Brick Multifamily
For Sale
$600,000
Pending
927 Adams, Spokane, WA 99204
Multifamily building with five one-bedroom units, one two-bedroom unit, and on-site laundry facilities.
Property Size4,798 SF
Days on Market28
Property Features for 927 Adams
General Information
Standard status
Pending
Size
4,798 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
6
Amenities
Garage: Detached, Off Site
Garage Spaces: 1
Detached, Off Site
1
Building Details
Year Built
1909
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License #24027253
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 12
Last Checked: Aug 11 at 10:16AM
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 brick multifamily building includes five one-bedroom units and one two-bedroom unit. The interior features natural oak floors, original woodwork, and large windows designed to bring natural light into each unit. On-site laundry facilities are available for tenant convenience.
The property is presented as a well-maintained investment opportunity with classic late 19th-century architectural details and timeless exterior character.
The unit mix supports a residential income configuration across the six total apartments, with consistent historic features throughout the building.
The property is presented as a well-maintained investment opportunity with classic late 19th-century architectural details and timeless exterior character.
The unit mix supports a residential income configuration across the six total apartments, with consistent historic features throughout the building.
Key Highlights
- Multifamily building with 5 one‑bedroom units and 1 two‑bedroom unit
- On‑site laundry facilities for tenant convenience
- Classic brick exterior
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
$47,721
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
7.95%
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%
$954,420
$954.4K
Cap Rate 7%
$681,729
$681.7K
Cap Rate 9%
$530,233
$530.2K
Market Conditions
NOI Build-Up for 4,798 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
$92.7K $19.32/SF
− Vacancy
−$5.9K −$1.24/SF
EGI
$86.8K $18.08/SF
− OpEx
−$39.0K −$8.14/SF
NOI
$47.7K $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%
$954,420
Cap Rate 7%
$681,729
Cap Rate 9%
$530,233
Alternative Uses
Best Use
Apartment 5plus
$681.7K
$596.5K – $795.4K
NOI $47,721 @ 7.0% cap · market cap 7.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,652 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,906
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
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 - Multifamily building with five one-bedroom units, one two-bedroom unit, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 927 Adams Spokane, WA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Multifamily building with 5 one‑bedroom units and 1 two‑bedroom unit; On‑site laundry facilities for tenant convenience; Classic brick exterior
