Updated Fully Furnished Short-Term Rental
For Sale
$279,950
2012 N Ruby St, Spokane, WA 99207
MULTI_FAMILY - Other - Spokane, WA
Property Size2,234 SF
Lot Size0.06 Acres
Price / SF$125.31
Days on Market98
Property Features for 2012 N Ruby St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GC-70
Bedrooms
1
Rooms
Basement, Bedroom 1
Parking features
Offsite
Window features
Wood Frames, Vinyl Frames
Patio and Porch features
Deck
Interior features
High Speed Internet
Fireplace
1
Basement
Partial, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Hard Surface Counters
Subdivision
Heaths 3rd Addn
Lot features
Fenced Yard, Level, City Bus (w/in 6 blks)
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From Downtown Spokane, go north on Division/Ruby. Home is between Baldwin and Ermina on east side of Ruby as you head north. Park in driveway or around the corner on a side street.
Standard status
Active
APN
35083.3007
Size
2,234 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3444
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1906
Floors in Building
2
Number of units
4
Flooring type
Wood, Vinyl
Building materials
Brick Veneer, Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Timothy Ray · License #21262
(509) 489-7000
Added: May 1
Changed: Aug 5
Last Checked: Aug 6 at 5:06PM
MLS# 202616461
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.
Extensively updated short-term rental property with a 4+ bedroom, 1.5-bath layout offered fully furnished. The main floor includes 1 bedroom, an office (no closet), living/dining, and a kitchen. Upstairs has 3 bedrooms and 1 bath. A finished basement adds a half bath, family room, exercise room, and laundry. The home features a new white shaker kitchen with appliances and quartz countertops, updated baths, new flooring and paint, plus hard surface counters and a deck. High-speed internet is listed among the interior features. Heating is forced air with natural gas, and the home has a fireplace. Parking is offsite.
The property sits on a 0.062-acre lot in Spokane and is zoned GC-70, which allows for a variety of commercial, office, and residential uses. Public remarks note the WSDOT average daily traffic count of 23,000 vehicles, and the home is described as walk/bike distance to Gonzaga and Great Northern University and on a bus route.
Built in 1906, the structure is described with brick veneer and wood siding and a composition roof.
The property sits on a 0.062-acre lot in Spokane and is zoned GC-70, which allows for a variety of commercial, office, and residential uses. Public remarks note the WSDOT average daily traffic count of 23,000 vehicles, and the home is described as walk/bike distance to Gonzaga and Great Northern University and on a bus route.
Built in 1906, the structure is described with brick veneer and wood siding and a composition roof.
Key Highlights
- Fully furnished 4+BR, 1.5BA layout with updated kitchen and baths
- Finished basement includes half bath, family room, exercise room, and laundry
- New white shaker kitchen with appliances and quartz countertops
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
$22,219
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
7.94%
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%
$444,380
$444.4K
Cap Rate 7%
$317,414
$317.4K
Cap Rate 9%
$246,878
$246.9K
Market Conditions
NOI Build-Up for 2,234 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
$43.2K $19.32/SF
− Vacancy
−$2.8K −$1.24/SF
EGI
$40.4K $18.08/SF
− OpEx
−$18.2K −$8.14/SF
NOI
$22.2K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$444,380
Cap Rate 7%
$317,414
Cap Rate 9%
$246,878
Alternative Uses
Best Use
Office B
$457.0K
$399.9K – $533.2K
NOI $31,989 @ 7.0% cap · market cap 11.43%
Second Best
Mixed Use
$381.2K
$333.5K – $444.7K
NOI $26,682 @ 7.0% cap · market cap 9.53%
Theoretical Best
Office A
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,205
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Fully furnished home with updated kitchen and baths, zoned GC-70, with high-speed internet and parking offsite.
Where is this short term rental property located?
The property is located at 2012 N Ruby St Spokane, WA.
What is the asking price?
The asking price for this property is $279,950.
What are key features of this property?
This property features: Fully furnished 4+BR, 1.5BA layout with updated kitchen and baths; Finished basement includes half bath, family room, exercise room, and laundry; New white shaker kitchen with appliances and quartz countertops
