Six-Unit Apartment
For Sale
$699,000
7307 E 6th Ave, Spokane Valley, WA 99212
MULTI_FAMILY - Spokane Valley, WA
Property Size2,940 SF
Lot Size0.42 Acres
Price / SF$237.76
Days on Market88
Property Features for 7307 E 6th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bathroom 1, Bathroom 6, Bathroom 4, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 4, Bathroom 5, Bathroom 3, Bedroom 5
Subdivision
Spokane
Lot features
Level
Directions
Take I-90 E to Spokane Valley. Exit onto Sprague Ave and turn right on S Park Rd. Make a quick left onto E 6th Ave; your destination will be on the left side.
Standard status
Active
APN
35241.3621
Size
2,940 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EMPIRE HTS 2ND ADD LTS 12 THRU 15 & W25' OF LT 16 B LK 4
Tax Annual Amount
5070
Legal Description
EMPIRE HTS 2ND ADD LTS 12 THRU 15 & W25' OF LT 16 B LK 4
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
common area coin operated washer and dryer
covered tenant carports
storage shed
patio area
Building Details
Year built
1956
Number of units
6
Building materials
Wood Siding, Concrete
Roof type
Tile
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: May 11
Changed: Aug 5
Last Checked: Aug 6 at 3:06PM
MLS# 26-4769
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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.
Sixth Avenue Apartments at 7307 E 6th Ave in Spokane Valley is a six-unit apartment building on a 0.42-acre lot, built in 1956. The unit mix includes one two-bedroom, one-bath unit, four one-bedroom, one-bath units, and one studio cottage located on the same parcel. Tenants have access to a common area coin-operated washer and dryer, covered tenant carports, a patio area, and a storage shed, along with ample off-street parking.
The property is zoned R-3 and served by public water and public sewer, with electric heating. Roofing is tile, and construction includes wood siding and concrete.
Interior and exterior upgrades include Romex electrical wiring, Siemens electrical panels, and updated PEX and galvanized plumbing. The cottage sits on its own portion of the large lot and may provide the opportunity for a future subdivision and separate sale.
The property is zoned R-3 and served by public water and public sewer, with electric heating. Roofing is tile, and construction includes wood siding and concrete.
Interior and exterior upgrades include Romex electrical wiring, Siemens electrical panels, and updated PEX and galvanized plumbing. The cottage sits on its own portion of the large lot and may provide the opportunity for a future subdivision and separate sale.
Key Highlights
- Six units: one 2 bed/1 bath, four 1 bed/1 bath, plus one studio cottage
- 0.42‑acre lot with ample off‑street parking
- Common area coin‑operated washer and dryer
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
Lease Details
6
Residential units
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 - R-3 zoned six-unit apartment building with coin-operated laundry and covered tenant carports.
Where is this apartment building located?
The property is located at 7307 E 6th Ave 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 units: one 2 bed/1 bath, four 1 bed/1 bath, plus one studio cottage; 0.42‑acre lot with ample off‑street parking; Common area coin‑operated washer and dryer
