6511 N Atlantic St · Town and Country, WA 99208

$1,790,000

190 bd · 100.0 ba · 7,950 sqft · MultiFamily public records · 17 Days on market

Built 1964 0.44 ac lot

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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 +29.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.6/10.0
• Livability +4.3/5.0
• Rent growth +2.6/5.0
• 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: 10 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

Incredible opportunity to acquire this 10-unit apartment located across the retail plaza of N Division and Francis, near NorthTown Mall & city amenities. This 7,950 sq/ft building is situated on a 150'x128' lot and features 10 units across two levels, plus covered parking and a front yard with sprinkler system. Nine units are 750 sq/ft 2 bed/1 bath, and one is 550 sq/ft 1 bed/1 bath. All ten units are leased out. The units include a spacious entry living room and kitchen/dining room with ample white cabinetry, free-standing range, dishwasher & fridge. Don't miss this rare turn-key investment opportunity - learn more today!

Key facts

• Covered parking
• Retail plaza
• Front yard

Tags

• 10 UNIT APARTMENT
• RETAIL PLAZA
• COVERED PARKING
• FRONT YARD
• SPRINKLER SYSTEM
• SPACIOUS ENTRY LIVING ROOM

Property features AI

Finance

• Other: Lot approximately 0.44 acres (128' x 150')
• Financial info: Classified as rental income

Exterior

• Parking: Total parking for 14 vehicles; Four garage spaces; One carport space; Carport
• Utilities: High-speed internet available
• Home design: Residential income property; Two-story structure; Zoned HDR
• Construction: Brick construction; Composition roof
• Exterior features: Partial sprinkler system; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: Nine 2-bedroom units; One 1-bedroom unit
• Bathrooms: Nine units with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Electric baseboard heating; Wall-mounted cooling units
• Interior features: Vinyl windows; Satellite dish

What this means for you Summary

Snapshot

• This is a 10 × 19-bed/10.0-bath units multifamily listed at $1.79M.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $616/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.79M).
• Recommended offer: $1.76M (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 86/100 on livability (#20 in WA, #415 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• 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 flat; 462 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $21,701/mo this rent would consume 294% of the median local household income ($89k/yr) (locally 1832% 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.
• 20 sale attempts since 21y 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.
• Current owner paid $115k; list at $1.79M implies a 1457% gain — meaningful room to come down on a strong offer.

Recommended offer $1,763,150 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.46% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $47,648
• Equity at exit: $266,895

10-year hold

• IRR: 9.7%
• Equity multiple: 1.67×
• Total profit: $333,590
• Equity at exit: $154,766

Cash invested: $501,200 (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 99208

• Rents YoY: 0.5%
• Active inventory: 462
• Price-to-rent: 68.7×

Monthly cashflow live

• Estimated rent: $21,701 medium
• Mortgage (P&I): −$9,387
• Tax from tax record: −$851 /mo · $10,215/yr
• Insurance: −$746
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,557
• Net cashflow: $6,160

Break-even live

Break-even rent $13,904

Max offer price $1,790,000

Occupancy floor 67%

Sensitivity live

Price	-10% $7,173	-5% $6,666	+0% $6,160	+5% $5,653	+10% $5,147
Rent	-10% $4,445	-5% $5,303	+0% $6,160	+5% $7,017	+10% $7,874
Rate	-1.0pp $7,061	-0.5pp $6,615	base $6,160	+0.5pp $5,696	+1.0pp $5,224

