Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Investment Property Near Gonzaga University Title is generated by Realmo AI

    608 E Nora Ave, Spokane, WA 99207

    View on Map
    Claim this Listing
    New
    For Sale
    $399,000

    Leased 5-bedroom property near Gonzaga University, offering immediate income.

    Type:Multi Family Home
    Property size:
    2,218 SF
    Price / SF:
    $179/SF
    Added:
    May 25, 2026
    Days on Market:
    4
    Last Refresh:
    May 25 at 4:44 pm

    Property Features for 608 E Nora Ave

    General Information

    Standard status
    Active
    Size
    2,218 SF
    Property subtype
    Multi Family Home

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Holly Stockton

    Listing agent Holly Stockton

    Listing office eXp Realty, LLC

    Listing date May 25, 2026

    Source Clearwaterproperties

    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 eXp Realty, LLC

    HighLights

    • Prime location: Just a few blocks from Gonzaga University.
    • Currently leased for the 2026‑2027 school year at $2,600/month gross rent, providing immediate income.
    • 5 bedrooms and 2.5 bathrooms, ideal for student rental.
    • Off‑street parking and a 1‑car garage.
    • Updated features include a new water heater, new carpet in the basement, and updated bathroom tile.
    • Original hardwood floors and spacious living areas.

    Overview

    Located a few blocks from Gonzaga University, this investment property features 5 bedrooms and 2.5 bathrooms. The property is currently leased for the 2026–2027 school year at a gross rent of $2,600 per month. Updates to the property include a new water heater, new basement carpet, and updated bathroom tile. The home includes spacious living areas and original hardwood floors. Off-street parking is available, along with a 1-car garage. A sprinkler system is in place for exterior maintenance. The property size is 2218 square feet.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $245.1K
    NOI $22,060 @ 9.00% cap · cautious / downside scenario
    Moderate
    $315.1K
    NOI $22,060 @ 7.00% cap · market / base-case scenario
    Aggressive
    $441.2K
    NOI $22,060 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $42.9k $19.32
    − Vacancy −$2.7k −$1.24
    EGI $40.1k $18.08
    − OpEx −$18.0k −$8.14
    NOI $22.1k $9.95
    2,218 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $315.1K
    $275.8K – $367.7K (±1% cap)
    NOI $22,060 @ 7.0% cap · market cap 5.53%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $572.2K
    $500.7K – $667.6K (±1% cap)
    NOI $40,057 @ 7.0% cap · market cap 10.04%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4009084
    Latitude
    47.6736882

    Nearby Similar for Sale

    • $990,000
      8,020 SF

      Spokane Commercial Property For Sale

      Commercial property with showroom and easy freeway access in Spokane.
      3626 E Trent Ave, Spokane, WA 99202
      View Details
    • $675,000
      13,386 SF

      South Hill Adult Family Home

      Well-established, income-producing adult family home in a peaceful Spokane neighborhood.
      2214 E 36th Ave, Spokane, WA 99203
      View Details
    • $525,000
      4,448 SF

      Spokane Ranch Duplex Investment Opportunity

      Well-maintained duplex in Indian Trail neighborhood with income potential.
      3220 W Francis Ave, Spokane, WA 99205
      View Details
    • $700,000
      16,063 SF

      South Hill Adult Family Home

      Well-established, income-producing adult family home in a peaceful Spokane neighborhood.
      4414 S Helena St, Spokane, WA 99223
      View Details
    • $899,000
      9,000 SF

      Spokane Commercial Flex Space Available

      9,000 SF flex space on 1.88 acres for sale.
      1611 S Geiger Blvd, Spokane, WA 99224
      View Details
    • $1,490,000
      14,896 SF

      Versatile Spokane Commercial Warehouse Space

      15,000 sq ft warehouse with office space in Spokane.
      3303 E Ferry Ave, Spokane, WA 99202
      View Details
    • $1,790,000
      7,950 SF

      Spokane 10-Unit Apartment Building

      Turn-key investment opportunity: 10-unit apartment near NorthTown Mall.
      6511 N Atlantic St, Spokane, WA 99208
      View Details
    • $225,000
      1,200 SF

      Spokane Garage Lodge Automotive Space

      Automotive space with lift, clubhouse access, near Hwy 2.
      1551 Deer Heights Rd, Spokane, WA 99224
      View Details
    • $365,000
      2,608 SF

      Versatile Church Property on Corner

      Church property with development potential on a large corner lot.
      4315 N Evergreen Rd, Spokane, WA 99216
      View Details
    • $857,300
      3,534 SF

      Modern Duplex in Mead District

      New construction duplex with high-end finishes and spacious layouts.
      12809 N Jaydee Ln, Spokane, WA 99208
      View Details
    • $589,900
      2,776 SF

      South Hill Duplex Investment Opportunity

      Well-maintained duplex in desirable location with long-term leases.
      2716 E 37TH Ave, Spokane, WA 99223
      View Details
    • $599,900
      2,912 SF

      Spokane Fourplex: Investment Opportunity

      Well-maintained fourplex with updated interiors and strong rental income.
      2927 E Olympic Ave, Spokane, WA 99217
      View Details

    FAQs

    What type of property is this?
    Single family property - Leased 5-bedroom property near Gonzaga University, offering immediate income.
    Where is this single family property located?
    The property is located at 608 E Nora Ave Spokane, WA.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Prime location: Just a few blocks from Gonzaga University.; Currently leased for the 2026‑2027 school year at $2,600/month gross rent, providing immediate income.; 5 bedrooms and 2.5 bathrooms, ideal for student rental.
    We can help!
    Listing Contact
    Holly Stockton
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    608 E Nora Ave, Spokane, WA 99207
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!