New 18-Unit Apartment
New
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 Market3
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 5, Bathroom 1, Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 4
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: Aug 31
Last Checked: Sep 1 at 8:06PM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$190,723
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
