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5634 E Commerce Ave 4 Unit Apartment Building $675,000 ($168,750/Unit) 6.87% Cap Rate Spokane, WA 99212
Executive Summary
Welcome to the Parkwater Schoolhouse—
A historic 1913 brick landmark, just half a mile from Spokane’s iconic Felts Field.
This two-story, 8,832 square foot building—plus a full unfinished basement—sits on nearly 25,000 square feet of corner lot frontage, with paved parking for approximately 25 vehicles. It includes a convenient dock with a loading door and is equipped with 3-phase 120/240 volt electrical service.
Zoned GC-70, this versatile mixed-use commercial property offers a unique blend of residential and commercial space.
Inside, you'll find 4 residential apartments, 2 professional offices, a lash salon, and 2 large commercial studios—one currently operating as a martial arts dojo.
The Parkwater Schoolhouse has lived many lives—originally an elementary school, then a 1940s flight training academy serving nearby Felts Field, followed by decades as a nursing home.
In the 1980s, it became a pioneering brewery and eventually a beloved winery and event venue, hosting tastings, gatherings, and community celebrations.
Offered at $750,000, the Parkwater Schoolhouse is a rare opportunity to own a piece of Spokane’s past—with endless potential for its future.
A historic 1913 brick landmark, just half a mile from Spokane’s iconic Felts Field.
This two-story, 8,832 square foot building—plus a full unfinished basement—sits on nearly 25,000 square feet of corner lot frontage, with paved parking for approximately 25 vehicles. It includes a convenient dock with a loading door and is equipped with 3-phase 120/240 volt electrical service.
Zoned GC-70, this versatile mixed-use commercial property offers a unique blend of residential and commercial space.
Inside, you'll find 4 residential apartments, 2 professional offices, a lash salon, and 2 large commercial studios—one currently operating as a martial arts dojo.
The Parkwater Schoolhouse has lived many lives—originally an elementary school, then a 1940s flight training academy serving nearby Felts Field, followed by decades as a nursing home.
In the 1980s, it became a pioneering brewery and eventually a beloved winery and event venue, hosting tastings, gatherings, and community celebrations.
Offered at $750,000, the Parkwater Schoolhouse is a rare opportunity to own a piece of Spokane’s past—with endless potential for its future.
Property Facts Under Contract
| Price | $675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $168,750 | Building Class | C |
| Sale Type | Investment or Owner User | Lot Size | 0.56 AC |
| Cap Rate | 6.87% | Building Size | 8,832 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1913 |
| Property Subtype | Apartment | Parking Ratio | 2.83/1,000 SF |
| Zoning | GC-70 | ||
| Price | $675,000 |
| Price Per Unit | $168,750 |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.87% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 8,832 SF |
| No. Stories | 2 |
| Year Built | 1913 |
| Parking Ratio | 2.83/1,000 SF |
| Zoning | GC-70 |
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Property Taxes
| Parcel Number | 35114.1701 | Improvements Assessment | $388,200 |
| Land Assessment | $121,980 | Total Assessment | $510,180 |
Property Taxes
Parcel Number
35114.1701
Land Assessment
$121,980
Improvements Assessment
$388,200
Total Assessment
$510,180
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5634 E Commerce Ave
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