Updated Fourplex with In-Unit
For Sale
$685,000
2327 E 29th Ave, Spokane, WA 99223
MULTI_FAMILY - Spokane, WA
Property Size3,516 SF
Lot Size0.21 Acres
Price / SF$194.82
Days on Market34
Property Features for 2327 E 29th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Basement, Bathroom 4, Bedroom 2, Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 6, Bedroom 8, Bedroom 4, Bathroom 3, Bedroom 5
Subdivision
Spokane
Lot features
Level
Directions
From I-90, take exit 283B south on Freya St to 29th Ave. Turn right (west) on 29th; property is on the right near Crestline St.
Standard status
Active
APN
35284.0184
Size
3,516 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
DESSERT'S 5ACRE TRS LAVAGETTO'S SUB E62.25' OF LT 7 &W13.25' OF LT 8 BLK 3
Tax Annual Amount
6947
Legal Description
DESSERT'S 5ACRE TRS LAVAGETTO'S SUB E62.25' OF LT 7 &W13.25' OF LT 8 BLK 3
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
in-unit laundry
enhanced landscaping
Building Details
Year built
1978
Number of units
4
Building materials
Vinyl Siding, Block, Frame
Roof type
Concrete
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 30 at 6:06PM
MLS# 26-7734
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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 fourplex contains four residential units within a 3,516-square-foot property built in 1978. Recent work includes luxury vinyl plank flooring in three units, refreshed kitchen cabinetry in two units, in-unit laundry in two units, and enhanced landscaping. The building uses vinyl siding, block, and frame construction, with electric heat and a concrete roof.
The property occupies 0.21 acres in Spokane’s Rockwood neighborhood at 2327 E 29th Ave. Manito Park, shopping, dining, downtown Spokane, and major employers are identified as nearby area destinations. Public water and public sewer serve the property, and the zoning is RMF.
The property occupies 0.21 acres in Spokane’s Rockwood neighborhood at 2327 E 29th Ave. Manito Park, shopping, dining, downtown Spokane, and major employers are identified as nearby area destinations. Public water and public sewer serve the property, and the zoning is RMF.
Key Highlights
- Four residential units in a 3,516‑square‑foot property
- 0.21‑acre site in Spokane’s Rockwood neighborhood
- Built in 1978 with vinyl siding, block, and frame construction
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
$40,221
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
5.87%
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%
$804,420
$804.4K
Cap Rate 7%
$574,586
$574.6K
Cap Rate 9%
$446,900
$446.9K
Market Conditions
NOI Build-Up for 3,516 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
$61.2K $17.40/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$57.5K $16.34/SF
− OpEx
−$17.2K −$4.90/SF
NOI
$40.2K $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%
$804,420
Cap Rate 7%
$574,586
Cap Rate 9%
$446,900
Alternative Uses
Best Use
Multifamily LT 5
$574.6K
$502.8K – $670.4K
NOI $40,221 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$499.6K
$437.1K – $582.8K
NOI $34,970 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$907.1K
$793.7K – $1.06M
NOI $63,499 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with selective interior upgrades, public utilities, and improvements to landscaping.
Where is this quadplex located?
The property is located at 2327 E 29th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Four residential units in a 3,516‑square‑foot property; 0.21‑acre site in Spokane’s Rockwood neighborhood; Built in 1978 with vinyl siding, block, and frame construction
