Victorian Triplex with
For Sale
$389,900
312 E BALDWIN Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size2,112 SF
Lot Size0.17 Acres
Price / SF$184.61
Days on Market281
Property Features for 312 E BALDWIN Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2
Parking
1255
Parking features
Offsite, Alley
Patio and Porch features
Deck
Basement
Crawl Space
Appliances
Free-Standing Range, Refrigerator, Washer, Dryer
Lot features
Sprinkler - Automatic, Level, Fencing
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35083.1304
Size
2,112 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3308
Utilities
Heating system
Electric (Heating)
Cooling system
Wall Unit(s), Window Unit(s)
Amenities
storage shed
Building Details
Year built
1905
Floors in Building
2
Number of units
3
Building materials
Wood Siding
Roof type
Composition
Architectural style
Victorian
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Eric Rogers
(509) 458-4000
Added: Dec 2, 2025
Changed: Sep 5
Last Checked: Sep 9 at 1:06AM
MLS# 202527286
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 Victorian triplex at 312 E BALDWIN Ave includes three separate units within a 1 1/2-story home. The building contains 2,112 square feet on a 0.1722-acre lot, with five bedrooms and three bathrooms. Wood siding, a composition roof, electric heat, wall and window cooling units, and a deck are among the property features. The appliance package includes a free-standing range, refrigerator, washer, and dryer.
Located in Spokane's Gonzaga University District, the property is near bus routes and minutes from downtown. A storage shed provides designated space for each unit, while parking is available offsite and via the alley.
Located in Spokane's Gonzaga University District, the property is near bus routes and minutes from downtown. A storage shed provides designated space for each unit, while parking is available offsite and via the alley.
Key Highlights
- Three separate units in a 1 1/2‑story home
- 2,112 square feet on a 0.1722‑acre lot
- Five bedrooms and three bathrooms
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
$24,160
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
6.20%
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%
$483,200
$483.2K
Cap Rate 7%
$345,143
$345.1K
Cap Rate 9%
$268,444
$268.4K
Market Conditions
NOI Build-Up for 2,112 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
$36.7K $17.40/SF
− Vacancy
−$2.2K −$1.06/SF
EGI
$34.5K $16.34/SF
− OpEx
−$10.4K −$4.90/SF
NOI
$24.2K $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%
$483,200
Cap Rate 7%
$345,143
Cap Rate 9%
$268,444
Alternative Uses
Best Use
Multifamily LT 5
$345.1K
$302.0K – $402.7K
NOI $24,160 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$300.1K
$262.6K – $350.1K
NOI $21,006 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$544.9K
$476.8K – $635.7K
NOI $38,143 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,487
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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?
Triplex - Three-unit property with individual storage areas, listed appliances, and alley and offsite parking options.
Where is this triplex located?
The property is located at 312 E BALDWIN Ave Spokane, WA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three separate units in a 1 1/2‑story home; 2,112 square feet on a 0.1722‑acre lot; Five bedrooms and three bathrooms
