Duplex with
For Sale
$400,000
1924 E Weile Ave, Spokane, WA 99217
MULTI_FAMILY - Spokane, WA
Property Size2,296 SF
Lot Size0.16 Acres
Price / SF$174.22
Days on Market25
Property Features for 1924 E Weile Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3
Parking features
Oversize, Open, Offsite, RV
Patio and Porch features
Deck
Interior features
Kitchen Island
Basement
Walk-Out Access, Full, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Level, Fencing
Elementary school
Arlington
Middle school
Gary
High school
Rogers
Elementary school district
Spokane Dist 81
Standard status
Active
APN
36283.0122
Size
2,296 SF
Lot size
0.16 Acres
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s)
Building Details
Year built
1946
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Mike Helmberger · License #131103
(360) 339-5093
Added: Jul 30
Changed: Aug 6
Last Checked: Aug 23 at 9:06AM
MLS# 202621825
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 well-cared-for duplex offers two separate residences, with an upper unit described as move-in ready and a lower unit described as clean and functional with a fully renovated bathroom. The property includes a kitchen island, and appliances listed include a free-standing range, dishwasher, refrigerator, and microwave. Heating is forced air with natural gas, and cooling is provided via wall unit(s). Construction features include vinyl siding and a composition roof. The deck adds outdoor space for daily use.
The property sits on a 0.1601-acre lot and totals 2,296 square feet. Parking is listed with options including RV, open, oversize, and offsite spaces. The home is located at 1924 E Weile Ave in Spokane, WA 99217.
With four bedrooms and two bathrooms across the duplex layout, the configuration may support owner-occupant use alongside rental flexibility.
The property sits on a 0.1601-acre lot and totals 2,296 square feet. Parking is listed with options including RV, open, oversize, and offsite spaces. The home is located at 1924 E Weile Ave in Spokane, WA 99217.
With four bedrooms and two bathrooms across the duplex layout, the configuration may support owner-occupant use alongside rental flexibility.
Key Highlights
- 0.1601‑acre lot and 2,296 SF duplex
- Fully renovated, brand‑new bathroom in the lower unit
- Four bedrooms and two bathrooms across the duplex
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
$26,265
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
6.57%
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%
$525,300
$525.3K
Cap Rate 7%
$375,214
$375.2K
Cap Rate 9%
$291,833
$291.8K
Market Conditions
NOI Build-Up for 2,296 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
$40.0K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.5K $16.34/SF
− OpEx
−$11.3K −$4.90/SF
NOI
$26.3K $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%
$525,300
Cap Rate 7%
$375,214
Cap Rate 9%
$291,833
Alternative Uses
Best Use
Multifamily LT 5
$375.2K
$328.3K – $437.8K
NOI $26,265 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$326.2K
$285.5K – $380.6K
NOI $22,836 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$592.4K
$518.3K – $691.1K
NOI $41,466 @ 7.0% cap · market cap 10.37%
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
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
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?
Duplex - 1946-built duplex with four bedrooms, two baths, and a deck, with forced-air natural gas heat and wall AC units.
Where is this duplex located?
The property is located at 1924 E Weile Ave Spokane, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.1601‑acre lot and 2,296 SF duplex; Fully renovated, brand‑new bathroom in the lower unit; Four bedrooms and two bathrooms across the duplex
