8-Unit Apartment
For Sale
$895,000
943 Augusta, Spokane, WA 99207
Eight one-bedroom, one-bath residences offer a straightforward multifamily configuration.
Property Size5,280 SF
Price / SF$169.51
Days on Market10
Property Features for 943 Augusta
General Information
Standard status
Active
Size
5,280 SF
Property subtype
Multi Family Home
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Gross Income
$96,900
Amenities
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
1964
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License #26840
(509) 315-8720
Source:
Clearwaterproperties
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 6:53AM
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 contains 8 one-bedroom, one-bath apartments within 5,280 square feet. Built in 1964, the building provides an established residential income configuration with eight separately identified units.
The property is located at 943 Augusta in Spokane, Washington 99207. Its unit count, apartment layout, and existing rental operation provide a clearly defined multifamily asset for continued ownership or portfolio expansion.
The property is located at 943 Augusta in Spokane, Washington 99207. Its unit count, apartment layout, and existing rental operation provide a clearly defined multifamily asset for continued ownership or portfolio expansion.
Key Highlights
- 8‑unit multifamily property
- Eight one‑bedroom, one‑bath units
- 5,280 square feet of property size
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
$52,515
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
5.87%
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%
$1,050,300
$1.1M
Cap Rate 7%
$750,214
$750.2K
Cap Rate 9%
$583,500
$583.5K
Market Conditions
NOI Build-Up for 5,280 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
$102.0K $19.32/SF
− Vacancy
−$6.5K −$1.24/SF
EGI
$95.5K $18.08/SF
− OpEx
−$43.0K −$8.14/SF
NOI
$52.5K $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%
$1,050,300
Cap Rate 7%
$750,214
Cap Rate 9%
$583,500
Alternative Uses
Best Use
Apartment 5plus
$750.2K
$656.4K – $875.3K
NOI $52,515 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,357 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
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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
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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?
Apartment building - Eight one-bedroom, one-bath residences offer a straightforward multifamily configuration.
Where is this apartment building located?
The property is located at 943 Augusta Spokane, WA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 8‑unit multifamily property; Eight one‑bedroom, one‑bath units; 5,280 square feet of property size
