Renovated Triplex Near Gonzaga
For Sale
$449,900
218 E Baldwin Ave, Spokane, WA 99207
MULTI_FAMILY - Spokane, WA
Property Size1,784 SF
Lot Size0.16 Acres
Price / SF$252.19
Days on Market136
Property Features for 218 E Baldwin Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 1
Parking
3
Parking features
Offsite, Alley, Assigned
Window features
Vinyl Frames
Patio and Porch features
Deck
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer, Hard Surface Counters
Lot features
Fencing, Fenced Yard, Common Grounds
High school
North Central
Elementary school district
Spokane Dist 81
Directions
I-90 exit North on Divison St, Right on Baldwin Ave
Standard status
Active
APN
35083.2603
Size
1,784 SF
Lot size
0.16 Acres
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Building Details
Year built
1902
Floors in Building
2
Number of units
3
Flooring type
Wood
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Toby Blodgett · License #SP47793
(360) 339-5093
Added: Apr 10
Changed: May 15
Last Checked: Aug 23 at 3:06AM
MLS# 202615224
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 is a completely renovated triplex featuring upgrades to the plumbing, electrical, roof, and siding. Each unit includes modern finishes such as durable laminate plank flooring, white kitchen cabinetry, quartz countertops, and stainless appliances. The bathrooms have been fully refreshed with new fixtures, updated showers, vanities, and faucets. For added convenience, each unit has its own washer and dryer. The property is fully fenced and includes a private parking area with dedicated space for each unit, as well as room for guest parking. The property is ideally situated near Gonzaga University, shopping, and restaurants, making it a desirable location for tenants. The property size is 1784 square feet and the lot size is 0.16 acres.
Key Highlights
- Completely renovated triplex with upgrades to plumbing, electrical, roof, and siding.
- Modern finishes including laminate plank flooring, quartz countertops, and stainless steel appliances in each unit.
- Each unit has its own washer and dryer.
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
$20,408
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
4.54%
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%
$408,160
$408.2K
Cap Rate 7%
$291,543
$291.5K
Cap Rate 9%
$226,756
$226.8K
Market Conditions
NOI Build-Up for 1,784 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
$31.0K $17.40/SF
− Vacancy
−$1.9K −$1.06/SF
EGI
$29.2K $16.34/SF
− OpEx
−$8.7K −$4.90/SF
NOI
$20.4K $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%
$408,160
Cap Rate 7%
$291,543
Cap Rate 9%
$226,756
Alternative Uses
Best Use
Multifamily LT 5
$291.5K
$255.1K – $340.1K
NOI $20,408 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$253.5K
$221.8K – $295.7K
NOI $17,744 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$460.3K
$402.7K – $537.0K
NOI $32,219 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,487
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?
Triplex - Completely renovated triplex near Gonzaga University with modern finishes.
Where is this triplex located?
The property is located at 218 E Baldwin Ave Spokane, WA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Completely renovated triplex with upgrades to plumbing, electrical, roof, and siding.; Modern finishes including laminate plank flooring, quartz countertops, and stainless steel appliances in each unit.; Each unit has its own washer and dryer.
