5634 E Commerce Ave
A classic 1913 brick landmark in Spokane, the Parkwater Schoolhouse has been reimagined as a distinctive apartment building with room to grow. This two-story former school—once a brewery and later a beloved winery—now features four renovated residential apartments and a shared laundry room for tenants. Zoned GC-70, the property includes two large main-floor spaces with strong potential to be converted into up to four additional apartments. Situated on a prominent corner lot, the 8,832 sq ft building sits on over half an acre and offers 25 parking spaces. The full unfinished basement includes a conveyor belt and loading dock, offering further potential for storage, creative reuse, or development. Full of historic character and investment upside, the Parkwater Schoolhouse presents a rare opportunity to expand a residential income property in a truly one-of-a-kind setting.
A 1913 brick schoolhouse turned four-unit income property with room to expand
This former Parkwater schoolhouse spans 8,832 square feet on a corner lot of just over half an acre. Four renovated apartments are in place today, sharing a tenant laundry room, and the GC-70 zoning allows two large main-floor spaces to become up to four more units. At $675,000, that works out to roughly $76 per square foot. The practical numbers matter here: 25 parking spaces, natural gas and electric heat, and about $5,136 in annual taxes. A full unfinished basement with a loading dock and conveyor belt leaves storage or reuse options open. There is no garage, but the building's scale and zoning carry the value.
- Four renovated apartments
- GC-70 zoning
- 25 parking spaces
- 0.56-acre corner lot
- Full unfinished basement
Your point of contact
Listed by Marianne Bornhoft, REAL Broker LLC · 360-810-5696
What's included
Appliances
- Refrigerator
- Washer
- Dryer
Heating
- Natural Gas
- Electric
Costs of ownership
- Annual taxes
- $5,136
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- Principal & interest
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- Property taxes
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- Insurance
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- HOA
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Estimates only — excludes PMI and utilities; your lender's numbers govern. Taxes prefilled from the listing record.
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Information provided by Spokane Association of REALTORS®. Listings deemed reliable but not guaranteed. Buyer is responsible for verifying all material facts (square footage, lot size, zoning, school assignments, HOA dues, taxes). Not legal, tax, financial, or appraisal advice — consult the relevant professional.