Student Housing Apartment
418 East Mission Avenue Spokane, WA 99202
418 East Mission Avenue, Spokane, WA, 99202
$1,050,000
For Sale
$1,050,000
Apartment building with room-by-room student housing, shared laundry, large shared kitchen, and 5 parking spaces.
Property Size6,000 SF
Price / SF$175
Days on Market114
Property Features for 418 East Mission Avenue
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Property subtype
- MultiFamily / Multi Family
Building Details
- Year Built
- 1905
Listing agency
SVN Cornerstone Commercial
(509) 496-6922
Listed by
Jordan Lester · License #1271842
(509) 496-6922
Source
Compass
Added: Mar 30 Updated: Jul 20 at 7:46PM Checked: Jul 21 at 6:32AM
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 SVN Cornerstone Commercial
Investment Insights
Based on property information with market context.
The Villa Maria Apartments are part of a 32-unit portfolio and include 15 units. This student housing property is rented by the room and features multiple common areas, including a large shared kitchen and furnished living spaces. On-site amenities include a common laundry room with two washers and two dryers.
Property improvements noted for Villa Maria include upgraded copper electrical wiring and an asphalt shingle roof, along with $100,000 in capital improvements that included full furnishings in each room and a high-efficiency gas water heater. Additional features include double pane windows and a fireplace in the basement living room.
The property includes 5 parking spaces.
Property improvements noted for Villa Maria include upgraded copper electrical wiring and an asphalt shingle roof, along with $100,000 in capital improvements that included full furnishings in each room and a high-efficiency gas water heater. Additional features include double pane windows and a fireplace in the basement living room.
The property includes 5 parking spaces.
Key Highlights
- Villa Maria Apartments is a 15‑bedroom student housing setup with 5 shared bathrooms and room‑by‑room rentals
- Common laundry room includes 2 washers and 2 dryers
- Multiple common areas with a large shared kitchen and furnished living spaces, including a basement living room with a fireplace
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 Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Apartment building with room-by-room student housing, shared laundry, large shared kitchen, and 5 parking spaces.
Where is this apartment building located?
The property is located at 418 East Mission Avenue 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: Villa Maria Apartments is a 15‑bedroom student housing setup with 5 shared bathrooms and room‑by‑room rentals; Common laundry room includes 2 washers and 2 dryers; Multiple common areas with a large shared kitchen and furnished living spaces, including a basement living room with a fireplace
