Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    864 S Sherman St, Unit 876 Spokane, WA 99202

    Sponsored
    For Sale
    $325,000

    MULTI_FAMILY - Ranch - Spokane, WA

    Type:Single Family Residence
    Property size:
    1,050 SF
    Lot size:
    0.16 Acres
    Days on Market:
    6
    Last Refresh:
    Feb 24 at 4:06 pm

    Property Features for 864 S Sherman St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Standard status
    Active
    Zoning
    LDR
    Rooms
    Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2
    Bedrooms
    2
    APN
    35203.1414
    Parking features
    Offsite
    Interior features
    Windows Vinyl
    Appliances
    Free-Standing Range, Refrigerator, Microwave
    Size
    1,050 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Natural Gas, Forced Air

    Building Details

    Year built
    1930
    Floors in Building
    1
    Number of units
    2
    Building materials
    Masonite
    Roof type
    Composition
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Rich King
    Rich King

    Keller Williams Realty Spokane (509) 458-4000

    Listing agent Rich King (509) 703-8187

    Listing date Feb 19, 2026

    MLS# 202527958 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Spokane Duplex Near Hospitals

    This duplex, located near hospitals and the Perry District in Spokane, presents an opportunity for investors. The property features two units, each with one bedroom and one bathroom, and 525 square feet of living space, totaling 1,050 square feet. Both units are reported to be in good condition and have maintained near 100% occupancy since December 2021, with solid tenants. Current rents are $900 and $1,020 per month, with tenants responsible for Water, Sewer, and Garbage. The property's 2025 Gross Operating Income was $24,370.78; Total Operating Expenses were $4,281.91; Net Operating Income was $20,088.87, resulting in a Cap Rate of 6.181% based on the current list price. The lot size is 0.163 acres. The property is zoned LDR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Dental Office Real Estate Agency Hair Salon Spa & Massage Center Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.403541
    Latitude
    47.647028

    Nearby Similar for Sale

    • New
      $599,000
      2,948 SF

      Spokane Duplex: Investor Special

      Two new homes with rental potential in a convenient location.
      923 E Everett Ave, Spokane, WA 99212
      View Details
    • New
      $590,000
      4,950 SF

      Updated Triplex Near Gonzaga

      Updated triplex near Gonzaga University with high rental income.
      1117 E Illinois Ave, Spokane, WA 99207
      View Details
    • New
      $519,000
      Pending

      South Hill Triplex on Large Lot

      Well-maintained triplex with development potential in Spokane's South Hill.
      1611 W 9Th Ave, Spokane, WA 99223
      View Details
    • New
      $725,000
      3,174 SF

      Spokane Triplex Investment Opportunity

      Triplex in Spokane's South Hill neighborhood, ideal for investors.
      3415 S Grand Blvd, Spokane, WA 99203
      View Details
    • New
      $599,900
      2,776 SF

      Spokane Duplex: Income and Flexibility

      Well-maintained duplex on Spokane's Upper South Hill, offering rental income.
      2716 E 37Th Ave, Spokane, WA 99223
      View Details
    • New
      $299,000
      1,382 SF

      Turn Key Spokane Duplex

      Centrally located duplex, potential single family conversion, generating cash flow.
      2659 N Walnut St, Spokane, WA 99205
      View Details
    • $675,000
      Pending

      Spokane Mixed-Use Commercial Landmark

      Historic mixed-use property with income potential in Spokane, Washington.
      5634 E Commerce Ave, Spokane, WA 99207
      View Details
    • New
      $350,000
      0.47 Acres

      Versatile Commercial Property in Spokane

      Industrial Mixed Use property with shop, house, and detached garage.
      10807 E Trent Ave, Spokane, WA 99206
      View Details
    • New
      $425,000
      3,130 SF

      South Hill Spokane Duplex

      Charming 1908 duplex with investment potential in desirable location.
      511 W 14Th Ave, Spokane, WA 99204
      View Details
    • New
      $375,000
      Pending

      Updated Duplex in Perry District

      Charming, updated duplex in Spokane's desirable Perry District.
      522 E 8Th Ave, Spokane, WA 99202
      View Details
    • New
      $675,000
      Pending

      Spokane Landmark Apartment Building

      Unique apartment building with expansion potential in Spokane, Washington.
      5634 E Commerce Ave, Spokane, WA 99207
      View Details
    • New
      $350,000
      2,624 SF

      Spokane Triplex with Updated Systems

      Centrally located triplex featuring updated systems and classic architectural details.
      1027 W Maxwell Ave, Spokane, WA 99201
      View Details

    FAQs

    What type of property is this?
    Duplex - Cash-flowing duplex near hospitals and Perry District in Spokane.
    Where is this duplex located?
    The property is located at 864 S Sherman St, Unit 876 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: - High Net Operating Income: $20,088.87 projected for 2025.; - Strong Rental Income: Current rents are $900 & $1,020 per month.; - Duplex Property: Two 1BR/1BA units totaling 1,050 sqft.
    (509) 703-8187
    Request Owner's contact information
    864 S Sherman St, Unit 876 Spokane, WA 99202
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    864 S Sherman St, Unit 876
    Spokane, WA 99202
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    864 S Sherman St, Unit 876 Spokane, WA 99202
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Rich King
    Rich King
    Real Estate License ID: 128097
    (509) 703-8187 (509) 458-4000 (509) 919-3957
    Learn more
    Google sign-in failed. Please try again or use another login method.