Nine-Unit Townhome Apartment
For Sale
$2,600,000
2824 E 32nd Ave, Spokane, WA 99223
Updated two-level residences feature private garages, fireplaces, patios, and fenced outdoor areas.
Property Size8,100 SF
Days on Market67
Property Features for 2824 E 32nd Ave
General Information
Standard status
Active
Size
8,100 SF
Total Parking Spaces
9
Property subtype
Multifamily
Net Operating Income
$144,932
Units
Unit Mix
9 x 2BR/1.5BA
Multifamily Units
9
Parking per Unit
1
Additional Details
Utilities to Site
Yes
Amenities
washer & dryer
fireplace
fenced yard
covered patio
Building Details
Building Size
8,100 SF
Year Built
1986
Stories
2
Listing Agency:
SVN | Cornerstone
(509) 499-9229
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 9:11PM
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 SVN | Cornerstone
Investment Insights
Based on property information with market context.
This nine-unit apartment portfolio consists of townhome-style residences built in 1986. Each unit spans two levels, with a main floor containing a full kitchen with granite countertops, living room, half bath, laundry appliances, fireplace, and fenced grass area. Upstairs are two bedrooms, a full bathroom, and a covered patio. Every residence also includes a 233 SF garage with high ceilings, storage capacity, and direct interior access.
Property improvements completed in 2022 and 2023 include updated paint, sinks, countertops, flooring, roof, garage doors, gutters, fencing, and full exterior paint. Units have separately metered utilities, while residents also share responsibility for water, sewer, and garbage. Ownership responsibilities include property taxes, insurance, lawn care, and snow removal. The property is located at 2824 E 32nd Ave in Spokane, Washington.
Property improvements completed in 2022 and 2023 include updated paint, sinks, countertops, flooring, roof, garage doors, gutters, fencing, and full exterior paint. Units have separately metered utilities, while residents also share responsibility for water, sewer, and garbage. Ownership responsibilities include property taxes, insurance, lawn care, and snow removal. The property is located at 2824 E 32nd Ave in Spokane, Washington.
Key Highlights
- Nine townhome units in one apartment portfolio
- Each residence includes a 233 SF garage with high ceilings and direct access
- Two bedrooms, full bath, covered patio, and fenced grass area per unit
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
$80,562
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
3.10%
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%
$1,611,240
$1.6M
Cap Rate 7%
$1,150,886
$1.2M
Cap Rate 9%
$895,133
$895.1K
Market Conditions
NOI Build-Up for 8,100 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
$156.5K $19.32/SF
− Vacancy
−$10.0K −$1.24/SF
EGI
$146.5K $18.08/SF
− OpEx
−$65.9K −$8.14/SF
NOI
$80.6K $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%
$1,611,240
Cap Rate 7%
$1,150,886
Cap Rate 9%
$895,133
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,562 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,286 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
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 - Updated two-level residences feature private garages, fireplaces, patios, and fenced outdoor areas.
Where is this apartment building located?
The property is located at 2824 E 32nd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Nine townhome units in one apartment portfolio; Each residence includes a 233 SF garage with high ceilings and direct access; Two bedrooms, full bath, covered patio, and fenced grass area per unit
