Student Rental Property Near
For Sale
$975,000
303 E Augusta Ave, Spokane, WA 99207
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size4,234 SF
Lot Size0.16 Acres
Price / SF$230.28
Days on Market93
Property Features for 303 E Augusta Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 5, Laundry Room, Bathroom 3, Bedroom 1, Bedroom 10, Bedroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 11, Utility Room, Bedroom 6, Bedroom 9, Bedroom 12, Bathroom 1, Bedroom 8, Bedroom 7
Parking features
Offsite, Alley
Basement
Unfinished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Sprinkler - Automatic, Level, Corner Lot
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35083.4414
Size
4,234 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
6902
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1899
Number of units
2
Building materials
Masonite, Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Holly Stockton · License #140106
(360) 339-5093
Added: May 6
Changed: Jun 2
Last Checked: Aug 6 at 11:06PM
MLS# 202616848
Copyright © 2026 Spokane Association of REALTORS®. 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.
This multifamily property presents an investment opportunity near Gonzaga University. It features two attached homes with a history of student rentals and leases secured for the 2026-2027 school year, generating $6,490 per month in gross income. The front home, built in 1899, is a Craftsman-style residence with 5 bedrooms and 2 bathrooms. Attached behind it is a newer residence built in 2006, featuring 7 bedrooms and 2 bathrooms designed for student living. The property also includes a 3-car garage and off-street parking. The location is walkable and near campus. The lot size is 0.163 acres and the property size is 4,234 square feet.
Key Highlights
- Turnkey, income‑producing property
- $6,490/month in gross income
- Strong rental history with leases secured for the 2026‑2027 school year
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
$48,435
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
4.97%
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%
$968,700
$968.7K
Cap Rate 7%
$691,929
$691.9K
Cap Rate 9%
$538,167
$538.2K
Market Conditions
NOI Build-Up for 4,234 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
$73.7K $17.40/SF
− Vacancy
−$4.5K −$1.06/SF
EGI
$69.2K $16.34/SF
− OpEx
−$20.8K −$4.90/SF
NOI
$48.4K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$968,700
Cap Rate 7%
$691,929
Cap Rate 9%
$538,167
Alternative Uses
Best Use
Multifamily LT 5
$691.9K
$605.4K – $807.3K
NOI $48,435 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$601.6K
$526.4K – $701.9K
NOI $42,111 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.09M
$955.8K – $1.27M
NOI $76,466 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey multifamily property with strong rental history near Gonzaga University.
Where is this duplex located?
The property is located at 303 E Augusta Ave Spokane, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Turnkey, income‑producing property; $6,490/month in gross income; Strong rental history with leases secured for the 2026‑2027 school year
