New Two-Unit
For Sale
$499,000
3613 E 8th Ave, Spokane, WA 99202
Residential Income, Spokane, WA
Property Size1,524 SF
Lot Size0.07 Acres
Price / SF$327.43
Days on Market45
Property Features for 3613 E 8th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Utility Room, Bedroom 2, Bedroom 3, Laundry Room, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Parking
1817
Parking features
Offsite
Window features
Vinyl Frames
Patio and Porch features
Patio
Interior features
High Speed Internet, Smart Thermostat, In-Law Floorplan
Basement
Crawl Space
Appliances
Range, Dishwasher, Refrigerator, Microwave, Washer, Dryer, Hard Surface Counters
Lot features
Fencing, Sprinkler - Automatic, Level, Surveyed
Elementary school
Scott
Middle school
Chase
High school
Ferris
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35224.6402
Size
1,524 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3200
Utilities
Utilities
Cable Available
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2025
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
Windermere City Group
(509) 323-2323
Listed By:
Erik Dordal
(509) 323-2323
Added: Jul 17
Changed: Aug 19
Last Checked: Aug 30 at 9:06PM
MLS# 202621175
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 two-unit residential income property contains 1,524 square feet on a 0.0735-acre lot. The front residence includes a flexible den area, while the rear residence provides a one-bedroom layout. Interior finishes include LVP flooring, quartz-style hard-surface counters, central air conditioning, forced-air heat, and a smart thermostat. Each unit also has access to laundry appliances, a patio, and a kitchen equipped with a range, dishwasher, refrigerator, and microwave.
Built in 2025, the duplex uses Masonite siding, a composition roof, and an energy-conscious mechanical package. The property is fully leased and includes a two-year builder warranty. Its Spokane setting provides access to shopping, bus service, freeway connections, and downtown, with cable service available at the property.
Built in 2025, the duplex uses Masonite siding, a composition roof, and an energy-conscious mechanical package. The property is fully leased and includes a two-year builder warranty. Its Spokane setting provides access to shopping, bus service, freeway connections, and downtown, with cable service available at the property.
Key Highlights
- Two‑unit duplex totaling 1,524 square feet
- 0.0735‑acre lot with two distinct residences
- Front residence includes a den or flex area
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
$17,434
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
3.49%
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%
$348,680
$348.7K
Cap Rate 7%
$249,057
$249.1K
Cap Rate 9%
$193,711
$193.7K
Market Conditions
NOI Build-Up for 1,524 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
$26.5K $17.40/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$24.9K $16.34/SF
− OpEx
−$7.5K −$4.90/SF
NOI
$17.4K $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%
$348,680
Cap Rate 7%
$249,057
Cap Rate 9%
$193,711
Alternative Uses
Best Use
Multifamily LT 5
$249.1K
$217.9K – $290.6K
NOI $17,434 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$216.5K
$189.5K – $252.6K
NOI $15,158 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$393.2K
$344.0K – $458.7K
NOI $27,523 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Duplex - Two separate residences include a larger flex-layout home and a compact one-bedroom unit.
Where is this duplex located?
The property is located at 3613 E 8th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,524 square feet; 0.0735‑acre lot with two distinct residences; Front residence includes a den or flex area
