Boone Apartments and Mini
For Sale
$1,350,000
Pending
3004 Boone, Spokane, WA 99202
Mixed-use multifamily and mini storage property with apartment and secured gated storage access on-site parking.
Property Size9,294 SF
Days on Market48
Property Features for 3004 Boone
General Information
Standard status
Pending
Size
9,294 SF
Total Parking Spaces
10
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$13,718
Amenities
0.00
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 20
Last Checked: Aug 20 at 6:36AM
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 Commercial
Investment Insights
Based on property information with market context.
SVN Cornerstone is pleased to present the Boone Apartments and Mini Storage for sale at 3004 E Boone Ave in Spokane’s Chief Garry Park neighborhood. The property includes eight one-bedroom, one-bath apartment units and 28 mini storage units, combining residential income with dedicated self-storage space.
Five of the apartment units have been recently remodeled. Apartment amenities include a common laundry room with two washers and two dryers, and off-street parking for apartment tenants. The mini storage portion features a secured, gated entrance for storage tenants. The property also includes 10 on-site parking spaces for apartment tenants, along with ample street parking.
The apartments are currently 100% occupied. The mini storage units are accessed through a locked gate, providing additional security for storage operations.
Five of the apartment units have been recently remodeled. Apartment amenities include a common laundry room with two washers and two dryers, and off-street parking for apartment tenants. The mini storage portion features a secured, gated entrance for storage tenants. The property also includes 10 on-site parking spaces for apartment tenants, along with ample street parking.
The apartments are currently 100% occupied. The mini storage units are accessed through a locked gate, providing additional security for storage operations.
Key Highlights
- 8 total apartment units (1 bed/1 bath) plus 28 mini storage units at 3004 E Boone Ave in Spokane’s Chief Garry Park
- 5 recently remodeled apartment units; all apartment units are currently 100% occupied
- Common laundry for apartments includes 2 washers and 2 dryers
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
$92,438
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
6.85%
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%
$1,848,760
$1.8M
Cap Rate 7%
$1,320,543
$1.3M
Cap Rate 9%
$1,027,089
$1.0M
Market Conditions
NOI Build-Up for 9,294 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
$179.6K $19.32/SF
− Vacancy
−$11.5K −$1.24/SF
EGI
$168.1K $18.08/SF
− OpEx
−$75.6K −$8.14/SF
NOI
$92.4K $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%
$1,848,760
Cap Rate 7%
$1,320,543
Cap Rate 9%
$1,027,089
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,438 @ 7.0% cap · market cap 6.85%
Second Best
Self Storage
$1.19M
$1.04M – $1.38M
NOI $83,047 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,850 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use multifamily and mini storage property with apartment and secured gated storage access on-site parking.
Where is this apartment building located?
The property is located at 3004 Boone Spokane, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 8 total apartment units (1 bed/1 bath) plus 28 mini storage units at 3004 E Boone Ave in Spokane’s Chief Garry Park; 5 recently remodeled apartment units; all apartment units are currently 100% occupied; Common laundry for apartments includes 2 washers and 2 dryers
