Spokane Multifamily Investment
For Sale
$835,000
929 N Ash St, Spokane, WA 99201
Eight-unit apartment building with value-add potential in Spokane, WA.
Property Size4,590 SF
Days on Market86
Property Features for 929 N Ash St
General Information
Standard status
Active
Size
4,590 SF
Property subtype
Multi-Family
Building Details
Building Size
4,590 SF
Year Built
1975
Units
8
Listing Agency:
NAI Black
Listed By:
James Black III, CCIM
Source:
Commercialcafe
Added: May 16
Changed: Aug 8
Last Checked: Jul 16 at 3:23AM
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 NAI Black
Investment Insights
Based on property information with market context.
Located at the corner of Ash Street and W Dean Avenue, this multifamily property features eight one-bedroom, one-bathroom units, each approximately 500 square feet. Constructed in 1975, the building includes a common laundry room. Recent capital improvements include a new sewer line and new vinyl windows. The units are currently under market rents. The property operates with separately metered baseboard electric heat. The Net Operating Income (NOI) is $59,039.36, with a cap rate of 7%. The owner is willing to carry a contract.
Key Highlights
- Strong Income Potential: $59,039.36 NOI and a 7% Cap Rate.
- Value‑Add Opportunity with under‑market rents.
- Recent Capital Improvements: new sewer line and vinyl windows.
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
$45,652
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
5.47%
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%
$913,040
$913.0K
Cap Rate 7%
$652,171
$652.2K
Cap Rate 9%
$507,244
$507.2K
Market Conditions
NOI Build-Up for 4,590 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
$88.7K $19.32/SF
− Vacancy
−$5.7K −$1.24/SF
EGI
$83.0K $18.08/SF
− OpEx
−$37.4K −$8.14/SF
NOI
$45.7K $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%
$913,040
Cap Rate 7%
$652,171
Cap Rate 9%
$507,244
Alternative Uses
Best Use
Apartment 5plus
$652.2K
$570.7K – $760.9K
NOI $45,652 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,895 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Eight-unit apartment building with value-add potential in Spokane, WA.
Where is this apartment building located?
The property is located at 929 N Ash St Spokane, WA.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Strong Income Potential: $59,039.36 NOI and a 7% Cap Rate.; Value‑Add Opportunity with under‑market rents.; Recent Capital Improvements: new sewer line and vinyl windows.
