Spokane Multifamily Property For
2611 N Market St, Spokane, WA 99207
55-unit multifamily property in central Spokane with investment upside.
Type:Multifamily
Property size:
36,114 SFPrice / SF:
$157/SF- Added:
- Feb 25, 2026
- Days on Market:
- 86
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 2611 N Market St
General Information
- Standard status
- Active
- Size
- 36,114 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing agent Mitch Swenson License #ID
Listing office NAI Black - Coeur d'Alene
Listing date Feb 25, 2026
Source Crexi
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 NAI Black - Coeur d'Alene
HighLights
- Great central Spokane location
- 55 units with an attractive mix of 16 two‑bedroom and 39 one‑bedroom units
- Located in a prime area between Spokane Falls Community College and Gonzaga University
- Lots of upside with views over the Spokane Valley
- Just west of new North - South Spokane Freeway
- Year built: 1978
Overview
This multifamily property is located in central Spokane, just west of the new North-South Spokane Freeway. The property is situated in a prime area between Spokane Falls Community College and Gonzaga University. It features a total of 55 units, with a mix of 16 two-bedroom units and 39 one-bedroom units. The property offers views over the Spokane Valley and presents opportunities for investment upside. The owner is open to a contract sale.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$3.99M
NOI $359,188 @ 9.00% cap · cautious / downside scenario
Moderate
$5.13M
NOI $359,188 @ 7.00% cap · market / base-case scenario
Aggressive
$7.18M
NOI $359,188 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $697.7k | $19.32 |
| − Vacancy | −$44.7k | −$1.24 |
| EGI | $653.1k | $18.08 |
| − OpEx | −$293.9k | −$8.14 |
| NOI | $359.2k | $9.95 |
36,114 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$5.13M
$4.49M – $5.99M
NOI $359,188 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.32M
$8.15M – $10.87M
NOI $652,219 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Spokane
- County
- Spokane
- State
- Washington
- Longitude
- -117.3672682
- Latitude
- 47.6816729
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 55-unit multifamily property in central Spokane with investment upside.
Where is this apartment building located?
The property is located at 2611 N Market St Spokane, WA.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: Great central Spokane location; 55 units with an attractive mix of 16 two‑bedroom and 39 one‑bedroom units; Located in a prime area between Spokane Falls Community College and Gonzaga University
