Renovated 7-Unit Apartment
For Sale
$910,000
3123 E Carlisle Ave, Spokane, WA 99207
Updated multifamily property with consistent two-bedroom layouts and one-bath units throughout.
Property Size5,760 SF
Price / SF$157.99
Days on Market46
Property Features for 3123 E Carlisle Ave
General Information
Standard status
Active
Size
5,760 SF
Property subtype
Multi-Family
Units
Unit Mix
7 x 2BR/1BA
Multifamily Units
7
Additional Details
Public Transit
Yes
Building Details
Year Built
1979
Listing Agency:
The Paragon Group
(509) 471-6805
Listed By:
Peter Clark · License #25005584
Source:
Findahomeseattle
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 30 at 6:14PM
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 The Paragon Group
Investment Insights
Based on property information with market context.
This 7-unit apartment property at 3123 E Carlisle Ave in Spokane, Washington, contains 5,760 square feet and was built in 1979. The unit mix is consistent across the building, with each residence configured as a two-bedroom, one-bath apartment. Renovation work and updated interiors provide a uniform physical profile, while stabilized occupancy supports established rental operations.
The property sits in east Spokane near grocery shopping, dining, parks, public transit, employment, education, recreation, and major arterials. Its residential setting and access to transportation and daily services support convenient tenant access to the surrounding area. The property is positioned within a small multifamily concentration that includes recent sales, new construction, and ongoing investment activity.
The property sits in east Spokane near grocery shopping, dining, parks, public transit, employment, education, recreation, and major arterials. Its residential setting and access to transportation and daily services support convenient tenant access to the surrounding area. The property is positioned within a small multifamily concentration that includes recent sales, new construction, and ongoing investment activity.
Key Highlights
- 7‑unit multifamily property with a consistent unit mix
- Each apartment includes 2 bedrooms and 1 bathroom
- 5,760 square feet of building area
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
$57,289
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
6.30%
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%
$1,145,780
$1.1M
Cap Rate 7%
$818,414
$818.4K
Cap Rate 9%
$636,544
$636.5K
Market Conditions
NOI Build-Up for 5,760 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
$111.3K $19.32/SF
− Vacancy
−$7.1K −$1.24/SF
EGI
$104.2K $18.08/SF
− OpEx
−$46.9K −$8.14/SF
NOI
$57.3K $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%
$1,145,780
Cap Rate 7%
$818,414
Cap Rate 9%
$636,544
Alternative Uses
Best Use
Apartment 5plus
$818.4K
$716.1K – $954.8K
NOI $57,289 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,026 @ 7.0% cap · market cap 11.43%
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 - Updated multifamily property with consistent two-bedroom layouts and one-bath units throughout.
Where is this apartment building located?
The property is located at 3123 E Carlisle Ave 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: 7‑unit multifamily property with a consistent unit mix; Each apartment includes 2 bedrooms and 1 bathroom; 5,760 square feet of building area
