Four-Unit Brick
For Sale
$549,000
2903 E JACKSON Ave, Spokane, WA 99037
Residential Income, Spokane, WA
Property Size3,200 SF
Lot Size0.17 Acres
Price / SF$171.56
Days on Market55
Property Features for 2903 E JACKSON Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 1, Bedroom 3, Bedroom 7, Bathroom 2, Bathroom 4, Bedroom 2
Parking features
Offsite, Driveway
Interior features
High Speed Internet
Fireplace
1
Appliances
Free-Standing Range, Refrigerator, Hard Surface Counters
Lot features
Level
View
Water, Territorial
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35102.3602
Size
3,200 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3749
Utilities
Utilities
Cable Available
Heating system
Electric (Heating)
Building Details
Year built
1977
Floors in Building
1
Number of units
4
Flooring type
Wood
Building materials
Brick, Masonite
Roof type
Composition
Architectural style
Ranch
Additional Structures
Workshop
Listing Agency:
First Look Real Estate
(509) 928-3413
Listed By:
Becky Lease · License #136753
(509) 999-4972
Added: Jul 14
Changed: Sep 2
Last Checked: Sep 6 at 4:06AM
MLS# 202620879
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 ranch-style quadplex contains four residential units within approximately 3,200 square feet. Each residence is configured with two bedrooms and one bathroom, creating a consistent four-unit layout. The property was built in 1977 and features brick and Masonite construction, wood flooring, composition roofing, electric heat, free-standing ranges, refrigerators, hard-surface counters, and fireplaces. One unit is available for occupancy.
The property is located at 2903 E Jackson Ave in Spokane, Washington, near Spokane Community Collage and downtown Spokane. Centennial Trail and the Spokane River are one block away, while dining, shopping, and entertainment are noted nearby. The 0.1722-acre site includes driveway parking, with additional offsite parking listed.
The property is located at 2903 E Jackson Ave in Spokane, Washington, near Spokane Community Collage and downtown Spokane. Centennial Trail and the Spokane River are one block away, while dining, shopping, and entertainment are noted nearby. The 0.1722-acre site includes driveway parking, with additional offsite parking listed.
Key Highlights
- Four‑unit quadplex with approximately 3,200 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Built in 1977 with brick and Masonite 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
$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
6.67%
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 6.67%
Second Best
Apartment 5plus
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
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?
Quadplex - Ranch-style multifamily property with four two-bedroom residences, wood flooring, electric heat, and driveway parking.
Where is this quadplex located?
The property is located at 2903 E JACKSON Ave Spokane, WA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Four‑unit quadplex with approximately 3,200 square feet; Each unit includes 2 bedrooms and 1 bathroom; Built in 1977 with brick and Masonite construction
