Furnished Apartment Building with Shared
For Sale
$1,050,000
418 E Mission Ave, Spokane, WA 99202
MultiFamily, Multi Level, Spokane, WA
Property Size6,000 SF
Lot Size0.16 Acres
Price / SF$175
Days on Market182
Property Features for 418 E Mission Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF-4
Bedrooms
16
Rooms
Bedroom 16, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 15, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 9, Bedroom 10, Bedroom 11, Bedroom 13, Bedroom 8, Bedroom 12, Bedroom 14, Basement, Bedroom 3
Basement
Finished
Subdivision
Central
Lot features
Level
Directions
From N Ruby St turn right onto E Mission Ave. VillaMaria Apartments are on your right between Astor Stand Addison St.
Standard status
Active
APN
35172.0303
Size
6,000 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SINTO 2ND L3 B20
Tax Annual Amount
7085
Legal Description
SINTO 2ND L3 B20
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
shared kitchen
common living areas
common laundry room
Building Details
Year built
1905
Number of units
15
Building materials
Wood Siding, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Mar 30
Changed: Sep 17
Last Checked: Sep 27 at 9:06PM
MLS# 26-2798
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.
Villa Maria Apartments is a 6,000-square-foot apartment building on 0.16 acres at 418 E Mission Ave in Spokane. The shared-housing residence includes furnished bedrooms, five bathrooms, a communal kitchen, furnished living spaces, and a laundry room equipped with two washers and two dryers. Five off-street parking spaces serve the property. Construction includes wood siding and frame components, with forced-air natural gas heating, a composition roof, public water, and public sewer. Built in 1905, the property has double-pane windows, upgraded copper electrical wiring, a newer asphalt shingle roof, and a high-efficiency gas water heater.
The property is located in Spokane’s Logan neighborhood, within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers. RMF-4 zoning supports the existing apartment use.
The property is located in Spokane’s Logan neighborhood, within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers. RMF-4 zoning supports the existing apartment use.
Key Highlights
- 6,000‑square‑foot apartment building on 0.16 acres
- Furnished shared‑housing residence with five bathrooms
- Large communal kitchen and furnished common living areas
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
$59,676
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
5.68%
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%
$1,193,520
$1.2M
Cap Rate 7%
$852,514
$852.5K
Cap Rate 9%
$663,067
$663.1K
Market Conditions
NOI Build-Up for 6,000 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
$115.9K $19.32/SF
− Vacancy
−$7.4K −$1.24/SF
EGI
$108.5K $18.08/SF
− OpEx
−$48.8K −$8.14/SF
NOI
$59.7K $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%
$1,193,520
Cap Rate 7%
$852,514
Cap Rate 9%
$663,067
Alternative Uses
Best Use
Apartment 5plus
$852.5K
$746.0K – $994.6K
NOI $59,676 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,360 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,178
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Shared-housing property with furnished bedrooms, common living areas, laundry facilities, and RMF-4 zoning.
Where is this apartment building located?
The property is located at 418 E Mission Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 6,000‑square‑foot apartment building on 0.16 acres; Furnished shared‑housing residence with five bathrooms; Large communal kitchen and furnished common living areas
