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 Market430
Property Features for 221 E Rockwood Blvd
General Information
Standard status
Active
Size
704 SF
Property subtype
Condominium
Amenities
Cable Ready
Hot Water
Forced Air
Central Air
Water Softener
Dishwasher
Refrigerator
Disposal
Washer
Dryer
Cable Available, Flat
Building Details
Building Size
704 SF
Year Built
1988
Listing Agency:
EXIT Real Estate Professionals
Listed By:
Phone: (509) 879-8800
(509) 879-8800
Source:
Kw
Added: Aug 5, 2025
Changed: Sep 22
Last Checked: Oct 7 at 9:58AM
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 / Yr
$7,002
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
3,655
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
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Cap Rate, Value Estimation, Potential NOI and more
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Similar Off Market Nearby
- Abundant Blessings Adult Family Home, Inc. — 205 W 18th Ave, Spokane, WA 99203
- Salome Munyori — 104 W 5th Ave, Spokane, WA 992044820
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.
