Updated Residential Income
For Sale
$200,000
844 Cliff, Spokane, WA 99204
Vacant condo with a carport, transit access, and views toward Five Mile Prairie and distant mountains.
Property Size936 SF
Price / SF$213.68
Days on Market11
Property Features for 844 Cliff
General Information
Standard status
Active
Size
936 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Amenities
Garage: Carport
Garage Spaces: 0
Carport
Building Details
Year Built
1972
Listing Agency:
Realty One Group Eclipse
(509) 710-6611
Listed By:
Mike Meyer · License #2315
Source:
Clearwaterproperties
Added: Aug 16
Changed: Aug 24
Last Checked: Aug 25 at 8:03AM
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 Realty One Group Eclipse
Investment Insights
Based on property information with market context.
This 936-square-foot condominium, built in 1972, is currently vacant and includes a carport. Interior updates are noted, while views extend toward Five Mile Prairie and distant mountains. The property has previously operated as a rental, providing established residential income history without an occupied tenant in place.
The condo is positioned on Spokane’s South Hill, one block south of Huckleberry’s and along a bus route. Hospitals, downtown Spokane, River Point Campus, I-90, and Spokane Airport are identified in the surrounding area or accessible from the property. Its existing residential configuration and transit connectivity support continued consideration as an income-producing condo.
The condo is positioned on Spokane’s South Hill, one block south of Huckleberry’s and along a bus route. Hospitals, downtown Spokane, River Point Campus, I-90, and Spokane Airport are identified in the surrounding area or accessible from the property. Its existing residential configuration and transit connectivity support continued consideration as an income-producing condo.
Key Highlights
- 936‑square‑foot condominium
- Carport included
- Built in 1972
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
$9,309
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
4.65%
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%
$186,180
$186.2K
Cap Rate 7%
$132,986
$133.0K
Cap Rate 9%
$103,433
$103.4K
Market Conditions
NOI Build-Up for 936 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
$18.1K $19.32/SF
− Vacancy
−$1.2K −$1.24/SF
EGI
$16.9K $18.08/SF
− OpEx
−$7.6K −$8.14/SF
NOI
$9.3K $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%
$186,180
Cap Rate 7%
$132,986
Cap Rate 9%
$103,433
Alternative Uses
Best Use
Apartment 5plus
$133.0K
$116.4K – $155.2K
NOI $9,309 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$241.5K
$211.3K – $281.7K
NOI $16,904 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant condo with a carport, transit access, and views toward Five Mile Prairie and distant mountains.
Where is this residential income property located?
The property is located at 844 Cliff Spokane, WA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 936‑square‑foot condominium; Carport included; Built in 1972
