7-Unit Apartment
For Sale
$720,000
822 East Baldwin Avenue, Spokane, WA 99207
Apartment complex near Gonzaga University, offering straightforward residential income potential in a high-demand student area.
Property Size4,466 SF
Days on Market93
Property Features for 822 East Baldwin Avenue
General Information
Standard status
Active
Size
4,466 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
7
Building Details
Building Size
4,466 SF
Year Built
1961
Listing Agency:
Black Commercial, Inc.
Listed By:
James Black III, CCIM
(509) 842-4142
Source:
Naiblack
Added: Jun 2
Changed: Aug 27
Last Checked: Sep 1 at 4:22PM
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 Black Commercial, Inc.
Investment Insights
Based on property information with market context.
This is a 7-unit apartment complex presented for sale, consisting of multiple residential units within one property. It offers an income-focused setup suited to buyers looking for a compact multifamily portfolio rather than a single-tenant asset.
The building is located in the Gonzaga University area, with the property positioned to serve the rental needs that typically concentrate around a major university market. The offering is at 822 East Baldwin Avenue in Spokane, Washington.
For investors, a 7-unit configuration can provide manageable scale while still delivering meaningful diversification across several units. For operators and landlords, the property’s multifamily structure supports a residential leasing approach, with the Gonzaga University proximity likely aligning the asset with tenants seeking convenient access to campus and surrounding services.
The building is located in the Gonzaga University area, with the property positioned to serve the rental needs that typically concentrate around a major university market. The offering is at 822 East Baldwin Avenue in Spokane, Washington.
For investors, a 7-unit configuration can provide manageable scale while still delivering meaningful diversification across several units. For operators and landlords, the property’s multifamily structure supports a residential leasing approach, with the Gonzaga University proximity likely aligning the asset with tenants seeking convenient access to campus and surrounding services.
Key Highlights
- 7‑unit apartment complex near Gonzaga University (Gonzaga University area)
- Year built: 1961
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
$44,419
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
6.17%
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%
$888,380
$888.4K
Cap Rate 7%
$634,557
$634.6K
Cap Rate 9%
$493,544
$493.5K
Market Conditions
NOI Build-Up for 4,466 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
$86.3K $19.32/SF
− Vacancy
−$5.5K −$1.24/SF
EGI
$80.8K $18.08/SF
− OpEx
−$36.3K −$8.14/SF
NOI
$44.4K $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%
$888,380
Cap Rate 7%
$634,557
Cap Rate 9%
$493,544
Alternative Uses
Best Use
Apartment 5plus
$634.6K
$555.2K – $740.3K
NOI $44,419 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,656 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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 - Apartment complex near Gonzaga University, offering straightforward residential income potential in a high-demand student area.
Where is this apartment building located?
The property is located at 822 East Baldwin Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 7‑unit apartment complex near Gonzaga University (Gonzaga University area); Year built: 1961
