Building Details

Year Built 2024

Listing Agency: Keller Williams Realty Coeur d'Alene

Listed By: Rick Scharf · License #SP41007 Show Phone

Source: Clearwaterproperties

Added: Sep 1 Changed: Oct 16 Last Checked: Oct 16 at 9:13AM

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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.

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 / 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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

NOI $346,319 @ 7.0% cap · market cap 7.70%

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

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply HVAC Service Electrical Service Grocery & Convenience Store (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

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

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

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 - 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