10-Unit Brick Apartment
For Sale
$1,790,000
6511 N Atlantic St, Spokane, WA 99208
Residential Income, Spokane, WA
Property Size7,950 SF
Lot Size0.44 Acres
Price / SF$225.16
Days on Market48
Property Features for 6511 N Atlantic St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HDR
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Parking
14
Parking features
Carport
Window features
Vinyl Frames
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Sprinkler - Partial
Elementary school district
Spokane Dist 81
Standard status
Active
APN
36304.1818
Size
7,950 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Annual Amount
10200
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Wall Unit(s)
Amenities
covered parking
Building Details
Year built
1964
Floors in Building
2
Number of units
10
Building materials
Brick
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick · License #24022549
(509) 262-4178
Added: Aug 1
Changed: Sep 16
Last Checked: Sep 17 at 3:06AM
MLS# 202621984
Copyright © 2026 Spokane Association of REALTORS®. 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 10-unit apartment property occupies a 7,950-square-foot brick building constructed in 1964. The two-level layout includes nine 2-bedroom, 1-bath residences measuring 750 square feet each and one 1-bedroom, 1-bath residence measuring 550 square feet. Each unit includes a living room at the entry, a kitchen and dining area, white cabinetry, a freestanding range, dishwasher, and refrigerator. Electric baseboard heating and wall-unit cooling serve the apartments.
The property sits on a 0.44-acre lot measuring 150 feet by 128 feet at 6511 N Atlantic St in Spokane. It is positioned across from the retail plaza at N Division and Francis and near NorthTown Mall and other city amenities. Covered carport parking, a sprinkler-equipped front yard, composition roofing, and HDR zoning complete the property profile. All 10 units are leased.
The property sits on a 0.44-acre lot measuring 150 feet by 128 feet at 6511 N Atlantic St in Spokane. It is positioned across from the retail plaza at N Division and Francis and near NorthTown Mall and other city amenities. Covered carport parking, a sprinkler-equipped front yard, composition roofing, and HDR zoning complete the property profile. All 10 units are leased.
Key Highlights
- 10 units: nine 2‑bedroom/1‑bath apartments and one 1‑bedroom/1‑bath apartment
- 7,950 square feet on a 0.44‑acre lot measuring 150'x128'
- All 10 units are leased
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
$79,070
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
4.42%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
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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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with covered parking, two-level residential space, and convenient access to nearby retail and city amenities.
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 units: nine 2‑bedroom/1‑bath apartments and one 1‑bedroom/1‑bath apartment; 7,950 square feet on a 0.44‑acre lot measuring 150'x128'; All 10 units are leased
