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The Howard Building 224 S Howard St 42 Unit Apartment Building $1,900,000 ($45,238/Unit) 6.75% Cap Rate Spokane, WA 99201
INVESTMENT HIGHLIGHTS
- Capital Improvements – Fresh paint, new flooring, updated baths, lighting, and partial furnishings
- Amenities & Location – Laundry, community space, security, walkable downtown access, nearby parking & transit
- Assumable Loan – 4.65% interest-only through Jan 2028, with 24-month extension option
- Diverse Income – 40 apartments plus 2 ground-floor retail suites
- Value-Add – Lease vacant retail, activate basement, optimize operations for NOI growth
EXECUTIVE SUMMARY
SVN Cornerstone is pleased to present the Howard Building for sale located at 224 S Howard St in Downtown Spokane. The Howard Building consists of 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop and one vacant), shared laundry facilities for the tenants, a communal gathering area for tenants, and a basement with value add opportunity for additional use.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $45,238 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 20,000 SF |
| Cap Rate | 6.75% | Average Occupancy | 95% |
| No. Units | 42 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1908 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | DTS | ||
| Price | $1,900,000 |
| Price Per Unit | $45,238 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 20,000 SF |
| Average Occupancy | 95% |
| No. Stories | 4 |
| Year Built | 1908 |
| Opportunity Zone |
Yes |
| Zoning | DTS |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 39 | - | - |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 35191.3105 | Improvements Assessment | $1,093,300 (2025) |
| Land Assessment | $123,540 (2025) | Total Assessment | $1,216,840 (2025) |
PROPERTY TAXES
Parcel Number
35191.3105
Land Assessment
$123,540 (2025)
Improvements Assessment
$1,093,300 (2025)
Total Assessment
$1,216,840 (2025)
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The Howard Building | 224 S Howard St
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