Student Housing Apartment
418 E Mission Ave, Spokane, WA 99202
MULTI_FAMILY - Spokane, WA
Property size:
6,000 SFLot size:
0.16 AcresPrice / SF:
$175/SF- Added:
- Mar 30, 2026
- Days on Market:
- 82
- Last Refresh:
- Jun 19 at 2:06 pm
Property Features for 418 E Mission Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RMF-4
- Bedrooms
- 16
- Rooms
- Bedroom 10, Bedroom 7, Bedroom 6, Bedroom 12, Bedroom 5, Bedroom 4, Bedroom 13, Bedroom 15, Bedroom 1, Bedroom 14, Bedroom 8, Basement, Bedroom 16, Bedroom 2, Bedroom 3, Bedroom 9, Bedroom 11
- Basement
- Finished
- 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
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Water source
- Public
Building Details
- Year built
- 1905
- Number of units
- 15
- Building materials
- Wood Siding, Frame
- Roof type
- Composition
- Architectural style
- Other
Listing agent Jordan Lester License #1271842 (509) 496-6922
Listing office SVN Cornerstone Commercial 1311 N Washington, Spokane, WA (509) 321-2000
Listing date Mar 30, 2026
MLS# 26-2798
Listing URL
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.
HighLights
- 15‑bedroom student housing rented by the room at Villa Maria Apartments (418 E Mission Ave)
- 10+ bedrooms listed, with multiple shared bathrooms (5 shared bathrooms) plus a common laundry room with 2 washers and 2 dryers
- Upgraded copper electrical wiring and asphalt shingle roof; $100,000 in capital improvements reported
- High‑efficiency gas water heater and double pane windows; fireplace in basement living room
- Multiple common areas, including a large shared kitchen and furnished living spaces
- 5 parking spaces; public water and public sewer services
Overview
Villa Maria Apartments is a student housing property rented by the room, housed in a 15-bedroom configuration with five shared bathrooms. The building includes a common laundry room with two washers and two dryers, along with multiple shared spaces such as a large shared kitchen and furnished living areas. Improvements noted include upgraded copper electrical wiring and an asphalt shingle roof, as well as approximately $100,000 in capital improvements that include full furnishings in each room and a high-efficiency gas water heater. Additional features include double pane windows and a fireplace located in the basement living room, plus five parking spaces.
This offering is part of a broader 29-unit apartment portfolio that also includes Astor Apartments (8 units) and Seventh Apartments (6 units). Villa Maria Apartments is located at 418 E Mission Ave in Spokane, WA 99202, and the portfolio properties are described as being very well maintained with renovations completed across each asset.
For operators and investors seeking room-rented student housing, this property’s functional shared-bath and shared-kitchen layout, on-site laundry, and furnished room setup may support straightforward tenant turnover and day-to-day management. The documented capital upgrades, including electrical and mechanical improvements, provide a clearer picture of recent building work within the portfolio.
This offering is part of a broader 29-unit apartment portfolio that also includes Astor Apartments (8 units) and Seventh Apartments (6 units). Villa Maria Apartments is located at 418 E Mission Ave in Spokane, WA 99202, and the portfolio properties are described as being very well maintained with renovations completed across each asset.
For operators and investors seeking room-rented student housing, this property’s functional shared-bath and shared-kitchen layout, on-site laundry, and furnished room setup may support straightforward tenant turnover and day-to-day management. The documented capital upgrades, including electrical and mechanical improvements, provide a clearer picture of recent building work within the portfolio.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.9k | $19.32 |
| − Vacancy | −$7.4k | −$1.24 |
| EGI | $108.5k | $18.08 |
| − OpEx | −$48.8k | −$8.14 |
| NOI | $59.7k | $9.95 |
6,000 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Spokane
- County
- Spokane
- State
- Washington
- Longitude
- -117.403737
- Latitude
- 47.671374
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Villa Maria Apartments offers furnished, room-rented student housing with shared baths, laundry, and multiple common areas.
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: 15‑bedroom student housing rented by the room at Villa Maria Apartments (418 E Mission Ave); 10+ bedrooms listed, with multiple shared bathrooms (5 shared bathrooms) plus a common laundry room with 2 washers and 2 dryers; Upgraded copper electrical wiring and asphalt shingle roof; $100,000 in capital improvements reported
