Updated Craftsman
For Sale
$775,000
3415 S Grand Blvd, Spokane, WA 99203
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size3,174 SF
Lot Size0.22 Acres
Price / SF$244.17
Days on Market30
Property Features for 3415 S Grand Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Bedroom 3, Bedroom 1, Basement, Bedroom 4, Bedroom 6, Bedroom 2, Bathroom 3, Bathroom 1
Parking features
Offsite
Basement
Walk-Out Access, Full, Finished
Lot features
Fenced Yard, Level
View
City
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35322.1905
Size
3,174 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
3455
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Building Details
Year built
1909
Floors in Building
2
Number of units
3
Building materials
Steel Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Ryan Stoker · License #105723
(509) 953-9539
Added: Jul 14
Changed: Aug 5
Last Checked: Aug 12 at 5:06PM
MLS# 202620889
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.
Built in 1909, this three-unit Craftsman property contains 3,174 square feet across three levels on a 0.22-acre lot. Each residence has its own secure entrance and separate meter, along with an individual living area, utility room, updated bathroom, and oversized bedrooms. The property is currently vacant and includes a detached garage. Steel-frame construction, a composition roof, ductless heating, and electric heat are also in place.
The property is located at 3415 S Grand Blvd in Spokane, Washington, within the 99203 postal area. Public remarks place it two blocks from shopping and dining in the historic South Hill neighborhood. The lot also includes a filled-in pool area and room beside the garage for a potential addition, subject to applicable approvals.
The property is located at 3415 S Grand Blvd in Spokane, Washington, within the 99203 postal area. Public remarks place it two blocks from shopping and dining in the historic South Hill neighborhood. The lot also includes a filled-in pool area and room beside the garage for a potential addition, subject to applicable approvals.
Key Highlights
- Three‑unit Craftsman property built in 1909
- 3,174 square feet on a 0.22‑acre lot
- All three units are currently vacant
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
$36,309
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
4.69%
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%
$726,180
$726.2K
Cap Rate 7%
$518,700
$518.7K
Cap Rate 9%
$403,433
$403.4K
Market Conditions
NOI Build-Up for 3,174 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
$55.2K $17.40/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$51.9K $16.34/SF
− OpEx
−$15.6K −$4.90/SF
NOI
$36.3K $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%
$726,180
Cap Rate 7%
$518,700
Cap Rate 9%
$403,433
Alternative Uses
Best Use
Multifamily LT 5
$518.7K
$453.9K – $605.2K
NOI $36,309 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$451.0K
$394.6K – $526.1K
NOI $31,568 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$818.9K
$716.5K – $955.4K
NOI $57,322 @ 7.0% cap · market cap 7.40%
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
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 vacant residential units feature separate entrances, individual meters, refreshed interiors, and spacious bedrooms.
Where is this triplex located?
The property is located at 3415 S Grand Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑unit Craftsman property built in 1909; 3,174 square feet on a 0.22‑acre lot; All three units are currently vacant
