5-Unit Apartment Building with
For Sale
$655,000
805 W Alice Ave, Spokane, WA 99205
Brick construction, covered parking, and shared coin-operated laundry add practical features for residents and ownership.
Property Size5,820 SF
Price / SF$112.54
Days on Market101
Property Features for 805 W Alice Ave
General Information
Standard status
Active
Size
5,820 SF
Property subtype
Residential Income
Occupancy
100%
Net Operating Income
$47,740
Units
Unit Mix
3 x 2BR, 2 x 1BR
Multifamily Units
5
Additional Details
Gross Income
$66,554
Taxes and HOA fees
Annual Taxes
$4,819
Amenities
laundry room
yard
Building Details
Buildings
1
Construction
brick
Listing Agency:
The Hornberger Group, LLC
(509) 994-5007
Listed By:
Jeff Hornberger
(509) 994-5007
Source:
Exprealty
Added: May 12
Changed: Aug 20
Last Checked: Aug 20 at 10:46AM
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 The Hornberger Group, LLC
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains three two-bedroom residences and two one-bedroom residences, with space identified for a possible sixth unit. The 5,820-square-foot building has a durable brick exterior and a recently replaced roof. One apartment has been fully updated, while the others include a mix of hardwood flooring and functional layouts. A community coin-operated laundry room provides an additional property feature and income stream.
The property is currently 100% occupied and offers both off-street and on-street parking, including a large covered carport. Residents also have access to a small shared yard area. The low-maintenance lot and combination of unit sizes provide a straightforward multifamily configuration in Spokane.
The property is currently 100% occupied and offers both off-street and on-street parking, including a large covered carport. Residents also have access to a small shared yard area. The low-maintenance lot and combination of unit sizes provide a straightforward multifamily configuration in Spokane.
Key Highlights
- 5,820‑square‑foot apartment property with 5 units
- Unit mix includes 3 two‑bedroom and 2 one‑bedroom residences
- Space identified for an optional 6th unit
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
$57,885
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
8.84%
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%
$1,157,700
$1.2M
Cap Rate 7%
$826,929
$826.9K
Cap Rate 9%
$643,167
$643.2K
Market Conditions
NOI Build-Up for 5,820 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
$112.4K $19.32/SF
− Vacancy
−$7.2K −$1.24/SF
EGI
$105.2K $18.08/SF
− OpEx
−$47.4K −$8.14/SF
NOI
$57.9K $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%
$1,157,700
Cap Rate 7%
$826,929
Cap Rate 9%
$643,167
Alternative Uses
Best Use
Apartment 5plus
$826.9K
$723.6K – $964.8K
NOI $57,885 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,109 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Brick construction, covered parking, and shared coin-operated laundry add practical features for residents and ownership.
Where is this apartment building located?
The property is located at 805 W Alice Ave Spokane, WA.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: 5,820‑square‑foot apartment property with 5 units; Unit mix includes 3 two‑bedroom and 2 one‑bedroom residences; Space identified for an optional 6th unit
