit D remodeled to the studs. The garage/carport roof was replaced, and the main roof is approximately 12 years old.
Located at 2109 W Pacific Ave in Spokane, the property is about a block from multiple restaurants, close to Coeur d’Alene Park and a grocery store, with quick access to downtown Spokane and I-90.
Key Highlights
- Fully renovated 5‑plex built in 1909 with Craftsman architecture and wood siding
- Unit mix: four 2 bed/1 bath units plus one 1 bed + office/1 bath unit
- On‑site laundry with smart card operation and basement storage for each unit
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 - RH035 zoned 5-plex with four two-bedroom and one one-bedroom plus office units and on-site laundry.
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: Fully renovated 5‑plex built in 1909 with Craftsman architecture and wood siding; Unit mix: four 2 bed/1 bath units plus one 1 bed + office/1 bath unit; On‑site laundry with smart card operation and basement storage for each unit
