Ten-Unit Apartment Near NorthTown
6511 N Atlantic St Spokane, WA 99208
6511 N Atlantic St, Spokane, WA, 99208
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For Sale
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Turn-key ten-unit apartment building near NorthTown Mall and city amenities.
Property Size7,950 SF
Lot Size0.46 Acres
Price / SF$225.16
Days on Market848
Property Features for 6511 N Atlantic St
General Information
- Standard status
- Active
- Size
- 7,950 SF
- Lot size
- 0.46 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1964
Listing Agency
Kelly Right Real Estate
(509) 879-6377
Listed by
Nick Grishko · License #WA 95551
Source
Crexi
Added: Mar 22, 2024 Checked: Jul 17 at 6:15 am
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 Kelly Right Real Estate
Investment Insights
Based on property information with market context.
This 7,950 square foot, two-level apartment building features ten units and is located near NorthTown Mall and city amenities, across the retail plaza of N Division and Francis. Situated on a 150'x128' lot, the property includes covered parking and a front yard with a sprinkler system. Nine of the units are 750 square feet with two bedrooms and one bathroom, while one unit is 550 square feet with one bedroom and one bathroom. All ten units are currently leased. The units feature a spacious entry living room and a kitchen/dining room equipped with ample white cabinetry, a free-standing range, dishwasher, and refrigerator. This property presents a turn-key investment opportunity.
Key Highlights
- Turn‑key investment opportunity with 100% occupancy.
- Located near NorthTown Mall and city amenities at N Division and Francis.
- Ten units: nine 2 bed/1 bath (750 sq/ft) and one 1 bed/1 bath (550 sq/ft).
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.6k | $19.32 |
| − Vacancy | −$9.8k | −$1.24 |
| EGI | $143.8k | $18.08 |
| − OpEx | −$64.7k | −$8.14 |
| NOI | $79.1k | $9.95 |
7,950 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.4K – $1.32M
NOI $79,070 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,577 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Turn-key ten-unit apartment building near NorthTown Mall and city amenities.
Where is this apartment building located?
The property is located at 6511 N Atlantic St Spokane, WA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Turn‑key investment opportunity with 100% occupancy.; Located near NorthTown Mall and city amenities at N Division and Francis.; Ten units: nine 2 bed/1 bath (750 sq/ft) and one 1 bed/1 bath (550 sq/ft).
