Triplex with Updated
For Sale
$449,900
1112 S ASH St, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size2,002 SF
Lot Size0.06 Acres
Price / SF$224.73
Days on Market8
Property Features for 1112 S ASH St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Fireplace
1
Basement
Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
City Bus (w/in 6 blks)
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.1502
Size
2,002 SF
Lot size
0.06 Acres
Utilities
Heating system
Natural Gas, Forced Air, Baseboard, Electric (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1906
Floors in Building
2
Number of units
3
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Chris Patton
(509) 489-7000
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 202622528
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 2,002-square-foot triplex was built in 1906 and contains three residential units: one two-bedroom layout and two one-bedroom layouts. The property includes a basement, three bathrooms, wood siding, a composition roof, and a fireplace. Unit appliances include free-standing ranges, dishwashers, and refrigerators.
Building systems include natural-gas, forced-air, electric, and baseboard heating, along with wall-unit cooling. The roof was replaced in 2019, and vinyl windows were installed in 2025. The property occupies 0.0616 acres at 1112 S Ash St in Spokane, Washington, within ZIP Code 99204. All units are currently occupied.
Building systems include natural-gas, forced-air, electric, and baseboard heating, along with wall-unit cooling. The roof was replaced in 2019, and vinyl windows were installed in 2025. The property occupies 0.0616 acres at 1112 S Ash St in Spokane, Washington, within ZIP Code 99204. All units are currently occupied.
Key Highlights
- Three‑unit configuration with one 2‑bedroom unit and two 1‑bedroom units
- 2,002 square feet on a 0.0616‑acre parcel
- Fully occupied residential property
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
$22,902
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
5.09%
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%
$458,040
$458.0K
Cap Rate 7%
$327,171
$327.2K
Cap Rate 9%
$254,467
$254.5K
Market Conditions
NOI Build-Up for 2,002 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
$34.8K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$32.7K $16.34/SF
− OpEx
−$9.8K −$4.90/SF
NOI
$22.9K $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%
$458,040
Cap Rate 7%
$327,171
Cap Rate 9%
$254,467
Alternative Uses
Best Use
Multifamily LT 5
$327.2K
$286.3K – $381.7K
NOI $22,902 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$284.5K
$248.9K – $331.9K
NOI $19,912 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$516.5K
$452.0K – $602.6K
NOI $36,156 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily property with one two-bedroom unit and two one-bedroom units.
Where is this triplex located?
The property is located at 1112 S ASH St Spokane, WA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three‑unit configuration with one 2‑bedroom unit and two 1‑bedroom units; 2,002 square feet on a 0.0616‑acre parcel; Fully occupied residential property
