Eight One-Bedroom Apartment
For Sale
$835,000
2626 Hemlock, Spokane, WA 99205
Apartment building featuring eight one-bedroom units, a separate common laundry room, and off-street parking.
Property Size3,360 SF
Price / SF$248.51
Days on Market44
Property Features for 2626 Hemlock
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Multi Family Home
Additional Details
Cap Rate
6.5%
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$5,886
Amenities
Off Street Parking
Separate Common Laundry Room
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
1958
Listing Agency:
NAI Black
Listed By:
James Orcutt
(509) 280-2037
Source:
Clearwaterproperties
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 1 at 7:12PM
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
Investment Insights
Based on property information with market context.
This apartment building offers eight one-bedroom units within a 1958-built structure. The property includes a separate common laundry room and off-street parking for residents.
Located in the Audubon Park area near Northwest Blvd services, with coffee shops, restaurants, and Audubon Park in the surrounding area.
Public remarks indicate an approximate ±6.5% cap rate and NOI around ±$57,500; contact the listing agent for financial information. The owner is a licensed real estate broker in Washington.
Located in the Audubon Park area near Northwest Blvd services, with coffee shops, restaurants, and Audubon Park in the surrounding area.
Public remarks indicate an approximate ±6.5% cap rate and NOI around ±$57,500; contact the listing agent for financial information. The owner is a licensed real estate broker in Washington.
Key Highlights
- Apartment building with eight 1‑bedroom units
- Separate common laundry room
- Off‑street parking available
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
$33,418
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
4.00%
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%
$668,360
$668.4K
Cap Rate 7%
$477,400
$477.4K
Cap Rate 9%
$371,311
$371.3K
Market Conditions
NOI Build-Up for 3,360 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
$64.9K $19.32/SF
− Vacancy
−$4.2K −$1.24/SF
EGI
$60.8K $18.08/SF
− OpEx
−$27.3K −$8.14/SF
NOI
$33.4K $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%
$668,360
Cap Rate 7%
$477,400
Cap Rate 9%
$371,311
Alternative Uses
Best Use
Apartment 5plus
$477.4K
$417.7K – $557.0K
NOI $33,418 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.9K
$758.5K – $1.01M
NOI $60,682 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Apartment building featuring eight one-bedroom units, a separate common laundry room, and off-street parking.
Where is this apartment building located?
The property is located at 2626 Hemlock Spokane, WA.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Apartment building with eight 1‑bedroom units; Separate common laundry room; Off‑street parking available
