South Hill Multifamily
For Sale
Contact for pricing
Pending
720 S JEFFERSON ST, Spokane, WA 99204
Portfolio includes 19 apartments across three buildings on two parcels, with on-site laundry and 13 garages for extra income.
Property Size17,907 SF
Days on Market76
Property Features for 720 S JEFFERSON ST
General Information
Standard status
Pending
Size
17,907 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
19
Amenities
on-site laundry
Building Details
Year Built
1907
Buildings
3
Stories
1
Units
19
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Jul 24 at 5:40AM
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 South Hill multifamily portfolio consists of 19 units across three buildings on two parcels. The unit mix includes seven 1-bedroom units, ten 2-bedroom units, and two 3-bedroom units. Tenant amenities include on-site laundry, and the portfolio also includes 13 garages that contribute additional income. Many units have been updated, supporting continued tenant appeal.
The properties are located in Spokane’s South Hill neighborhood and are described as being within walking distance of neighborhood amenities, parks, restaurants, and shopping. Access to downtown Spokane and I-90 is also noted in the remarks.
As offered, the portfolio provides a diversified residential mix paired with supplemental garage income within a multifamily configuration spanning multiple buildings on two parcels.
The properties are located in Spokane’s South Hill neighborhood and are described as being within walking distance of neighborhood amenities, parks, restaurants, and shopping. Access to downtown Spokane and I-90 is also noted in the remarks.
As offered, the portfolio provides a diversified residential mix paired with supplemental garage income within a multifamily configuration spanning multiple buildings on two parcels.
Key Highlights
- South Hill multifamily portfolio with 19 units across three buildings on two parcels
- Unit mix: seven 1‑bedroom, ten 2‑bedroom, and two 3‑bedroom units
- Additional income from 13 garages on‑site
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
$178,102
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
8.91%
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%
$3,562,040
$3.6M
Cap Rate 7%
$2,544,314
$2.5M
Cap Rate 9%
$1,978,911
$2.0M
Market Conditions
NOI Build-Up for 17,907 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
$346.0K $19.32/SF
− Vacancy
−$22.1K −$1.24/SF
EGI
$323.8K $18.08/SF
− OpEx
−$145.7K −$8.14/SF
NOI
$178.1K $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%
$3,562,040
Cap Rate 7%
$2,544,314
Cap Rate 9%
$1,978,911
Alternative Uses
Best Use
Apartment 5plus
$2.54M
$2.23M – $2.97M
NOI $178,102 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,400 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
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 - Portfolio includes 19 apartments across three buildings on two parcels, with on-site laundry and 13 garages for extra income.
Where is this apartment building located?
The property is located at 720 S JEFFERSON 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: South Hill multifamily portfolio with 19 units across three buildings on two parcels; Unit mix: seven 1‑bedroom, ten 2‑bedroom, and two 3‑bedroom units; Additional income from 13 garages on‑site
