New 18-Unit Apartment
New
For Sale
$4,497,700
505 Hawthorne, Spokane, WA 99217
The 2024-built community offers open layouts, contemporary finishes, and large windows across a mixed unit profile.
Property Size19,176 SF
Price / SF$234.55
Days on Market3
Property Features for 505 Hawthorne
General Information
Standard status
Active
Size
19,176 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA, 9 x 2BR/2BA, 3 x 3BR/2BA
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$31,057
Amenities
0.00
Building Details
Year Built
2024
Listing Agency:
Keller Williams Realty Coeur d'Alene
Listed By:
Rick Scharf · License #SP41007
(208) 651-9699
Source:
Clearwaterproperties
Added: Sep 1
Last Checked: Sep 2 at 10:39PM
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
Investment Insights
Based on property information with market context.
Built in 2024, Sienna Terrace is an 18-unit apartment property totaling 19,176 square feet. The unit mix includes six one-bedroom/one-bath residences, nine two-bedroom/two-bath residences, and three three-bedroom/two-bath residences. Interior features include open-concept layouts, contemporary finishes, and large windows. The property is currently 100% occupied, with all tenants on long-term leases.
Located at 505 Hawthorne in Spokane, the community sits less than 1/2 mile from Whitworth University and approximately 7 miles from downtown Spokane. Whitworth University has current enrollment of over 2500 students. Target, Best Buy, Dick's Sports, Olive Garden, Red Robin, the YMCA, and additional shopping and dining options are within 1/2 mile.
Located at 505 Hawthorne in Spokane, the community sits less than 1/2 mile from Whitworth University and approximately 7 miles from downtown Spokane. Whitworth University has current enrollment of over 2500 students. Target, Best Buy, Dick's Sports, Olive Garden, Red Robin, the YMCA, and additional shopping and dining options are within 1/2 mile.
Key Highlights
- 18‑unit apartment property totaling 19,176 square feet
- Unit mix includes 6 one‑bed/one‑bath, 9 two‑bed/two‑bath, and 3 three‑bed/two‑bath units
- Built in 2024
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
Current Use
Lease Details
18
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
786
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 - The 2024-built community offers open layouts, contemporary finishes, and large windows across a mixed unit profile.
Where is this apartment building located?
The property is located at 505 Hawthorne 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 totaling 19,176 square feet; Unit mix includes 6 one‑bed/one‑bath, 9 two‑bed/two‑bath, and 3 three‑bed/two‑bath units; Built in 2024
