Six-Unit Apartment Building with
For Sale
$699,000
7307 E 6th Avenue, Spokane Valley, WA 99212
Six-unit Spokane Valley apartment property with covered carports, coin laundry, off-street parking, and updated utilities.
Property Size2,940 SF
Price / SF$237.76
Days on Market50
Property Features for 7307 E 6th Avenue
General Information
Standard status
Active
Size
2,940 SF
Property subtype
MultiFamily
Zoning
R-3
Building Details
Building Size
2,940 SF
Year Built
1956
Units
6
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
Source:
Purewestrealestate
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 9 at 6:01AM
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 SVN Cornerstone Commercial
Investment Insights
Based on property information with market context.
The Sixth Avenue Apartments is a 6-unit multifamily property offered for sale. The mix includes one two-bedroom, one-bath unit, four one-bedroom, one-bath units, and one studio cottage on the same parcel. Residents have access to a common area coin-operated washer and dryer, covered tenant carports, a storage shed, and a patio area. The cottage is situated on its own portion of a larger 0.42-acre lot.
Located at 7307 E 6th Ave in Spokane Valley, the property’s offering materials cite lower utility costs and rent increase notices of 120 days versus 180 days in the City of Spokane, along with fewer regulatory restrictions.
Recent interior and exterior upgrades are highlighted as part of the underwriting story. The property includes Romex electrical wiring, Siemens electrical panels, and updated PEX and galvanized plumbing, which may help simplify insurance considerations and reduce future capital expenditures. With units configured across the primary building and the separate studio cottage area, the property may also fit buyers looking for a straightforward income-generating apartment asset with the option to explore separate uses for the cottage portion of the lot, subject to applicable approvals.
Located at 7307 E 6th Ave in Spokane Valley, the property’s offering materials cite lower utility costs and rent increase notices of 120 days versus 180 days in the City of Spokane, along with fewer regulatory restrictions.
Recent interior and exterior upgrades are highlighted as part of the underwriting story. The property includes Romex electrical wiring, Siemens electrical panels, and updated PEX and galvanized plumbing, which may help simplify insurance considerations and reduce future capital expenditures. With units configured across the primary building and the separate studio cottage area, the property may also fit buyers looking for a straightforward income-generating apartment asset with the option to explore separate uses for the cottage portion of the lot, subject to applicable approvals.
Key Highlights
- Six‑unit apartment property in Spokane Valley at 7307 E 6th Ave
- Unit mix: 1 two bed/1 bath, 4 one bed/1 bath, and 1 studio cottage on the same parcel
- 0.42‑acre lot with separate portion for the cottage, offering potential future subdivision and separate sale
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
$23,586
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
3.37%
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%
$471,720
$471.7K
Cap Rate 7%
$336,943
$336.9K
Cap Rate 9%
$262,067
$262.1K
Market Conditions
NOI Build-Up for 2,940 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
$45.9K $15.60/SF
− Vacancy
−$3.0K −$1.01/SF
EGI
$42.9K $14.59/SF
− OpEx
−$19.3K −$6.56/SF
NOI
$23.6K $8.02/SF
Area
Spokane Valley, WA
Vacancy
6.50%
Lease Rate
$15.60 /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%
$471,720
Cap Rate 7%
$336,943
Cap Rate 9%
$262,067
Alternative Uses
Best Use
Apartment 5plus
$336.9K
$294.8K – $393.1K
NOI $23,586 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$638.7K
$558.8K – $745.1K
NOI $44,707 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
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 - Six-unit Spokane Valley apartment property with covered carports, coin laundry, off-street parking, and updated utilities.
Where is this apartment building located?
The property is located at 7307 E 6th Avenue Spokane Valley, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Six‑unit apartment property in Spokane Valley at 7307 E 6th Ave; Unit mix: 1 two bed/1 bath, 4 one bed/1 bath, and 1 studio cottage on the same parcel; 0.42‑acre lot with separate portion for the cottage, offering potential future subdivision and separate sale
