Historic Triplex with
For Sale
$489,000
2217 W 5th Ave, Spokane, WA 99224
MULTI_FAMILY - Spokane, WA
Property Size2,098 SF
Lot Size0.15 Acres
Price / SF$233.08
Days on Market22
Property Features for 2217 W 5th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Parking
2133
Patio and Porch features
Deck
Basement
Full, Unfinished
Lot features
Treed, Corner Lot
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25242.1901
Size
2,098 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
3947
Utilities
Heating system
Forced Air, Electric (Heating), Natural Gas
Amenities
private balcony
off-street parking
garage
shared laundry
mini split HVAC system
Building Details
Year built
1891
Floors in Building
2
Number of units
3
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Danny Pontius · License #117555
(509) 953-9539
Added: Jul 17
Changed: Aug 2
Last Checked: Aug 7 at 12:06AM
MLS# 202621090
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.
A well-preserved historic triplex built in 1891, totaling 2,098 SF on a 0.1452-acre lot. The home features wood siding and a composition roof. Interior layout includes two units on the main level and a third upper-level unit with a private balcony and deck. Heating is provided by forced air with electric and natural gas options. A brand-new mini split HVAC system has been installed, adding comfort and efficiency.
Outside, the property offers off-street parking and a small garage that can be used for storage. Shared laundry is located in the basement. The exterior has been updated with new exterior paint. Professionally managed, the property includes one unit held vacant, offering flexibility for an owner-occupant.
Situated in the heart of Browns Addition, the home is adjacent to a partial cobblestone street just outside the door.
Outside, the property offers off-street parking and a small garage that can be used for storage. Shared laundry is located in the basement. The exterior has been updated with new exterior paint. Professionally managed, the property includes one unit held vacant, offering flexibility for an owner-occupant.
Situated in the heart of Browns Addition, the home is adjacent to a partial cobblestone street just outside the door.
Key Highlights
- Built in 1891 historic triplex on 0.1452‑acre lot and 2,098 SF
- Two units on the main level plus one upper‑level unit with private balcony
- Brand‑new mini split HVAC system installed
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
$24,000
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
4.91%
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%
$480,000
$480.0K
Cap Rate 7%
$342,857
$342.9K
Cap Rate 9%
$266,667
$266.7K
Market Conditions
NOI Build-Up for 2,098 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
$36.5K $17.40/SF
− Vacancy
−$2.2K −$1.06/SF
EGI
$34.3K $16.34/SF
− OpEx
−$10.3K −$4.90/SF
NOI
$24.0K $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%
$480,000
Cap Rate 7%
$342,857
Cap Rate 9%
$266,667
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.0K – $400.0K
NOI $24,000 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$298.1K
$260.8K – $347.8K
NOI $20,867 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$541.3K
$473.6K – $631.5K
NOI $37,890 @ 7.0% cap · market cap 7.75%
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
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
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 - Historic 1891 triplex with a private upper-unit balcony, deck, off-street parking, and shared basement laundry.
Where is this triplex located?
The property is located at 2217 W 5th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Built in 1891 historic triplex on 0.1452‑acre lot and 2,098 SF; Two units on the main level plus one upper‑level unit with private balcony; Brand‑new mini split HVAC system installed
