Turnkey 4-Plex Residential
For Sale
$525,000
1913 W Mallon Ave, Spokane, WA 99201
MULTI_FAMILY - Victorian - Spokane, WA
Property Size2,408 SF
Lot Size0.15 Acres
Price / SF$218.02
Days on Market146
Property Features for 1913 W Mallon Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
12 Tw
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 4
Parking
4
Parking features
Offsite
Interior features
High Speed Internet
Basement
Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Level
Elementary school
Holmes Elementary
Middle school
Yashura Middle School
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From maple go west on Gardner, left (south) onto Elm, right (west) onto Mallon, 4 plex will be on the left (south) side of the street.
Standard status
Active
APN
25131.6504
Size
2,408 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
4236
Utilities
Heating system
Natural Gas, Forced Air, Baseboard, Electric (Heating)
Building Details
Year built
1907
Floors in Building
2
Number of units
4
Building materials
Stone
Roof type
Composition
Architectural style
Victorian
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Sarah Hoverson · License #110336
(360) 339-5093
Added: Mar 31
Changed: Jul 22
Last Checked: Aug 23 at 6:06AM
MLS# 202614429
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 turnkey 4-plex offers four separately metered units, each configured as 1 bedroom and 1 bathroom. Three of the units are currently rented, and one unit is vacant and ready for immediate occupancy or lease-up. The property is reported to have a strong rental history with low turnover.
The listing is for a residential income property located at 1913 W Mallon Ave in Spokane, WA (99201). Zoning is noted as 12 Tw, and the lot is listed at 0.146 acres.
With existing in-place rental operations and one unit available, the property provides an opportunity for either investment ownership or owner-occupancy scenarios within the four-unit structure.
The listing is for a residential income property located at 1913 W Mallon Ave in Spokane, WA (99201). Zoning is noted as 12 Tw, and the lot is listed at 0.146 acres.
With existing in-place rental operations and one unit available, the property provides an opportunity for either investment ownership or owner-occupancy scenarios within the four-unit structure.
Key Highlights
- Turnkey 4‑plex with four 1‑bed, 1‑bath units; 3 units currently rented and 1 unit vacant
- Rental income: $2,900/month currently with potential total rents of approximately $3,900/month
- Each unit is separately metered for straightforward utility management
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
$27,546
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
5.25%
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%
$550,920
$550.9K
Cap Rate 7%
$393,514
$393.5K
Cap Rate 9%
$306,067
$306.1K
Market Conditions
NOI Build-Up for 2,408 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
$41.9K $17.40/SF
− Vacancy
−$2.5K −$1.06/SF
EGI
$39.4K $16.34/SF
− OpEx
−$11.8K −$4.90/SF
NOI
$27.5K $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%
$550,920
Cap Rate 7%
$393,514
Cap Rate 9%
$306,067
Alternative Uses
Best Use
Multifamily LT 5
$393.5K
$344.3K – $459.1K
NOI $27,546 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$342.1K
$299.4K – $399.2K
NOI $23,950 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$621.3K
$543.6K – $724.8K
NOI $43,488 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Turnkey four-unit property with 1-bedroom, 1-bath units and separate metering.
Where is this quadplex located?
The property is located at 1913 W Mallon Ave Spokane, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Turnkey 4‑plex with four 1‑bed, 1‑bath units; 3 units currently rented and 1 unit vacant; Rental income: $2,900/month currently with potential total rents of approximately $3,900/month; Each unit is separately metered for straightforward utility management
