For Sale
$300,000
2521 E Queen Ave, Spokane, WA 99217
Residential Income, Spokane, WA
Property Size2,030 SF
Lot Size0.15 Acres
Price / SF$147.78
Days on Market8
Property Features for 2521 E Queen Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Laundry Room, Bedroom 3, Utility Room, Bedroom 1, Bedroom 2
Parking features
Offsite
Interior features
High Speed Internet
Fireplace
1
Basement
Partial, Unfinished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Washer, Dryer
Lot features
Level, City Bus (w/in 6 blks), Fencing
Elementary school
Regal
Middle school
Shaw
High school
Rogers
Elementary school district
Spokane Dist 81
Directions
From N Crestline turn East on Queen. Home is right
Standard status
Active
APN
36334.1518
Size
2,030 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
2826
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Building Details
Year built
1910
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding, Wood Siding
Roof type
Composition
Architectural style
Bungalow, Ranch
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Eric Peterson · License #50426
(509) 710-3928
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 23 at 6:06AM
MLS# 202624337
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.
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
$20,190
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
6.73%
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%
$403,800
$403.8K
Cap Rate 7%
$288,429
$288.4K
Cap Rate 9%
$224,333
$224.3K
Market Conditions
NOI Build-Up for 2,030 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
$39.2K $19.32/SF
− Vacancy
−$2.5K −$1.24/SF
EGI
$36.7K $18.08/SF
− OpEx
−$16.5K −$8.14/SF
NOI
$20.2K $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%
$403,800
Cap Rate 7%
$288,429
Cap Rate 9%
$224,333
Alternative Uses
Best Use
Apartment 5plus
$288.4K
$252.4K – $336.5K
NOI $20,190 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$523.7K
$458.3K – $611.0K
NOI $36,662 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
Where is this single family property located?
The property is located at 2521 E Queen Ave Spokane, WA.
What is the asking price?
The asking price for this property is $300,000.
