Contemporary Duplex with
For Sale
$659,900
6027 N Smith St, Spokane, WA 99208
Residential Income, Spokane, WA
Property Size3,080 SF
Lot Size0.15 Acres
Price / SF$214.25
Days on Market54
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
Bathroom 3, Bedroom 3, Bathroom 6, Bedroom 1, Bathroom 2, Bathroom 5, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 4, Bedroom 5, Bathroom 1
Parking
6
Parking features
Open, Underground/Basement
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
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 · License #24022549
(509) 262-4178
Added: Aug 1
Changed: Sep 16
Last Checked: Sep 23 at 1:06AM
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.
Built in 2023, this contemporary duplex contains two residences totaling 3,080 square feet, with 1,540 square feet in each unit. Both layouts provide three bedrooms and 2.5 baths, with an entry coat closet, main-level half bath, open living and kitchen areas, covered rear patio, and oversized garage. Upstairs, each residence includes a primary suite with a walk-in closet and double-sink bath, two additional bedrooms, a full bathroom, and a laundry closet.
Interior finishes include LVP flooring, granite countertops, stainless steel appliances, and ample kitchen cabinetry. Tankless water heaters, forced-air and heat-pump heating, natural gas, and central air support the property. Located at 6027 N Smith St in Spokane, the duplex also offers access to dining and grocery options in the surrounding area.
Interior finishes include LVP flooring, granite countertops, stainless steel appliances, and ample kitchen cabinetry. Tankless water heaters, forced-air and heat-pump heating, natural gas, and central air support the property. Located at 6027 N Smith St in Spokane, the duplex also offers access to dining and grocery options in the surrounding area.
Key Highlights
- Two‑unit duplex totaling 3,080 square feet
- Each unit offers 1,540 square feet with 3 bedrooms and 2.5 baths
- Built in 2023 with contemporary architectural style
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
357
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two contemporary units feature open living areas, private covered patios, and oversized garage parking.
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: Two‑unit duplex totaling 3,080 square feet; Each unit offers 1,540 square feet with 3 bedrooms and 2.5 baths; Built in 2023 with contemporary architectural style
