Eight-Unit Boone Apartments with Mini
For Sale
$1,350,000
Pending
3004 E Boone Ave, Spokane, WA 99202
MULTI_FAMILY - Spokane, WA
Property Size9,294 SF
Lot Size0.43 Acres
Days on Market101
Property Features for 3004 E Boone Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
LI
Bedrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bathroom 8, Bathroom 1, Bathroom 6, Basement, Bathroom 4, Bedroom 2, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 6, Bedroom 8, Bedroom 4, Bathroom 5, Bathroom 3, Bathroom 7, Bedroom 5
Subdivision
Spokane
Lot features
Level
Directions
From I-90, take exit 282 toward Hamilton St. Head north, turn right on E Boone Ave, and continue past Erie St. The destination will be on your right, near the Gonzaga University campus.
Standard status
Pending
APN
35152.1612
Size
9,294 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EAST SIDE SYNDICATE LOTS 4, 5 & 6 BLK 161
Tax Annual Amount
13718
Legal Description
EAST SIDE SYNDICATE LOTS 4, 5 & 6 BLK 161
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
common laundry room
secured gated entrance
Building Details
Year built
1976
Number of units
36
Building materials
Concrete
Roof type
Concrete, Tile, Aluminum
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: May 18
Changed: Aug 5
Last Checked: Aug 26 at 5:06AM
MLS# 26-5058
Copyright © 2026 Coeur d'Alene Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
SVN Cornerstone is offering the Boone Apartments and Mini Storage at 3004 E Boone Ave in Spokane’s Chief Garry Park neighborhood. The property combines eight 1-bedroom, 1-bath apartment units with 28 mini storage units. Five of the apartment units have been recently remodeled. Tenants have access to a common laundry room with two washers and two dryers.
The apartment portion includes off-street parking for 10 spaces for apartment tenants, along with ample street parking. The mini storage area is secured with a locked, gated entrance for added security.
Built in 1976, the concrete-constructed property totals 9,294 square feet on a 0.43-acre lot. Public water and public sewer are in place, and heating is electric. The roof systems include tile, aluminum, and concrete. Zoning is LI.
The apartment portion includes off-street parking for 10 spaces for apartment tenants, along with ample street parking. The mini storage area is secured with a locked, gated entrance for added security.
Built in 1976, the concrete-constructed property totals 9,294 square feet on a 0.43-acre lot. Public water and public sewer are in place, and heating is electric. The roof systems include tile, aluminum, and concrete. Zoning is LI.
Key Highlights
- 0.43‑acre lot totaling 9,294 SF built in 1976
- Eight 1‑bedroom, 1‑bath apartment units; five recently remodeled
- 28 mini storage units with a locked gated entrance
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 - Eight 1-bedroom units are currently 100% occupied plus 28 mini storage units with a secured gated entrance.
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: 0.43‑acre lot totaling 9,294 SF built in 1976; Eight 1‑bedroom, 1‑bath apartment units; five recently remodeled; 28 mini storage units with a locked gated entrance