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

Units	Beds	Baths	Est. rent
▸ 10× units	19	10	$21,700
Total (10 units)			$21,701

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: $447,500
• Closing costs: $53,700
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $1,790,000 Active 17 DOM
2. 2026-06-17
   days on market $1,790,000 Active 16 DOM
3. 2026-06-16
   days on market $1,790,000 Active 15 DOM
4. 2026-06-15
   days on market $1,790,000 Active 14 DOM
5. 2026-06-14
   days on market $1,790,000 Active 12 DOM
6. 2026-06-10
   days on market $1,790,000 Active 9 DOM
7. 2026-06-09
   days on market $1,790,000 Active 8 DOM
8. 2026-06-08
   days on market $1,790,000 Active 7 DOM
9. 2026-06-07
   days on market $1,790,000 Active 6 DOM
10. 2026-06-03
    days on market $1,790,000 Active 2 DOM
11. 2026-06-01
    days on marketlisting id $1,790,000 Active 1 DOM
12. 2026-05-31
    days on market $1,790,000 Active 60 DOM
13. 2026-05-31
    days on market $1,790,000 Active 59 DOM
14. 2026-04-01
    listed $1,790,000 Active
15. 2026-04-01
    historical
16. 2026-02-01
    listed $1,790,000 Active
17. 2026-01-31
    historical
18. 2025-12-01
    listed $1,790,000 Active
19. 2025-11-30
    historical
20. 2025-10-01
    listed $1,790,000 Active
21. 2025-10-01
    historical
22. 2025-07-01
    listed $1,790,000 Active
23. 2025-07-01
    historical
24. 2025-04-01
    listed $1,790,000 Active
25. 2025-04-01
    historical
26. 2025-02-01
    listed $1,790,000 Active
27. 2025-01-31
    historical
28. 2025-01-18
    historical $1,050
29. 2025-01-07
    price $1,050
30. 2024-12-21
    listed $1,075
31. 2024-12-01
    listed $1,790,000 Active
32. 2024-11-30
    historical
33. 2024-11-14
    historical $1,075
34. 2024-11-06
    price $1,075
35. 2024-10-26
    listed $1,125
36. 2024-10-01
    listed $1,790,000 Active
37. 2024-10-01
    historical
38. 2024-09-12
    price $1,790,000
39. 2024-08-01
    listed $1,840,000 Active
40. 2024-08-01
    historical
41. 2024-06-03
    listed $1,840,000 Active
42. 2024-06-01
    historical
43. 2024-03-22
    listed $1,840,000 Active
44. 2024-01-20
    historical $1,050
45. 2023-12-24
    listed $1,050
46. 2014-12-02
    soldstatus $115,000
47. 2014-11-26
    soldstatus $115,000
48. 2014-11-07
    listed $100,000
49. 2014-04-14
    historical
50. 2014-01-02
    listed $499,900

ⓘ 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: $10,215 · $851/mo
• Projected year-2 tax: $17,542 · $1,462/mo
• Expected delta: +$7,327/yr (+$611/mo · 71.7%)

ⓘ 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 3/10 Moderate
• 🌡 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: $260,412
• − Mortgage interest: −$100,268
• − Property taxes: −$10,215
• − Insurance: −$8,950
• − Repairs & maintenance: −$20,833
• − Management: −$20,833
• − Depreciation: −$52,073
• Taxable income: $47,241
• Est. tax owed @ 24.0%: −$11,338
• After-tax cash flow: $62,580/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 — Town and Country

• Score: 86/100
• State rank: #20
• US rank: #415

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Town and Country, WA
• County: Spokane County · 496,401 people
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 58,669
• Household income: $88,599
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 1832.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 2% 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: ▼ -392.58%
• Current HPI: 324.2299
• Rent YoY: ▲ 0.46%
• 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

+459.4% since first listed

47 events — show timeline

• 2026-04-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-07-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-07-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-04-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-01-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-01-18 Rental Removed $1,050 APPFOLIO
• 2025-01-07 Price Changed $1,050 APPFOLIO
• 2024-12-21 Listed for Rent $1,075 APPFOLIO
• 2024-12-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-11-14 Rental Removed $1,075 APPFOLIO
• 2024-11-06 Price Changed $1,075 APPFOLIO
• 2024-10-26 Listed for Rent $1,125 APPFOLIO
• 2024-10-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-01 Listed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-09-12 Price Changed $1,790,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-01 Listed $1,840,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-06-03 Listed $1,840,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-06-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-03-22 Listed $1,840,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-01-20 Rental Removed $1,050 APPFOLIO
• 2023-12-24 Listed for Rent $1,050 APPFOLIO
• 2014-12-02 Sold (MLS) $115,000 SPOKANEMLS as Distributed by MLS Grid
• 2014-11-26 Sold (Public Records) $115,000 Public Records
• 2014-11-07 Listed $100,000 SPOKANEMLS as Distributed by MLS Grid
• 2014-04-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-01-02 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-01-02 Listed $499,900 SPOKANEMLS as Distributed by MLS Grid
• 2013-10-09 Listed $499,900 SPOKANEMLS as Distributed by MLS Grid
• 2013-10-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2013-03-08 Listed $499,900 SPOKANEMLS as Distributed by MLS Grid
• 2008-03-31 Sold (Public Records) $500,000 Public Records
• 2008-03-31 Sold (Public Records) $500,000 Public Records
• 2005-12-28 Sold (Public Records) $300,280 Public Records
• 2005-03-10 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2005-02-01 Listed $393,000 SPOKANEMLS as Distributed by MLS Grid
• 1993-07-28 Sold (Public Records) $320,000 Public Records

Property tax history

+22.6%/yr

Latest (2026): $10,215 · +5.5% YoY. Source: county tax records.