Apartment Building with Mini
For Sale
$1,350,000
Pending
3004 E Boone Ave, Spokane, WA 99202
Eight apartments are paired with gated mini storage, shared laundry, and dedicated tenant parking.
Property Size9,294 SF
Days on Market97
Property Features for 3004 E Boone Ave
General Information
Standard status
Pending
Size
9,294 SF
Total Parking Spaces
10
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Fenced Yard
Yes
Self-Storage Units
28
Taxes and HOA fees
Annual Taxes
$13,718
Amenities
common laundry room
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Source:
Exprealty
Added: May 18
Changed: Aug 22
Last Checked: Aug 22 at 3:50AM
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 = 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
$111,005
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
8.22%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - 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 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 one‑bedroom, one‑bath apartment units; 28 mini storage units; 5 apartment units recently remodeled
