Building Details

Year Built 1905

Listing Agency: SVN Cornerstone Commercial

Listed By: Jordan Lester · License ##21008495 Show Phone

Source: Clearwaterproperties

Added: Aug 1 Changed: Oct 16 Last Checked: Oct 16 at 8:35AM

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Investment Insights

Based on property information with market context.

This 6,000-square-foot apartment building operates as a 15-bedroom shared-housing residence with five bathrooms. Interior amenities include a large communal kitchen, furnished living spaces, and a laundry room equipped with two washers and two dryers. Five off-street parking spaces serve the property.

Capital improvements include furnished bedrooms, upgraded copper electrical wiring, a newer asphalt shingle roof, double-pane windows, and a high-efficiency gas water heater. Built in 1905, the property is located in Spokane’s Logan neighborhood, within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers. Residential Utility Billing is also in place.

Key Highlights

• 15‑bedroom shared‑housing residence with five bathrooms
• 6,000 square feet on a 0.00‑acre property
• Laundry room with two washers and two dryers

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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

NOI $108,360 @ 7.0% cap · market cap 10.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Carpet & Flooring Store Catering Service Garden Center Home Appliance Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Shared-housing residence with furnished bedrooms, common areas, and on-site laundry.

Where is this apartment building located?

The property is located at 418 Mission 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 shared‑housing residence with five bathrooms; 6,000 square feet on a 0.00‑acre property; Laundry room with two washers and two dryers