Contemporary Duplex with Covered
New
For Sale
$659,900
6027 N Smith St, Spokane, WA 99208
MULTI_FAMILY - Contemporary - Spokane, WA
Property Size3,080 SF
Lot Size0.15 Acres
Price / SF$214.25
Days on Market6
Property Features for 6027 N Smith St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 6, Bedroom 2, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Parking
6
Parking features
Underground/Basement, Open
Window features
Vinyl Frames
Patio and Porch features
Patio
Interior features
High Speed Internet
Basement
Crawl Space
Appliances
Tankless Water Heater, Free-Standing Range, Dishwasher, Refrigerator, Microwave, Hard Surface Counters
Lot features
Fenced Yard, Sprinkler - Automatic, Level, Fencing, Surveyed
View
City
Elementary school
Arlington
Middle school
Gary
High school
Rogers
Elementary school district
Spokane Dist 81
Standard status
Active
APN
36331.2803
Size
3,080 SF
Lot size
0.15 Acres
Utilities
Utilities
Cable Available
Heating system
Forced Air, Heat Pump (Heating), Natural Gas
Cooling system
Central Air
Amenities
covered back patios
Building Details
Year built
2023
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick
(509) 489-7000
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 6 at 6:06PM
MLS# 202621977
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.
Contemporary duplex built in 2023 offering two rental units, each with three bedrooms and 2.5 baths. Unit layouts include an entry with a coat closet and a half bath, open-space living, and a kitchen with ample cabinetry, granite countertops, and stainless steel appliances. Flooring is LVP, and the upstairs level features a master suite with a walk-in closet, double-sink vanity, a tub, plus two additional guest rooms, a full bath, and a laundry closet. Each unit also includes covered back patios and an oversized garage, with a tankless water heater and a heat pump/forced-air heating system supplemented by natural gas.
Additional features include central air cooling, composition roofing, and a high-speed internet capability. The property sits on a 0.1463-acre lot.
Additional features include central air cooling, composition roofing, and a high-speed internet capability. The property sits on a 0.1463-acre lot.
Key Highlights
- Built in 2023 with Contemporary architecture
- Two units, each with three bedrooms and 2.5 baths
- Each unit offers 1,540 sq ft of living space and open‑space living
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
$35,234
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
5.34%
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%
$704,680
$704.7K
Cap Rate 7%
$503,343
$503.3K
Cap Rate 9%
$391,489
$391.5K
Market Conditions
NOI Build-Up for 3,080 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
$53.6K $17.40/SF
− Vacancy
−$3.3K −$1.06/SF
EGI
$50.3K $16.34/SF
− OpEx
−$15.1K −$4.90/SF
NOI
$35.2K $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%
$704,680
Cap Rate 7%
$503,343
Cap Rate 9%
$391,489
Alternative Uses
Best Use
Multifamily LT 5
$503.3K
$440.4K – $587.2K
NOI $35,234 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$437.6K
$382.9K – $510.6K
NOI $30,633 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$794.6K
$695.3K – $927.1K
NOI $55,625 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Contemporary duplex built in 2023 with covered back patios, central air, and high-speed internet features.
Where is this duplex located?
The property is located at 6027 N Smith St Spokane, WA.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Built in 2023 with Contemporary architecture; Two units, each with three bedrooms and 2.5 baths; Each unit offers 1,540 sq ft of living space and open‑space living
