New 18-Unit Apartment
For Sale
$4,497,700
505 E Hawthorne Rd, Spokane, WA 99217
MultiFamily, Multi Level, Spokane, WA
Property Size19,176 SF
Lot Size0.70 Acres
Price / SF$234.55
Days on Market49
Property Features for 505 E Hawthorne Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
County HDR
Bedrooms
6
Full bathrooms
5
Rooms
Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 5, Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1
Lot features
Sprinklers In Rear, Sprinklers In Front, Open Lot, Landscaped, Level, Southern Exposure
View
Territorial
Directions
From N Division St head East on W. Hawthorne Road approximately 3 blocks to property on North side of the street.
Subdivision
Washington Counties
Standard status
Active
APN
36172.2402
Size
19,176 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See attached exhibit A
Tax Annual Amount
31057
Legal Description
See attached exhibit A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Water source
Public
Building Details
Year built
2024
Number of units
18
Building materials
Lap Siding, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty Coeur d'Alene
(208) 667-2399
Listed By:
Rick Scharf · License #SP41007
(208) 651-9699
Added: Aug 30
Changed: Oct 15
Last Checked: Oct 17 at 2:06AM
MLS# 26-8914
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.
Completed in 2024, this 18-unit apartment property contains 19,176 square feet on 0.7 acres. The unit mix includes six one-bedroom/one-bath homes, nine two-bedroom/two-bath homes, and three three-bedroom/two-bath homes. Interiors feature open layouts, contemporary finishes, and large windows. Construction includes lap siding and frame elements, with forced-air electric heating, public water, public sewer, and a composition roof.
The property is located at 505 E Hawthorne Rd in north Spokane, less than 0.5 miles from Whitworth University and approximately 7 miles from downtown Spokane. Target, Best Buy, Dick’s Sports, Olive Garden, Red Robin, and the YMCA are identified within 0.5 mile. The community is 100% occupied, with residents on long-term leases, and carries County HDR zoning.
The property is located at 505 E Hawthorne Rd in north Spokane, less than 0.5 miles from Whitworth University and approximately 7 miles from downtown Spokane. Target, Best Buy, Dick’s Sports, Olive Garden, Red Robin, and the YMCA are identified within 0.5 mile. The community is 100% occupied, with residents on long-term leases, and carries County HDR zoning.
Key Highlights
- 18‑unit apartment property completed in 2024
- Unit mix: 6 one‑bedroom/one‑bath, 9 two‑bedroom/two‑bath, and 3 three‑bedroom/two‑bath units
- 19,176 square feet on 0.7 acres
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 - Fully occupied community offering one-, two-, and three-bedroom residences near Whitworth University.
Where is this apartment building located?
The property is located at 505 E Hawthorne Rd 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 property completed in 2024; Unit mix: 6 one‑bedroom/one‑bath, 9 two‑bedroom/two‑bath, and 3 three‑bedroom/two‑bath units; 19,176 square feet on 0.7 acres
