Furnished Park-Adjacent
For Sale
$629,950
1823 S Grand Blvd, Spokane, WA 99203
Residential Income, Spokane, WA
Property Size2,240 SF
Lot Size0.16 Acres
Price / SF$281.23
Days on Market105
Property Features for 1823 S Grand Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Utility Room, Bathroom 1, Bedroom 2, Bathroom 2, Laundry Room, Bedroom 3
Parking
1565
Parking features
Offsite, Open
Patio and Porch features
Patio, Deck
Interior features
Hot Water, High Speed Internet, Smart Thermostat, Cathedral Ceiling(s), Natural Woodwork, In-Law Floorplan
Fireplace
1
Basement
Full, Walk-Out Access, Finished
Appliances
Free-Standing Range, Gas Range, Dishwasher, Refrigerator, Disposal, Washer, Dryer
Subdivision
Manito Park
Lot features
Views, Treed, Level, City Bus (w/in 6 blks)
View
Park
Elementary school
Hutton
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
GPS is Accurate
Standard status
Active
APN
35292.1127
Size
2,240 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
6500
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
marble faced fireplace
oak hardwoods
updated kitchen
stainless appliances
gas range
private entrance
Building Details
Year built
1923
Floors in Building
1
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Bryan Crabbe
(855) 450-0442
Added: May 14
Changed: Aug 25
Last Checked: Aug 26 at 7:06AM
MLS# 202617409
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.
Built in 1923, this 2,240-square-foot bungalow-style duplex occupies a 0.16-acre lot and is offered fully furnished. The main-floor residence includes oak hardwood flooring, a marble-faced fireplace, formal living and dining rooms, an updated kitchen with white cabinetry, stainless appliances, and a gas range, plus two bedrooms and an updated bath. The lower unit has a private entrance, full kitchen, full bath, two egress bedrooms, and a combined living and dining area. Natural woodwork, central air, forced-air natural gas heat, laundry equipment, a deck, and a patio add to the property’s functionality.
The home is located at 1823 S Grand Blvd in Spokane, directly across from Manito Park. Rockwood Bakery is nearby. The upper level operates as an Airbnb, while the lower suite is rented month to month, providing two distinct residential layouts within the same property.
The home is located at 1823 S Grand Blvd in Spokane, directly across from Manito Park. Rockwood Bakery is nearby. The upper level operates as an Airbnb, while the lower suite is rented month to month, providing two distinct residential layouts within the same property.
Key Highlights
- 2,240‑square‑foot duplex on a 0.16‑acre lot
- Built in 1923 with bungalow architecture and wood siding
- Main floor includes 2 bedrooms, updated bath, oak hardwoods, and marble‑faced fireplace
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
$25,624
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
4.07%
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%
$512,480
$512.5K
Cap Rate 7%
$366,057
$366.1K
Cap Rate 9%
$284,711
$284.7K
Market Conditions
NOI Build-Up for 2,240 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
$39.0K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$36.6K $16.34/SF
− OpEx
−$11.0K −$4.90/SF
NOI
$25.6K $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%
$512,480
Cap Rate 7%
$366,057
Cap Rate 9%
$284,711
Alternative Uses
Best Use
Multifamily LT 5
$366.1K
$320.3K – $427.1K
NOI $25,624 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$318.3K
$278.5K – $371.3K
NOI $22,279 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$577.9K
$505.7K – $674.2K
NOI $40,454 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 - Updated two-level property with separate living areas, furnished interiors, and flexible rental or multigenerational use.
Where is this duplex located?
The property is located at 1823 S Grand Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $629,950.
What are key features of this property?
This property features: 2,240‑square‑foot duplex on a 0.16‑acre lot; Built in 1923 with bungalow architecture and wood siding; Main floor includes 2 bedrooms, updated bath, oak hardwoods, and marble‑faced fireplace
