Apartment Building with Mini
For Sale
$1,350,000
3004 E Boone Avenue, Spokane, WA 99202
Eight apartments are paired with gated mini storage, shared laundry, and dedicated tenant parking.
Property Size9,294 SF
Price / SF$145.26
Days on Market48
Property Features for 3004 E Boone Avenue
General Information
Standard status
Active
Size
9,294 SF
Total Parking Spaces
10
Property subtype
MultiFamily
Zoning
LI
Occupancy
100%
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Fenced Yard
Yes
Self-Storage Units
28
Amenities
common laundry room
Building Details
Building Size
9,294 SF
Year Built
1976
Units
36
Listing Agency:
SVN Cornerstone Commercial
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Source:
Purewestrealestate
Added: Aug 21
Changed: Oct 4
Last Checked: Oct 5 at 3:03PM
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.
This apartment building and mini storage property combines eight one-bedroom, one-bath residences with 28 storage units across 9,294 square feet. Five apartments have undergone recent remodeling, and the residential component includes a shared laundry room equipped with two washers and two dryers. Major systems have also been updated.
Apartment tenants have access to 10 on-site parking spaces, with additional street parking available. The storage area is served by a secured gated entry. All eight apartment units are currently occupied, while the combined residential and storage configuration provides two distinct property components at 3004 E Boone Ave in Spokane’s Chief Garry Park neighborhood.
Apartment tenants have access to 10 on-site parking spaces, with additional street parking available. The storage area is served by a secured gated entry. All eight apartment units are currently occupied, while the combined residential and storage configuration provides two distinct property components at 3004 E Boone Ave in Spokane’s Chief Garry Park neighborhood.
Key Highlights
- 8 one‑bedroom, one‑bath apartment units
- 28 mini storage units
- 5 apartment units recently remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$111,005
Cap Rate
8.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,220,100
$2.2M
Cap Rate 7%
$1,585,786
$1.6M
Cap Rate 9%
$1,233,389
$1.2M
Market Conditions
NOI Build-Up for 9,294 SF
Gross rent
$195.2K $21.00/SF
− Vacancy
−$17.6K −$1.89/SF
EGI
$177.6K $19.11/SF
− OpEx
−$66.6K −$7.17/SF
NOI
$111.0K $11.94/SF
Area
Spokane, WA
Vacancy
9.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,220,100
Cap Rate 7%
$1,585,786
Cap Rate 9%
$1,233,389
Alternative Uses
Best Use
Mixed Use
$1.59M
$1.39M – $1.85M
NOI $111,005 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,438 @ 7.0% cap · market cap 6.85%
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
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Fenced yard
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
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight apartments are paired with gated mini storage, shared laundry, and dedicated tenant parking.
Where is this apartment building located?
The property is located at 3004 E Boone Avenue 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 one‑bedroom, one‑bath apartment units; 28 mini storage units; 5 apartment units recently remodeled
