6-Unit Apartment
For Sale
$479,900
2214 W Northwest Blvd, Spokane, WA 99204
Fully occupied apartment property with single-level residences, on-site laundry, basement storage, and off-street parking.
Property Size2,832 SF
Price / SF$169.46
Days on Market43
Property Features for 2214 W Northwest Blvd
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Amenities
on-site laundry
tenant storage
off-street parking
Building Details
Year Built
1939
Listing Agency:
Keller Williams Spokane - Main
(509) 458-4000
Listed By:
Lenae Thornton
Source:
Clemensregroup
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 7:44PM
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 Keller Williams Spokane - Main
Investment Insights
Based on property information with market context.
This six-unit apartment building was constructed in 1939 and is fully occupied. Each residence is arranged on one level and includes one bedroom and one bathroom, creating a consistent unit layout throughout the property. On-site laundry, basement storage for tenants, and off-street parking are also provided.
Located at 2214 W Northwest Blvd in Spokane, Washington, the property is positioned near shopping, dining, and everyday amenities. The established configuration and occupied status provide a straightforward multifamily asset with shared operational features already in place.
Located at 2214 W Northwest Blvd in Spokane, Washington, the property is positioned near shopping, dining, and everyday amenities. The established configuration and occupied status provide a straightforward multifamily asset with shared operational features already in place.
Key Highlights
- Six apartment units, each with 1 bedroom and 1 bathroom
- Fully occupied multifamily property
- Single‑level layouts throughout the building
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
$28,167
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
5.87%
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%
$563,340
$563.3K
Cap Rate 7%
$402,386
$402.4K
Cap Rate 9%
$312,967
$313.0K
Market Conditions
NOI Build-Up for 2,832 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
$54.7K $19.32/SF
− Vacancy
−$3.5K −$1.24/SF
EGI
$51.2K $18.08/SF
− OpEx
−$23.0K −$8.14/SF
NOI
$28.2K $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%
$563,340
Cap Rate 7%
$402,386
Cap Rate 9%
$312,967
Alternative Uses
Best Use
Apartment 5plus
$402.4K
$352.1K – $469.5K
NOI $28,167 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.7K
$639.3K – $852.4K
NOI $51,146 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
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 - Fully occupied apartment property with single-level residences, on-site laundry, basement storage, and off-street parking.
Where is this apartment building located?
The property is located at 2214 W Northwest Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Six apartment units, each with 1 bedroom and 1 bathroom; Fully occupied multifamily property; Single‑level layouts throughout the building
