Four-Plex with Updated Unit
For Sale
$450,000
Pending
1847 E Marshall Ave, Spokane, WA 99207
MULTI_FAMILY - Spokane, WA
Property Size3,032 SF
Lot Size0.19 Acres
Days on Market104
Property Features for 1847 E Marshall Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 3
Parking features
Carport, Alley
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Level, Corner Lot, Common Grounds
Elementary school
Stevens
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From Division, turn East on Mission Ave, cross river and take a left on E Marshall Ave. 4 Plex is on your left at corner of Marshall & Zappone Place. There is No Sign!
Standard status
Pending
APN
35093.2711
Size
3,032 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
5410
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Window Unit(s)
Amenities
shared washer and dryer
storage units
Building Details
Year built
1969
Floors in Building
2
Number of units
4
Building materials
Masonite
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Kelly Hewson
(509) 458-4000
Added: May 1
Changed: Aug 3
Last Checked: Aug 12 at 3:06PM
MLS# 202616563
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.
Established four-plex at 1847 E Marshall Ave offering four units with two bedrooms and one bathroom each. The seller notes approximately 750 SF per unit and includes several recent upgrades: a new roof in 2025, five newer hot water heaters, and shared washer and dryer added in 2023. Siding and vinyl windows were installed in 2018. All four units are described as light and bright, and each unit includes a carport. Unit #3 has an updated kitchen with LVP flooring throughout and an updated bathroom with a tile shower. The property also includes four storage units.
The building is in an established rental area and has long-term tenants. It is close to the Spokane River, Witter Aquatic Center, Centennial Trail, Mission Park, Gonzaga University, Spokane Community College (SCC), and Downtown Spokane.
Constructed in 1969 with composition roofing, the home is heated with baseboard electric heat and cooled with window unit(s). Appliances listed include free-standing range, dishwasher, and refrigerator.
The building is in an established rental area and has long-term tenants. It is close to the Spokane River, Witter Aquatic Center, Centennial Trail, Mission Park, Gonzaga University, Spokane Community College (SCC), and Downtown Spokane.
Constructed in 1969 with composition roofing, the home is heated with baseboard electric heat and cooled with window unit(s). Appliances listed include free-standing range, dishwasher, and refrigerator.
Key Highlights
- 0.1854‑acre lot with four units
- Built in 1969 with composition roof
- New roof in 2025; five newer hot water heaters
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
$34,684
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
7.71%
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%
$693,680
$693.7K
Cap Rate 7%
$495,486
$495.5K
Cap Rate 9%
$385,378
$385.4K
Market Conditions
NOI Build-Up for 3,032 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
$52.8K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.5K $16.34/SF
− OpEx
−$14.9K −$4.90/SF
NOI
$34.7K $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%
$693,680
Cap Rate 7%
$495,486
Cap Rate 9%
$385,378
Alternative Uses
Best Use
Multifamily LT 5
$495.5K
$433.6K – $578.1K
NOI $34,684 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$430.8K
$377.0K – $502.6K
NOI $30,156 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$782.3K
$684.5K – $912.6K
NOI $54,758 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
318
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units feature 2 bedrooms and 1 bath each, with carports, updated systems, and long-term tenants.
Where is this quadplex located?
The property is located at 1847 E Marshall Ave Spokane, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 0.1854‑acre lot with four units; Built in 1969 with composition roof; New roof in 2025; five newer hot water heaters
