Renovated 7-Unit Apartment
For Sale
Contact for pricing
3123-3125 E Carlisle Avenue, Spokane, WA 99207
Fully renovated, 100% occupied 7-unit building with uniform two-bedroom, one-bath units designed for straightforward operations.
Property Size5,250 SF
Price / SF$173.33
Days on Market99
Property Features for 3123-3125 E Carlisle Avenue
General Information
Standard status
Active
Size
5,250 SF
Property subtype
Multifamily
Zoning
RMF
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$58,276
Additional Details
Multifamily Units
7
Building Details
Year Built
1979
Year Renovated
1990
Buildings
2
Units
7
Tenancy
Multi
Listing Agency:
Paragon Group
Listed By:
Peter Clark · License #25005584
(509) 471-6805
Source:
Crexi
Added: May 28
Changed: Aug 19
Last Checked: Aug 31 at 5:04PM
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 Paragon Group
Investment Insights
Based on property information with market context.
3123-3125 E Carlisle Ave is a fully renovated, 7-unit apartment building with consistent unit configuration: two bedrooms and one bathroom across the property. The offering is described as 100% occupied, with updated interiors intended to support day-to-day stability. The uniform layout can simplify leasing, tenant turnover, and operational management for an owner seeking a smaller-scale multifamily asset.
The property is located in a tight residential pocket of east Spokane. The remarks indicate convenient access to nearby employment, education, transportation, and recreation drivers, with tenants benefiting from proximity to grocery stores, dining, parks, public transit, and major arterials. This location context is positioned as a supportive fit for everyday rental housing needs.
For buyers and investors, the combination of full occupancy and a repeatable two-bedroom floorplan can be appealing for those looking for a small-balance residential income property with a straightforward operating model. Tenants benefit from the practical 2-bedroom, 1-bath design, and owners benefit from the consistency of the unit mix when planning maintenance and property management.
The property is located in a tight residential pocket of east Spokane. The remarks indicate convenient access to nearby employment, education, transportation, and recreation drivers, with tenants benefiting from proximity to grocery stores, dining, parks, public transit, and major arterials. This location context is positioned as a supportive fit for everyday rental housing needs.
For buyers and investors, the combination of full occupancy and a repeatable two-bedroom floorplan can be appealing for those looking for a small-balance residential income property with a straightforward operating model. Tenants benefit from the practical 2-bedroom, 1-bath design, and owners benefit from the consistency of the unit mix when planning maintenance and property management.
Key Highlights
- Fully renovated 7‑unit multifamily building built in 1979
- 100% occupied with a uniform unit mix of 2 bedrooms and 1 bathroom in every unit
- Straightforward day‑to‑day operations with consistent floorplans across the property
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
$52,216
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
5.74%
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%
$1,044,320
$1.0M
Cap Rate 7%
$745,943
$745.9K
Cap Rate 9%
$580,178
$580.2K
Market Conditions
NOI Build-Up for 5,250 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
$101.4K $19.32/SF
− Vacancy
−$6.5K −$1.24/SF
EGI
$94.9K $18.08/SF
− OpEx
−$42.7K −$8.14/SF
NOI
$52.2K $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%
$1,044,320
Cap Rate 7%
$745,943
Cap Rate 9%
$580,178
Alternative Uses
Best Use
Apartment 5plus
$745.9K
$652.7K – $870.3K
NOI $52,216 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.19M – $1.58M
NOI $94,815 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
250
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?
Apartment building - Fully renovated, 100% occupied 7-unit building with uniform two-bedroom, one-bath units designed for straightforward operations.
Where is this apartment building located?
The property is located at 3123-3125 E Carlisle Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: Fully renovated 7‑unit multifamily building built in 1979; 100% occupied with a uniform unit mix of 2 bedrooms and 1 bathroom in every unit; Straightforward day‑to‑day operations with consistent floorplans across the property
