Quadplex With Private
For Sale
$565,000
Pending
8737 Colton, Spokane, WA 99218
Fully occupied multifamily property with individual laundry, air conditioning, and a mix of private decks and walk-out yards.
Property Size3,888 SF
Days on Market33
Property Features for 8737 Colton
General Information
Standard status
Pending
Size
3,888 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Occupancy
100%
Net Operating Income
$23,966
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Parking per Unit
1
Additional Details
Gross Income
$51,900
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,700
Amenities
in-unit laundry
individual A/C
walk-out yards
private decks
Garage: Off Site
Garage Spaces: 4
Style: Other
Other
Off Site
4
Building Details
Year Built
1981
Tenancy
Multi
Listing Agency:
Coldwell Banker Tomlinson
(509) 499-0218
Listed By:
Luke Mischke
Source:
Clearwaterproperties
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 29 at 8:19PM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This 3,888-square-foot quadplex contains four two-bedroom, two-bath units, each with in-unit laundry, individual air conditioning, and a private one-car garage. The building was constructed in 1981, with a partial roof replacement completed in 2022. Select apartments also feature newer flooring, paint, and appliances.
Lower-level residences open to walk-out yards, while upper-level homes include private decks. The property is in North Spokane within the Mead School District, with retail, restaurants, schools, and public transit nearby. All four units are occupied, providing an established operating profile for a multifamily buyer.
Lower-level residences open to walk-out yards, while upper-level homes include private decks. The property is in North Spokane within the Mead School District, with retail, restaurants, schools, and public transit nearby. All four units are occupied, providing an established operating profile for a multifamily buyer.
Key Highlights
- Four units, each with 2 bedrooms and 2 bathrooms
- 3,888 square feet; built in 1981
- Private one‑car garage assigned to every 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
$44,477
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
7.87%
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%
$889,540
$889.5K
Cap Rate 7%
$635,386
$635.4K
Cap Rate 9%
$494,189
$494.2K
Market Conditions
NOI Build-Up for 3,888 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
$67.7K $17.40/SF
− Vacancy
−$4.1K −$1.06/SF
EGI
$63.5K $16.34/SF
− OpEx
−$19.1K −$4.90/SF
NOI
$44.5K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$889,540
Cap Rate 7%
$635,386
Cap Rate 9%
$494,189
Alternative Uses
Best Use
Multifamily LT 5
$635.4K
$556.0K – $741.3K
NOI $44,477 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$552.4K
$483.4K – $644.5K
NOI $38,670 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$1.00M
$877.7K – $1.17M
NOI $70,217 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 99218, WA
15,591
Population
6,464
Households
2.4
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,293
Density / Sq Mi
$73,723
Median Household Income
$40,854
Median Earnings
$1,147
Median Rent
$404,500
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?
Quadplex - Fully occupied multifamily property with individual laundry, air conditioning, and a mix of private decks and walk-out yards.
Where is this quadplex located?
The property is located at 8737 Colton Spokane, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 2 bathrooms; 3,888 square feet; built in 1981; Private one‑car garage assigned to every unit
