Boone Apartments and Mini
3004 E Boone Ave Spokane, WA 99202
3004 E Boone Ave, Spokane, WA, 99202
$1,350,000
Pending
For Sale
$1,350,000
Pending
Mixed-use multifamily and mini storage property with apartment and secured gated storage access on-site parking.
Property Size9,294 SF
Days on Market18
Property Features for 3004 E Boone Ave
General Information
- Standard status
- Pending
- Size
- 9,294 SF
- Property subtype
- Multi Family Home
Building Details
- Year Built
- 1976
Listing agency
SVN Cornerstone Commercial
(509) 496-6922
Listed by
Jordan Lester · License #1271842
Source
Clearwaterproperties
Added: Jul 4 Updated: Jul 21 at 3:47AM Checked: Jul 21 at 3:47AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $179.6k | $19.32 |
| − Vacancy | −$11.5k | −$1.24 |
| EGI | $168.1k | $18.08 |
| − OpEx | −$75.6k | −$8.14 |
| NOI | $92.4k | $9.95 |
9,294 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Boone Mini Storage
Storage Facility
Similar For Sale Nearby
FAQs
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 E Boone Ave 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
