Ranch Duplex Investment
For Sale
$325,000
864 S Sherman St, Spokane, WA 99202
MULTI_FAMILY - Ranch - Spokane, WA
Property Size1,050 SF
Lot Size0.16 Acres
Price / SF$309.52
Days on Market57
Property Features for 864 S Sherman St
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
LDR
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Offsite
Window features
Vinyl Frames
Appliances
Free-Standing Range, Refrigerator, Microwave
Lot features
Treed, Level, Corner Lot, City Bus (w/in 6 blks), Oversized Lot, Fencing
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
Use GPS.
Standard status
Active
APN
35203.1414
Size
1,050 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2843
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Rich King · License #128097
(509) 458-4000
Added: Jul 1
Changed: Aug 3
Last Checked: Aug 26 at 6:06AM
MLS# 202620147
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 ranch duplex at 864 S Sherman St includes two 1BR/1BA units. The property totals 1,050 square feet and both units are described as being in good condition. Appliances listed include a free-standing range, refrigerator, and microwave. Heating is natural gas forced air, and the roof is composition. Constructed in 1930 with masonite materials, the property sits on a 0.163-acre lot. Parking is described as offsite.
The listing notes the duplex has been almost 100% occupied since Dec 2021. Appliances and room layout include two bathrooms and two bedrooms across the two units.
Zoning is LDR. The property is positioned as a rental duplex near hospitals and the Perry District, supporting its use as a long-term housing investment.
The listing notes the duplex has been almost 100% occupied since Dec 2021. Appliances and room layout include two bathrooms and two bedrooms across the two units.
Zoning is LDR. The property is positioned as a rental duplex near hospitals and the Perry District, supporting its use as a long-term housing investment.
Key Highlights
- Two 1BR/1BA units totaling 1,050 SF
- Almost 100% occupied since Dec 2021
- 0.163‑acre lot
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
$12,011
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
3.70%
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%
$240,220
$240.2K
Cap Rate 7%
$171,586
$171.6K
Cap Rate 9%
$133,456
$133.5K
Market Conditions
NOI Build-Up for 1,050 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
$18.3K $17.40/SF
− Vacancy
−$1.1K −$1.06/SF
EGI
$17.2K $16.34/SF
− OpEx
−$5.1K −$4.90/SF
NOI
$12.0K $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%
$240,220
Cap Rate 7%
$171,586
Cap Rate 9%
$133,456
Alternative Uses
Best Use
Multifamily LT 5
$171.6K
$150.1K – $200.2K
NOI $12,011 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$149.2K
$130.5K – $174.1K
NOI $10,443 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$270.9K
$237.0K – $316.1K
NOI $18,963 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,155
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two 1BR/1BA units in good condition with natural gas forced-air heat on a 0.163-acre lot.
Where is this duplex located?
The property is located at 864 S Sherman St Spokane, WA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two 1BR/1BA units totaling 1,050 SF; Almost 100% occupied since Dec 2021; 0.163‑acre lot
