Triplex with Carport and Detached
For Sale
$449,000
6408 N Normandie St, Spokane, WA 99208
MULTI_FAMILY - Spokane, WA
Property Size1,968 SF
Lot Size0.26 Acres
Price / SF$228.15
Days on Market116
Property Features for 6408 N Normandie St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HDR (County)
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 2
Basement
Crawl Space
Subdivision
Spokane
Lot features
Alley Access
Directions
From Downtown Spokane Head north on Division, take a left on Francis and a right on N Normandie St.
Standard status
Active
APN
36304.3117
Size
1,968 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPO TERRACE L35-36-37 B31
Tax Annual Amount
4189
Legal Description
SPO TERRACE L35-36-37 B31
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Electric (Heating)
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1958
Number of units
3
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Kiemle Hagood
(208) 770-2590
Listed By:
Mary Kienbaum · License #SP52503
(509) 828-3273
Added: Apr 29
Changed: Aug 5
Last Checked: Aug 22 at 11:06AM
MLS# 26-4119
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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.
6408 N Normandie St is a well-maintained triplex on a 0.26-acre lot in Spokane, zoned HDR (County). Built in 1958, the property is constructed with brick and features a composition roof. Public water and public sewer serve the home, with electric and “other” heating sources and wall unit(s) cooling.
The triplex includes one 1 bed, 1 bath unit and two 2 bed, 1 bath units. All units are currently leased. Recent updates include a new water heater for unit 6410 in 2022, a new range for unit 6412 in 2023, and a new water heater, flooring, and electrical sub-panel in the shared laundry room (2022). Exterior updates include new paint, new gutters, and new landscaping (bed and shrubs) in 2022, along with new washer and dryer in the shared laundry room in 2023.
Parking is provided by a carport with three parking spaces, plus a detached garage/storage. Access is provided upon accepted offer, and tenants should not be disturbed.
The triplex includes one 1 bed, 1 bath unit and two 2 bed, 1 bath units. All units are currently leased. Recent updates include a new water heater for unit 6410 in 2022, a new range for unit 6412 in 2023, and a new water heater, flooring, and electrical sub-panel in the shared laundry room (2022). Exterior updates include new paint, new gutters, and new landscaping (bed and shrubs) in 2022, along with new washer and dryer in the shared laundry room in 2023.
Parking is provided by a carport with three parking spaces, plus a detached garage/storage. Access is provided upon accepted offer, and tenants should not be disturbed.
Key Highlights
- All units are currently leased
- One 1 bed, 1 bath unit and two 2 bed, 1 bath units
- Updates: new water heater (2022), new range (2023), shared laundry upgrades and exterior improvements (2022‑2023)
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
$22,513
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
5.01%
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%
$450,260
$450.3K
Cap Rate 7%
$321,614
$321.6K
Cap Rate 9%
$250,144
$250.1K
Market Conditions
NOI Build-Up for 1,968 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
$34.2K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$32.2K $16.34/SF
− OpEx
−$9.6K −$4.90/SF
NOI
$22.5K $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%
$450,260
Cap Rate 7%
$321,614
Cap Rate 9%
$250,144
Alternative Uses
Best Use
Multifamily LT 5
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$279.6K
$244.7K – $326.2K
NOI $19,574 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$507.7K
$444.3K – $592.4K
NOI $35,542 @ 7.0% cap · market cap 7.92%
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
1,479
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
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with all units leased and recent updates across the unit mix in an HDR zone.
Where is this triplex located?
The property is located at 6408 N Normandie St Spokane, WA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: All units are currently leased; One 1 bed, 1 bath unit and two 2 bed, 1 bath units; Updates: new water heater (2022), new range (2023), shared laundry upgrades and exterior improvements (2022‑2023)
