10-Unit Apartment
6511 N Atlantic St, Spokane, WA 99208
For Sale
$1,790,000
All residences are leased, with covered parking and a landscaped front yard served by sprinklers.
Property Size7,950 SF
Lot Size0.44 Acres
Price / SF$225.16
Days on Market37
Property Features for 6511 N Atlantic St
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Sprinkler System
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
covered parking
Building Details
Building Size
Year Built
Buildings
Stories
Units
Tenancy
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick · License #24022549
(509) 262-4178
Source:
Ericksrealty
Added: Oct 1
Changed: Oct 31
Last Checked: Nov 6 at 3:04AM
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
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Investment Insights
Based on property information with market context.
This two-level apartment property contains 10 residences within 7,950 square feet. Nine units measure 750 square feet each and offer two bedrooms and one bathroom; the remaining residence has 550 square feet, with one bedroom and one bathroom. Kitchens include white cabinetry, a freestanding range, a dishwasher, and a refrigerator. Each home also has an entry living room and a combined kitchen and dining area. Covered parking and a front yard with a sprinkler system are part of the property. Built in 1964, the building occupies a 150-by-128-foot lot.
The property is at 6511 N Atlantic St in Spokane, across from the retail plaza at N Division and Francis and near NorthTown Mall. All 10 apartments are currently leased.
The property is at 6511 N Atlantic St in Spokane, across from the retail plaza at N Division and Francis and near NorthTown Mall. All 10 apartments are currently leased.
Key Highlights
- 10 apartments across two levels; all 10 are leased
- 7,950‑square‑foot building on a 150' x 128' lot
- Nine 750‑square‑foot units, each with 2 bedrooms 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
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
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
$414,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - All residences are leased, with covered parking and a landscaped front yard served by sprinklers.
Where is this apartment building located?
The property is located at 6511 N Atlantic St 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; 7,950‑square‑foot building on a 150' x 128' lot; Nine 750‑square‑foot units, each with 2 bedrooms and 1 bathroom
