Building Details

Building Size 4,466 SF

Year Built 1961

Listing Agency: Black Commercial, Inc.

Listed By: James Black III, CCIM Show Phone

Source: Naiblack

Added: Jun 2 Changed: Oct 14 Last Checked: Oct 16 at 7:42AM

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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.

Key Highlights

• 7‑unit apartment complex near Gonzaga University (Gonzaga University area)
• Year built: 1961

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,419

Cap Rate

6.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$888,380 $888.4K

Cap Rate 7%

$634,557 $634.6K

Cap Rate 9%

$493,544 $493.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,466 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $80,656 @ 7.0% cap · market cap 11.20%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Garden Center Carpet & Flooring Store Catering Service Butcher Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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