10-Unit Apartment Building with Covered
For Sale
$1,790,000
6511 Atlantic, Spokane, WA 99208
All ten apartments are leased, with a mix of one- and two-bedroom layouts across two levels.
Property Size7,950 SF
Lot Size0.44 Acres
Price / SF$225.16
Days on Market14
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Property Features for 6511 Atlantic
General Information
Standard status
Active
Size
7,950 SF
Lot size
0.44 Acres
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
9 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$10,200
Amenities
covered parking
front yard sprinkler system
Garage: Carport
Garage Spaces: 4
Carport
4
Building Details
Year Built
1964
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Kelly Right Real Estate of Spokane
Listed By:
Jared Urbick · License #24022549
(509) 489-7000
Source:
Clearwaterproperties
Added: Oct 2
Changed: Oct 15
Last Checked: Oct 14 at 11:45PM
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 Kelly Right Real Estate of Spokane
Investment Insights
Based on property information with market context.
This 7,950-square-foot apartment property contains 10 residences arranged over two levels. Nine apartments measure 750 square feet and have two bedrooms and one bathroom; the remaining unit is 550 square feet with one bedroom and one bathroom. Each residence has an entry living room and a kitchen with dining space, white cabinetry, a freestanding range, dishwasher, and refrigerator.
The building sits on a 150-by-128-foot lot at 6511 Atlantic in Spokane. Covered parking and a front yard with a sprinkler system are part of the property. All 10 apartments are leased.
The building sits on a 150-by-128-foot lot at 6511 Atlantic in Spokane. Covered parking and a front yard with a sprinkler system are part of the property. All 10 apartments are leased.
Key Highlights
- 10 apartments across two levels; all 10 are leased
- Nine 750‑square‑foot units with 2 bedrooms and 1 bathroom each
- One 550‑square‑foot unit with 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,070
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,581,400
$1.6M
Cap Rate 7%
$1,129,571
$1.1M
Cap Rate 9%
$878,556
$878.6K
Market Conditions
NOI Build-Up for 7,950 SF
Gross rent
$153.6K $19.32/SF
− Vacancy
−$9.8K −$1.24/SF
EGI
$143.8K $18.08/SF
− OpEx
−$64.7K −$8.14/SF
NOI
$79.1K $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%
$1,581,400
Cap Rate 7%
$1,129,571
Cap Rate 9%
$878,556
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.4K – $1.32M
NOI $79,070 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,577 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,318
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - All ten apartments are leased, with a mix of one- and two-bedroom layouts across two levels.
Where is this apartment building located?
The property is located at 6511 Atlantic Spokane, WA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: 10 apartments across two levels; all 10 are leased; Nine 750‑square‑foot units with 2 bedrooms and 1 bathroom each; One 550‑square‑foot unit with 1 bedroom and 1 bathroom
