Spokane Fourplex: Investment
2927 E Olympic Ave Spokane, WA 99217
For Sale
$599,900
MULTI_FAMILY - Contemporary - Spokane, WA
Property Size2,912 SF
Lot Size0.15 Acres
Price / SF$206.01
Days on Market112
Property Features for 2927 E Olympic Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 8, Bathroom 1
Parking
4
Parking features
Assigned, Alley
Basement
Full, Finished
Appliances
Dishwasher, Refrigerator, Washer, Dryer
Standard status
Active
APN
36343.2017
Size
2,912 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
3650
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Building Details
Year built
1982
Floors in Building
2
Number of units
4
Building materials
Wood Siding
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Cindy Carrigan · License #21027304
(855) 450-0442
Added: Apr 10
Changed: Jul 21
Last Checked: Jul 30 at 7:06AM
MLS# 202615275
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 Spokane fourplex is designed for investors seeking reliable income and long-term stability. The property features four units, each with a 2-bedroom, 1-bath layout and updated interiors. Current rents total $5,400 per month. Several tenants are month-to-month, creating the possibility of owner-occupant purchase. The property is well-maintained and includes off-street parking and dedicated tenant storage. Each unit features its own laundry hookups, and washers and dryers are included. Located on a 0.1458-acre lot, the property is near a bus route, providing convenient access to transportation for tenants to nearby stores and restaurants. The building size is 2,912 square feet. This property offers excellent cash flow and makes a solid addition to an investment portfolio or a strategic entry into multi-family ownership.
Key Highlights
- Well‑maintained 4‑plex built in 1982 with four units
- All units are 2‑bedroom, 1‑bath layouts
- Current rents total $5,400 per month; several tenants are month‑to‑month
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.7k | $17.40 |
| − Vacancy | −$3.1k | −$1.06 |
| EGI | $47.6k | $16.34 |
| − OpEx | −$14.3k | −$4.90 |
| NOI | $33.3k | $11.44 |
2,912 SF · lease $17.40/SF/yr · vacancy 6.08% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$475.9K
$416.4K – $555.2K
NOI $33,312 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$413.8K
$362.0K – $482.7K
NOI $28,963 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$751.3K
$657.4K – $876.5K
NOI $52,591 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained fourplex with updated interiors and strong rental income.
Where is this quadplex located?
The property is located at 2927 E Olympic Ave Spokane, WA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Well‑maintained 4‑plex built in 1982 with four units; All units are 2‑bedroom, 1‑bath layouts; Current rents total $5,400 per month; several tenants are month‑to‑month
