Furnished Apartment Building with Shared
418 E Mission Ave, Spokane, WA 99202
For Sale
$1,050,000
MultiFamily, Multi Level, Spokane, WA
Property Size6,000 SF
Lot Size0.16 Acres
Price / SF$175
Days on Market229
Property Features for 418 E Mission Ave
General Information
Property type
Property subtype
Zoning
Bedrooms
Rooms
Basement
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Water source
Amenities
shared kitchen
common laundry room
Building Details
Year built
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License WA #1271842
(509) 496-6922
Added: Mar 30
Changed: Nov 6
Last Checked: Nov 13 at 11:06PM
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.
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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 / Yr
$59,676
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
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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
$268,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
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
