8-Unit Apartment
611 Bernard, Spokane, WA 99204
For Sale
$695,000
The fully occupied property combines one-bedroom apartments and a studio with on-site laundry.
Property Size4,900 SF
Price / SF$141.84
Days on Market15
Property Features for 611 Bernard
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
on-site laundry
Garage: Off Site
Garage Spaces: 0
Style: Colonial
Colonial
Off Site
Building Details
Year Built
Construction
Listing Agency:
Rafter Realty, LLC
Listed By:
Jessica Rafter
(509) 842-6939
Source:
Clearwaterproperties
Added: Nov 1
Changed: Nov 14
Last Checked: Nov 14 at 4:32AM
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 Rafter Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 1900, this 4,900-square-foot apartment property contains eight units: seven one-bedroom, one-bathroom apartments and one studio. Craftsman woodwork is featured throughout, and laundry facilities are on site. The building is fully occupied and reports a 5.78% NOI.
The property is in close proximity to downtown Spokane. Parking is off site, with monthly passes available through the City of Spokane. On-site laundry is managed by Hainsworth Laundry.
The property is in close proximity to downtown Spokane. Parking is off site, with monthly passes available through the City of Spokane. On-site laundry is managed by Hainsworth Laundry.
Key Highlights
- Eight units: seven 1‑bedroom, 1‑bathroom apartments and one studio
- 4,900 square feet; built in 1900
- Fully occupied; 5.78% NOI
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,735
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$974,700
$974.7K
Cap Rate 7%
$696,214
$696.2K
Cap Rate 9%
$541,500
$541.5K
Market Conditions
NOI Build-Up for 4,900 SF
Gross rent
$94.7K $19.32/SF
− Vacancy
−$6.1K −$1.24/SF
EGI
$88.6K $18.08/SF
− OpEx
−$39.9K −$8.14/SF
NOI
$48.7K $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%
$974,700
Cap Rate 7%
$696,214
Cap Rate 9%
$541,500
Alternative Uses
Best Use
Apartment 5plus
$696.2K
$609.2K – $812.3K
NOI $48,735 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,494 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
7,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The fully occupied property combines one-bedroom apartments and a studio with on-site laundry.
Where is this apartment building located?
The property is located at 611 Bernard Spokane, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Eight units: seven 1‑bedroom, 1‑bathroom apartments and one studio; 4,900 square feet; built in 1900; Fully occupied; 5.78% NOI
