224 S Howard St · Spokane, WA 99201

$1,800,000

None bd · 1.0 ba · 20,634 sqft · MultiFamily · 16 Days on market

Built 1908 Good condition 4,356 sqft lot ↓ 5% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

Key facts

• 4,356 sq ft lot
• Built 1908
• Listed 16 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Multifamily building (42 total units)
• Construction: Concrete and brick construction; Concrete perimeter foundation; Concrete roof
• Exterior features: Level lot; Paved road access

Interior

• Bedrooms: Unit example: some units have 1 bathroom (multifamily building with 42 total units)
• Bathrooms: Some units include 1 bathroom
• Heating & cooling: Electric heating; Furnace
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath multifamily listed at $1.80M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $24k ($286k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $1.80M).
• Recommended offer: $1.77M (1.5% below list) — sets the bar for market timing.
• Cap rate 22.2% vs local median 3.2% in Spokane — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#93 in WA, #1,822 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Spokane School District (urban): math 47% / reading 58% proficiency, ranked #136 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.6%/yr); 124 active listings in the ZIP; lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $45,871/mo this rent would consume 1337% of the median local household income ($41k/yr) (locally 1599% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k of value loss. Plan a longer hold.
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $504k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($1.77M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,773,000 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.55% ✓
• Cap rate: 22.16%
• Cash-on-cash: 56.66%
• DSCR: 3.52
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $660,288
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 W 6th Ave Unit 1511, 1515, 1517, 1519	0.70mi	6/5.0	20,200 (-2%)	13mo	$649,900	$32	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: 54.6%
• Equity multiple: 3.39×
• Total profit: $1,205,919
• Equity at exit: $268,386

10-year hold

• IRR: 59.6%
• Equity multiple: 6.81×
• Total profit: $2,927,979
• Equity at exit: $155,631

Cash invested: $504,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 99201

• Home prices YoY: -26.3%
• Rents YoY: 2.6%
• Active inventory: 124
• Price-to-rent: 130.8×

Monthly cashflow live

• Estimated rent: $45,871 high
• Mortgage (P&I): −$9,439
• Tax est. 1.5%: −$2,250 /mo · $27,000/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,633
• Net cashflow: $23,799

Break-even live

Break-even rent $15,746

Max offer price $1,800,000

Occupancy floor 43%

40-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 40× units	1	1	$45,880
Total (40 units)			$45,871

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-01
   status Pending
2. 2026-04-29
   status Pending 980-char remark

   Show marketing remark (980 chars)

   We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

3. 2026-04-24
   status Active 980-char remark

   Show marketing remark (980 chars)

   We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

4. 2026-04-23
   price $1,800,000 980-char remark

   Show marketing remark (980 chars)

   We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

5. 2026-04-14
   listed $1,800,000 Active
6. 2026-03-13
   status Active
7. 2026-03-13
   historical
8. 2026-02-26
   status Pending 980-char remark

   Show marketing remark (980 chars)

   We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

9. 2026-02-04
   price $1,850,000 980-char remark

   Show marketing remark (980 chars)

   We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

10. 2025-12-29
    status Pending
11. 2025-10-27
    price $1,900,000
12. 2025-09-26
    listed $1,900,000 Active 980-char remark

    Show marketing remark (980 chars)

    We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

13. 2025-09-26
    listed $2,000,000 Active

    Show marketing remark (980 chars)

    We are pleased to present the Howard Building for sale at 224 S Howard St in Downtown Spokane. This property offers 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop, one vacant) Significant Capital Improvements – Extensive upgrades include fresh paint, new flooring, updated bathrooms, modern light fixtures, and partial furnishings. Diverse Income Stream – 40 apartments and 2 ground-floor retail suites provide balanced residential and commercial revenue. Resident Amenities – Tenants enjoy shared laundry, communal space, and enhanced security in a walkable downtown location near dining, shopping, entertainment, third-party parking, and transit. Value-Add Potential – Lease the vacant retail suite, activate the basement, and optimize operations for increased NOI. Attractive Assumable Loan – Seller financing via an assumable note at 4.65% interest-only, maturing January 2028, with 24-month extension option.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $550,452
• − Mortgage interest: −$100,828
• − Property taxes: −$27,000
• − Insurance: −$9,000
• − Repairs & maintenance: −$44,036
• − Management: −$44,036
• − Depreciation: −$52,364
• Taxable income: $273,188
• Est. tax owed @ 24.0%: −$65,565
• After-tax cash flow: $220,019/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

The Howard Building is a well-maintained multi-family property with good condition and potential for further updates to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinetry — Older style, could be replaced
• Minor Kitchen fixtures — Dated style, could be updated

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace kitchen cabinetry — Modernizes the space and improves resale value
• Both Update kitchen fixtures — Modernizes the space and improves resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinetry · Older style, could be replaced	Minor	$500–3,000
Kitchen fixtures · Dated style, could be updated	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace kitchen cabinetry — Modernizes the space and improves resale value ↑
• Both Update kitchen fixtures — Modernizes the space and improves resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 of 291 in WA

Livability — Spokane

• Score: 80/100
• State rank: #93
• US rank: #1822

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment C Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 15,829
• Household income: $41,171
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 1599.0

Population outlook (Spokane County) Hauer SSP2

• Today (2025): 531,314 people
• By 2030: 549,278 · +3.4%
• By 2040: 577,822 · +8.8%
• By 2050: 598,188 · +12.6%
• By 2075: 630,744 · +18.7%
• By 2100: 622,360 · +17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 3% Arabic 1% Other Asian/Pacific 1%

Political lean MEDSL · Spokane

• 2024 margin: Toss-up / Even · D 46.0% · R 51.0% · Other 3.0%
• 2008→2024 swing: -3.8pp toward R · 2008: -1.1pp · 2024: -5.0pp
• All cycles: 2024: R+5.0 2020: R+4.3 2016: R+8.3 2012: R+6.3 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.62%
• Current HPI: 337.9835
• Rent YoY: ▲ 2.59%
• Metro: Spokane-Spokane Valley, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-5.3% since first listed

13 events — show timeline

• 2026-05-01 Pending — CDAMLS
• 2026-04-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-24 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $1,800,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-14 Listed $1,800,000 CDAMLS
• 2026-03-13 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-13 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-26 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $1,850,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-27 Price Changed $1,900,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-26 Listed $2,000,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-26 Listed $1,900,000 SPOKANEMLS as Distributed by MLS Grid