20-Unit Apartment
New
For Sale
Contact for pricing
6119 North Colton Street, Spokane, WA 99208
RHD-zoned multifamily property with off-street parking and an on-site laundry facility.
Property Size12,800 SF
Price / SF$164.06
Days on Market7
Property Features for 6119 North Colton Street
General Information
Standard status
Active
Size
12,800 SF
Property subtype
Multifamily
Zoning
RHD
Net Operating Income
$105,000
Building Details
Year Built
1965
Buildings
2
Units
20
Tenancy
Multi
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License #24027253
Source:
Crexi
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 6 at 9:43AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This 20-unit apartment property was built in 1965 and offers a consistent one-bedroom, one-bathroom unit mix. Interior features include LVP flooring, while residents have access to off-street parking and an on-site laundry facility.
The property is located at 6119 North Colton Street in Spokane, Washington, within North Spokane. Its RHD zoning and established apartment configuration provide a clearly defined multifamily use. The combination of unit count, parking, laundry amenities, and durable flooring supports the property's existing residential operation.
The property is located at 6119 North Colton Street in Spokane, Washington, within North Spokane. Its RHD zoning and established apartment configuration provide a clearly defined multifamily use. The combination of unit count, parking, laundry amenities, and durable flooring supports the property's existing residential operation.
Key Highlights
- 20 one‑bedroom, one‑bathroom apartment units
- 12,800 property size
- 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
6.06%
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 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,168 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
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
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 - RHD-zoned multifamily property with off-street parking and an on-site laundry facility.
Where is this apartment building located?
The property is located at 6119 North Colton Street Spokane, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 20 one‑bedroom, one‑bathroom apartment units; 12,800 property size; Off‑street parking
