Updated Duplex with
For Sale
$550,000
2407 E Columbia Ave, Spokane, WA 99208
MULTI_FAMILY - Ranch - Spokane, WA
Property Size3,200 SF
Lot Size0.14 Acres
Price / SF$171.88
Days on Market32
Property Features for 2407 E Columbia Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R!
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Basement, Bedroom 2, Bedroom 6
Parking
4
Parking features
Carport, Alley
Window features
Vinyl Frames
Interior features
Hot Water
Basement
Daylight, Finished, Full
Appliances
Indoor Grill, Dishwasher, Refrigerator, Microwave, Washer, Dryer, Hard Surface Counters
Lot features
Level
Elementary school
Arlington
Middle school
Garry MS
High school
Rogers
Elementary school district
Spokane Dist 81
Directions
Francis and Crestline - South on Crestline to Columbia - East on Columbia to the duplex. GPS is accurate
Standard status
Active
APN
36331.1323
Size
3,200 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
4898
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1999
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Ranch
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Dana Pendergrass
(855) 450-0442
Added: Jul 23
Changed: Aug 18
Last Checked: Aug 23 at 11:06AM
MLS# 202621463
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 3,200-square-foot duplex contains two ranch-style residences, each with three bedrooms, two bathrooms, upper and lower living levels, and a large family room. One unit has been remodeled, while the second is approximately 60% updated. Both residences include kitchens with hard-surface counters, dishwashers, refrigerators, microwaves, washers, dryers, and indoor grills. Central air conditioning, forced-air natural gas heat, vinyl siding, and composition roofing support the property’s core improvements.
Each unit has its own carport and storage area, with alley access serving the parking arrangement. Built in 1999, the property sits on a 0.1435-acre lot and is identified with R! zoning in Spokane, WA. The duplex configuration supports separate occupancy of the residences, subject to applicable requirements.
Each unit has its own carport and storage area, with alley access serving the parking arrangement. Built in 1999, the property sits on a 0.1435-acre lot and is identified with R! zoning in Spokane, WA. The duplex configuration supports separate occupancy of the residences, subject to applicable requirements.
Key Highlights
- Two‑unit property totals 3,200 square feet on a 0.1435‑acre lot
- Each unit includes 3 bedrooms, 2 bathrooms, upper and lower living levels, and a large family room
- One residence is remodeled; the other is approximately 60% updated
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
$36,606
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
6.66%
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%
$732,120
$732.1K
Cap Rate 7%
$522,943
$522.9K
Cap Rate 9%
$406,733
$406.7K
Market Conditions
NOI Build-Up for 3,200 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
$55.7K $17.40/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$52.3K $16.34/SF
− OpEx
−$15.7K −$4.90/SF
NOI
$36.6K $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%
$732,120
Cap Rate 7%
$522,943
Cap Rate 9%
$406,733
Alternative Uses
Best Use
Multifamily LT 5
$522.9K
$457.6K – $610.1K
NOI $36,606 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 10.51%
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
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
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 - Two ranch-style units offer flexible owner-occupant or rental use with private parking and storage.
Where is this duplex located?
The property is located at 2407 E Columbia Ave Spokane, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit property totals 3,200 square feet on a 0.1435‑acre lot; Each unit includes 3 bedrooms, 2 bathrooms, upper and lower living levels, and a large family room; One residence is remodeled; the other is approximately 60% updated
