20-Unit Apartment
New
For Sale
$2,000,000
6119 N Colton St, Spokane, WA 99208
MultiFamily, Multi Level, Spokane, WA
Property Size12,800 SF
Lot Size0.20 Acres
Price / SF$156.25
Days on Market1
Property Features for 6119 N Colton St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RHD-70
Bedrooms
20
Full bathrooms
15
Rooms
Bathroom 5, Bathroom 15, Bedroom 11, Bathroom 10, Bedroom 5, Bathroom 13, Bedroom 15, Bedroom 18, Bathroom 8, Bathroom 11, Bedroom 19, Bedroom 8, Bedroom 3, Bathroom 9, Bathroom 14, Bedroom 13, Bedroom 7, Bathroom 1, Bedroom 14, Bathroom 7, Bedroom 6, Bedroom 16, Bedroom 2, Bedroom 20, Bedroom 10, Bedroom 4, Bedroom 12, Bedroom 9, Bedroom 17, Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 12, Bedroom 1, Bathroom 6
Basement
Crawl Space
Lot features
Level
Directions
GPS is accurate
Subdivision
Washington Counties
Standard status
Active
APN
36322.0623
Size
12,800 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
see attached
Tax Annual Amount
924200
Legal Description
see attached
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating), Hot Water(Heating)
Water source
Public
Amenities
off-street parking
on-site laundry facility
Building Details
Year built
1965
Number of units
20
Building materials
Brick, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
LT Real Estate
(509) 481-0373
Listed By:
Ryan Towner · License #24027253
(509) 315-8720
Added: Oct 1
Last Checked: Oct 1 at 10:06PM
MLS# 26-9873
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.
This 20-unit apartment property contains 12,800 square feet across 0.2 acres. Built in 1965, it offers one-bedroom, one-bathroom layouts with LVP flooring. Residents have access to on-site laundry and off-street parking. Construction includes brick and frame materials, and heating is provided by electric baseboard and hot water systems.
The property is at 6119 N Colton St in Spokane, Washington. It is zoned RHD-70 and served by public water and public sewer. The reported cap rate is 6.7%.
The property is at 6119 N Colton St in Spokane, Washington. It is zoned RHD-70 and served by public water and public sewer. The reported cap rate is 6.7%.
Key Highlights
- 20 apartments, each configured with one bedroom and one bathroom
- 12,800 square feet on a 0.2‑acre parcel
- On‑site laundry facility and off‑street parking
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
$127,308
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
6.37%
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%
$2,546,160
$2.5M
Cap Rate 7%
$1,818,686
$1.8M
Cap Rate 9%
$1,414,533
$1.4M
Market Conditions
NOI Build-Up for 12,800 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
$247.3K $19.32/SF
− Vacancy
−$15.8K −$1.24/SF
EGI
$231.5K $18.08/SF
− OpEx
−$104.2K −$8.14/SF
NOI
$127.3K $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%
$2,546,160
Cap Rate 7%
$1,818,686
Cap Rate 9%
$1,414,533
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,308 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,168 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
1,332
Businesses Nearby
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - One-bedroom residences include individual bathrooms, with shared laundry and off-street parking on site.
Where is this apartment building located?
The property is located at 6119 N Colton St Spokane, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 20 apartments, each configured with one bedroom and one bathroom; 12,800 square feet on a 0.2‑acre parcel; On‑site laundry facility and off‑street parking
