Up/Down Duplex with Alley
For Sale
$374,000
1012 E Indiana Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size1,376 SF
Lot Size0.16 Acres
Price / SF$271.80
Days on Market23
Property Features for 1012 E Indiana Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Alley
Window features
Skylight(s)
Basement
Partial, Unfinished
Appliances
Free-Standing Range, Refrigerator
Subdivision
Heaths 5th add
Lot features
Fenced Yard, Level
View
City
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
Go west on Indiana from Hamilton. Sign on right.
Standard status
Active
APN
35084.3022
Size
1,376 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3328
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1904
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Composition
Listing Agency:
Real Estate Marketplace NW,Inc
(509) 276-5445
Listed By:
Jim Palmer Jr. · License #2775
(509) 953-1666
Added: Aug 13
Changed: Sep 2
Last Checked: Sep 4 at 3:06AM
MLS# 202622535
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This up-and-down duplex contains 1,376 square feet and was built in 1904. The property includes two residential units, each with a bathroom and two bedrooms, along with front and rear stair access for the upper residence. The main-level unit has use of a garage reached from the alley. Both units share a fenced backyard, and the property includes a free-standing range and refrigerator. Masonite siding, a composition roof, and electric heat complete the existing improvements.
The duplex is near Gonzaga University in Spokane, Washington. It is zoned R and occupies a 0.16-acre lot. Long-term tenants are in place, providing an established rental arrangement.
The duplex is near Gonzaga University in Spokane, Washington. It is zoned R and occupies a 0.16-acre lot. Long-term tenants are in place, providing an established rental arrangement.
Key Highlights
- Up‑and‑down duplex with 1,376 square feet
- Two units, each with 2 bedrooms and 1 bathroom
- Main‑floor unit includes garage use with alley access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,741
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$314,820
$314.8K
Cap Rate 7%
$224,871
$224.9K
Cap Rate 9%
$174,900
$174.9K
Market Conditions
NOI Build-Up for 1,376 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.9K $17.40/SF
− Vacancy
−$1.5K −$1.06/SF
EGI
$22.5K $16.34/SF
− OpEx
−$6.7K −$4.90/SF
NOI
$15.7K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$314,820
Cap Rate 7%
$224,871
Cap Rate 9%
$174,900
Alternative Uses
Best Use
Multifamily LT 5
$224.9K
$196.8K – $262.4K
NOI $15,741 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$195.5K
$171.1K – $228.1K
NOI $13,686 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$355.0K
$310.6K – $414.2K
NOI $24,851 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separate entries, fenced outdoor space, and garage access from the alley.
Where is this duplex located?
The property is located at 1012 E Indiana Ave Spokane, WA.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: Up‑and‑down duplex with 1,376 square feet; Two units, each with 2 bedrooms and 1 bathroom; Main‑floor unit includes garage use with alley access
