Craftsman Tri-Plex with Offsite
For Sale
$399,000
613 W Knox Ave, Spokane, WA 99205
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size2,444 SF
Lot Size0.14 Acres
Price / SF$163.26
Days on Market49
Property Features for 613 W Knox Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2
Parking features
Offsite
Appliances
Free-Standing Range, Refrigerator
Lot features
Level
Elementary school
Garfield
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From N Monroe St, head East on W Knox Ave. Drive about 4 blocks, crossing N Post St. The home is on the Right (South side) between N Post St and N Wall St.
Standard status
Active
APN
35074.2611
Size
2,444 SF
Lot size
0.14 Acres
Utilities
Heating system
Forced Air
Building Details
Year built
1905
Floors in Building
2
Number of units
3
Building materials
Steel Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Haydn Halsted · License #139160
(855) 450-0442
Added: Jul 5
Changed: Aug 4
Last Checked: Aug 22 at 8:06PM
MLS# 202620398
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 craftsman tri-plex provides 2,446 sq. ft. of residential income space across three units. The property is fully occupied and includes four bedrooms and three bathrooms across the units, with updated leases supporting in-place cash flow. Appliances include a free-standing range and refrigerator. Construction features steel frame, with forced-air heating throughout and a composition roof.
Built in 1905, the property sits on a 0.1377-acre lot at 613 W Knox Ave in Spokane’s 99205 area. Parking is listed as offsite.
The current configuration makes the building well suited for buyers seeking a multi-unit property with in-place tenancy and established unit layouts, while retaining the classic craftsman character reflected in the architecture style.
Built in 1905, the property sits on a 0.1377-acre lot at 613 W Knox Ave in Spokane’s 99205 area. Parking is listed as offsite.
The current configuration makes the building well suited for buyers seeking a multi-unit property with in-place tenancy and established unit layouts, while retaining the classic craftsman character reflected in the architecture style.
Key Highlights
- 2,446 sq. ft. tri‑plex with three units
- Fully occupied property with updated leases
- Four bedrooms and three bathrooms across the units
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
$27,958
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
7.01%
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%
$559,160
$559.2K
Cap Rate 7%
$399,400
$399.4K
Cap Rate 9%
$310,644
$310.6K
Market Conditions
NOI Build-Up for 2,444 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
$42.5K $17.40/SF
− Vacancy
−$2.6K −$1.06/SF
EGI
$39.9K $16.34/SF
− OpEx
−$12.0K −$4.90/SF
NOI
$28.0K $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%
$559,160
Cap Rate 7%
$399,400
Cap Rate 9%
$310,644
Alternative Uses
Best Use
Multifamily LT 5
$399.4K
$349.5K – $466.0K
NOI $27,958 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$347.3K
$303.9K – $405.1K
NOI $24,308 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$630.6K
$551.7K – $735.7K
NOI $44,139 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,348
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Craftsman tri-plex with forced-air heating, composition roof, and offsite parking on a 0.1377-acre lot.
Where is this triplex located?
The property is located at 613 W Knox Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,446 sq. ft. tri‑plex with three units; Fully occupied property with updated leases; Four bedrooms and three bathrooms across the units
