Multifamily Property with
For Sale
$335,000
824 E North Ave, Spokane, WA 99207
Each residence has two bedrooms, an open living area, and a private garage.
Property Size1,540 SF
Price / SF$217.53
Days on Market12
Property Features for 824 E North Ave
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
light cosmetic updates
Additional Details
Public Transit
Yes
Parking per Unit
1
Amenities
washer/dryer hookups
private storage
garage
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License #24027253
(509) 481-0373
Source:
Exprealty
Added: Sep 23
Changed: Oct 2
Last Checked: Oct 4 at 7:03PM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This multifamily property totals 1,540 square feet. Each residence has two bedrooms and one bathroom, along with an open-plan interior and a kitchen peninsula with an eating bar. Washer and dryer connections, dedicated storage, and a one-car garage are also provided for each unit.
Medical centers, retail shopping, and transit are nearby, adding convenient access to everyday services and transportation.
Medical centers, retail shopping, and transit are nearby, adding convenient access to everyday services and transportation.
Key Highlights
- 1,540‑square‑foot multifamily property
- Each unit includes 2 bedrooms and 1 bathroom
- Open‑concept layout with a peninsula eating bar in each kitchen
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
$15,317
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
4.57%
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%
$306,340
$306.3K
Cap Rate 7%
$218,814
$218.8K
Cap Rate 9%
$170,189
$170.2K
Market Conditions
NOI Build-Up for 1,540 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
$29.8K $19.32/SF
− Vacancy
−$1.9K −$1.24/SF
EGI
$27.8K $18.08/SF
− OpEx
−$12.5K −$8.14/SF
NOI
$15.3K $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%
$306,340
Cap Rate 7%
$218,814
Cap Rate 9%
$170,189
Alternative Uses
Best Use
Apartment 5plus
$218.8K
$191.5K – $255.3K
NOI $15,317 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$397.3K
$347.7K – $463.5K
NOI $27,812 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
877
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Each residence has two bedrooms, an open living area, and a private garage.
Where is this multifamily property located?
The property is located at 824 E North Ave Spokane, WA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 1,540‑square‑foot multifamily property; Each unit includes 2 bedrooms and 1 bathroom; Open‑concept layout with a peninsula eating bar in each kitchen
