2228 N Astor St · Spokane, WA 99207

$945,000

319 bd · 232.0 ba · 6,687 sqft · MultiFamily public records · 80 Days on market

Built 1906 7,405 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 29 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The Astor Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Astor Apartments Details: Unit mix includes 1 3 bed/1 bath unit, 2 2 bed/1 bath units, 4 1 bed/1 bath units, and 1 studio $50,000 in capital improvements, including new water heaters and a full remodel of Unit 7 Upgraded copper electrical wiring Common laundry room with 1 washer and 1 dryer Originally built as an apartment building Ample street parking available for tenants Fenced backyard

Key facts

• Ample street parking
• New water heaters
• Common laundry room

Tags

• NEW WATER HEATERS
• FULL REMODEL OF UNIT 7
• UPGRADED COPPER ELECTRICAL
• COMMON LAUNDRY ROOM
• AMPLE STREET PARKING
• FENCED BACKYARD

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Multifamily building (8 units)
• Construction: Stucco and concrete construction; Rubber roof; Concrete perimeter foundation; Building area approximately 9,327
• Exterior features: Back yard fencing; Corner, level lot; Paved public road access

Interior

• Bedrooms: One 1-bed unit (multiple units); Two 2-bed units; One 3-bed unit
• Bathrooms: Eight 1-bath units (each unit has one bathroom)
• Heating & cooling: Electric baseboard heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 29 × 11-bed/8.0-bath units multifamily listed at $945k.

Deal economics

• At list price, monthly cash flow is $46k ($547k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($65k rent vs $945k).
• Recommended offer: $888k (6.0% below list) — sets the bar for market timing.
• Cap rate 64.2% 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 (+3.2%/yr); 236 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $65,447/mo this rent would consume 1299% of the median local household income ($60k/yr) (locally 1557% 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 $7k of loan paydown is wiped out by about $28k 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 + 3.2% rent growth), your $265k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($888k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago 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 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $888,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 6.93% ✓
• Cap rate: 64.22%
• Cash-on-cash: 206.87%
• DSCR: 10.20
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.47×
• Total profit: $2,769,389
• Equity at exit: $140,903

10-year hold

• IRR: —
• Equity multiple: 24.52×
• Total profit: $6,223,546
• Equity at exit: $81,706

Cash invested: $264,600 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 236
• Price-to-rent: 34.9×

Monthly cashflow live

• Estimated rent: $65,447 medium
• Mortgage (P&I): −$4,956
• Tax from tax record: −$738 /mo · $8,853/yr
• Insurance: −$394
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,744
• Net cashflow: $45,616

Break-even live

Break-even rent $7,705

Max offer price $945,000

Occupancy floor 25%

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

Units	Beds	Baths	Est. rent
▸ 29× units	11	8	$65,453
Total (29 units)			$65,447

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: $236,250
• Closing costs: $28,350
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $945,000 Active 80 DOM
2. 2026-06-17
   days on market $945,000 Active 79 DOM
3. 2026-06-16
   days on market $945,000 Active 78 DOM
4. 2026-06-15
   days on market $945,000 Active 77 DOM
5. 2026-06-14
   days on market $945,000 Active 75 DOM
6. 2026-06-10
   days on market $945,000 Active 72 DOM
7. 2026-06-09
   days on market $945,000 Active 71 DOM
8. 2026-06-08
   days on market $945,000 Active 70 DOM
9. 2026-06-07
   days on market $945,000 Active 69 DOM
10. 2026-06-03
    days on market $945,000 Active 65 DOM
11. 2026-06-02
    days on market $945,000 Active 64 DOM
12. 2026-06-01
    days on market $945,000 Active 63 DOM
13. 2026-05-31
    days on market $945,000 Active 62 DOM
14. 2026-05-31
    days on market $945,000 Active 61 DOM
15. 2026-03-30
    listed $945,000 Active 750-char remark

    Show marketing remark (750 chars)

    The Astor Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Astor Apartments Details: Unit mix includes 1 3 bed/1 bath unit, 2 2 bed/1 bath units, 4 1 bed/1 bath units, and 1 studio $50,000 in capital improvements, including new water heaters and a full remodel of Unit 7 Upgraded copper electrical wiring Common laundry room with 1 washer and 1 dryer Originally built as an apartment building Ample street parking available for tenants Fenced backyard

16. 2026-03-30
    listed $945,000 Active

    Show marketing remark (750 chars)

    The Astor Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Astor Apartments Details: Unit mix includes 1 3 bed/1 bath unit, 2 2 bed/1 bath units, 4 1 bed/1 bath units, and 1 studio $50,000 in capital improvements, including new water heaters and a full remodel of Unit 7 Upgraded copper electrical wiring Common laundry room with 1 washer and 1 dryer Originally built as an apartment building Ample street parking available for tenants Fenced backyard

17. 2025-05-01
    historical $1,095
18. 2025-04-17
    listed $1,095
19. 2025-02-12
    soldstatus $899,241
20. 2024-10-20
    historical $670
21. 2024-10-12
    listed $670
22. 2024-04-10
    historical $1,095
23. 2024-03-20
    listed $1,095
24. 2024-03-13
    historical $1,095
25. 2024-02-02
    listed $1,095
26. 2023-08-05
    historical
27. 2023-07-27
    listed
28. 2002-12-12
    soldstatus $80,000
29. 1983-12-15
    soldstatus $80,000

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $8,853 · $738/mo
• Projected year-2 tax: $9,261 · $772/mo
• Expected delta: +$408/yr (+$34/mo · 4.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $785,364
• − Mortgage interest: −$52,935
• − Property taxes: −$8,853
• − Insurance: −$4,725
• − Repairs & maintenance: −$62,829
• − Management: −$62,829
• − Depreciation: −$27,491
• Taxable income: $565,702
• Est. tax owed @ 24.0%: −$135,768
• After-tax cash flow: $411,622/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.

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): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

+1081.2% since first listed

15 events — show timeline

• 2026-03-30 Listed $945,000 CDAMLS
• 2026-03-30 Listed $945,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-05-01 Rental Removed $1,095 RENT.
• 2025-04-17 Listed for Rent $1,095 RENT.
• 2025-02-12 Sold (Public Records) $899,241 Public Records
• 2024-10-20 Rental Removed $670 APPFOLIO
• 2024-10-12 Listed for Rent $670 APPFOLIO
• 2024-04-10 Rental Removed $1,095 APPFOLIO
• 2024-03-20 Listed for Rent $1,095 APPFOLIO
• 2024-03-13 Rental Removed $1,095 APPFOLIO
• 2024-02-02 Listed for Rent $1,095 APPFOLIO
• 2023-08-05 Rental Removed — APPFOLIO
• 2023-07-27 Listed for Rent — APPFOLIO
• 2002-12-12 Sold (Public Records) $80,000 Public Records
• 1983-12-15 Sold (Public Records) $80,000 Public Records

Property tax history

+9.8%/yr

Latest (2026): $8,853 · +12.9% YoY. Source: county tax records.