New 18-Unit Apartment
For Sale
$4,497,700
505 E Hawthorne Road, Spokane, WA 99217
Newly built community with open layouts, contemporary finishes, and a mix of one-, two-, and three-bedroom apartments.
Property Size19,176 SF
Price / SF$234.55
Days on Market47
Property Features for 505 E Hawthorne Road
General Information
Standard status
Active
Size
19,176 SF
Property subtype
MultiFamily
Zoning
County HDR
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA, 9 x 2BR/2BA, 3 x 3BR/2BA
Multifamily Units
18
Building Details
Building Size
19,176 SF
Year Built
2024
Units
18
Listing Agency:
Keller Williams Realty Coeur d'Alene
Listed By:
Rick Scharf · License #SP41007
(208) 651-9699
Source:
Purewestrealestate
Added: Sep 1
Changed: Oct 4
Last Checked: Oct 16 at 5:52AM
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 Keller Williams Realty Coeur d'Alene
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Investment Insights
Based on property information with market context.
Completed in 2024, this 18-unit apartment community contains 19,176 square feet and offers a balanced mix of residences: six one-bedroom/one-bath units, nine two-bedroom/two-bath units, and three three-bedroom/two-bath units. Interior features include open-concept layouts, contemporary finishes, and large windows. The property is zoned County HDR.
The complex is in north Spokane, a few blocks from Whitworth University and approximately 7 miles from downtown Spokane. Shopping, dining, and recreational destinations in the surrounding area include Target, Best Buy, Dick’s Sporting Goods, Olive Garden, Red Robin, and the YMCA. All units are occupied, with tenants in place on long-term leases.
The complex is in north Spokane, a few blocks from Whitworth University and approximately 7 miles from downtown Spokane. Shopping, dining, and recreational destinations in the surrounding area include Target, Best Buy, Dick’s Sporting Goods, Olive Garden, Red Robin, and the YMCA. All units are occupied, with tenants in place on long-term leases.
Key Highlights
- 18‑unit apartment community with 19,176 square feet
- Built in 2024 and 100% occupied
- Unit mix includes 6 one‑bedroom, 9 two‑bedroom, and 3 three‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$190,723
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,814,460
$3.8M
Cap Rate 7%
$2,724,614
$2.7M
Cap Rate 9%
$2,119,144
$2.1M
Market Conditions
NOI Build-Up for 19,176 SF
Gross rent
$370.5K $19.32/SF
− Vacancy
−$23.7K −$1.24/SF
EGI
$346.8K $18.08/SF
− OpEx
−$156.0K −$8.14/SF
NOI
$190.7K $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%
$3,814,460
Cap Rate 7%
$2,724,614
Cap Rate 9%
$2,119,144
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.18M
NOI $190,723 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.95M
$4.33M – $5.77M
NOI $346,319 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
18
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly built community with open layouts, contemporary finishes, and a mix of one-, two-, and three-bedroom apartments.
Where is this apartment building located?
The property is located at 505 E Hawthorne Road Spokane, WA.
What is the asking price?
The asking price for this property is $4,497,700.
What are key features of this property?
This property features: 18‑unit apartment community with 19,176 square feet; Built in 2024 and 100% occupied; Unit mix includes 6 one‑bedroom, 9 two‑bedroom, and 3 three‑bedroom apartments
