Spokane Retirement Community
For Sale
$150,000
221 E Rockwood Blvd, Spokane, WA 99202
704 SF condo with amenities and carefree retirement living.
Property Size704 SF
Price / SF$213.07
Days on Market368
Property Features for 221 E Rockwood Blvd
General Information
Standard status
Active
Size
704 SF
Property subtype
Condominium
Building Details
Year Built
1988
Listing Agency:
EXIT Real Estate Professionals
(509) 879-8800
Listed By:
Phone: (509) 879-8800 · License #3330021
(509) 879-8800
Source:
Kw
Added: Aug 5, 2025
Changed: Jul 6
Last Checked: Aug 6 at 11:00AM
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 EXIT Real Estate Professionals
Investment Insights
Based on property information with market context.
This 704 square foot condo offers carefree retirement living. Located on the north side of the building, the 1-bedroom, 1-bath unit features scenic views from a private balcony and a large picture window in the living room. The unit has new flooring throughout and a fresh coat of paint. Appliances included are a stove, dishwasher, washer/dryer, and refrigerator. Residents enjoy maintenance-free living and access to amenities such as an indoor heated pool and hot tub, Tai Chi classes, swim aerobics, and yoga sessions. A free shuttle service is available for grocery shopping, errand days, resident outings, and breakfast or lunch excursions. Monthly fees cover all utilities excluding phone, cable, and internet. Garage stalls are available for a one-time purchase of $6,000, subject to availability. The property is a life leasehold for the life of the resident.
Key Highlights
- Maintenance‑free living with included utilities (excluding phone, cable, and internet).
- Enjoy the indoor heated pool and hot tub, plus fitness classes like Tai Chi, swim aerobics, and yoga.
- Free shuttle service for errands, grocery shopping, and resident outings.
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
$7,002
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
4.67%
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%
$140,040
$140.0K
Cap Rate 7%
$100,029
$100.0K
Cap Rate 9%
$77,800
$77.8K
Market Conditions
NOI Build-Up for 704 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
$13.6K $19.32/SF
− Vacancy
−$870 −$1.24/SF
EGI
$12.7K $18.08/SF
− OpEx
−$5.7K −$8.14/SF
NOI
$7.0K $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%
$140,040
Cap Rate 7%
$100,029
Cap Rate 9%
$77,800
Alternative Uses
Best Use
Apartment 5plus
$100.0K
$87.5K – $116.7K
NOI $7,002 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$181.6K
$158.9K – $211.9K
NOI $12,714 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - 704 SF condo with amenities and carefree retirement living.
Where is this senior housing / retirement home located?
The property is located at 221 E Rockwood Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Maintenance‑free living with included utilities (excluding phone, cable, and internet).; Enjoy the indoor heated pool and hot tub, plus fitness classes like Tai Chi, swim aerobics, and yoga.; Free shuttle service for errands, grocery shopping, and resident outings.
