Turnkey Duplex with Fenced
For Sale
$349,000
8908-8912 E Main Ave, Spokane, WA 99212
MULTI_FAMILY - Spokane, WA
Property Size1,200 SF
Lot Size0.25 Acres
Price / SF$290.83
Days on Market66
Property Features for 8908-8912 E Main Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 3
Parking features
Carport
Basement
Crawl Space
Lot features
Fenced Yard, Cross Fncd, Level
Elementary school district
West Valley
Directions
Argonne to Main. Duplex on the South side between N Hutchinson Rd and N Marguerite Rd
Standard status
Active
APN
45184.1943
Size
1,200 SF
Lot size
0.25 Acres
Utilities
Heating system
Electric (Heating), Ductless (Heating), Baseboard
Amenities
large fenced yard
Building Details
Year built
1943
Number of units
2
Building materials
Siding
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Holly McDowell
(360) 339-5093
Added: Jun 26
Changed: Aug 5
Last Checked: Aug 30 at 7:06PM
MLS# 202619952
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.
Turnkey income-producing duplex configured as two separate units. The property includes a large fenced yard and covered parking provided by carports. Exterior paint was updated in 2021, and one unit received updates in 2021. The roof was replaced in July 2026, supporting reduced deferred maintenance.
The property is located at 8908-8912 E Main Ave in Spokane, WA 99212.
Current occupancy includes one long-term tenant in place, while the other unit is rented month-to-month.
The property is located at 8908-8912 E Main Ave in Spokane, WA 99212.
Current occupancy includes one long-term tenant in place, while the other unit is rented month-to-month.
Key Highlights
- Duplex built in 1943 with siding exterior and a composition roof
- One unit is rented to a long‑term tenant; the other unit is month‑to‑month
- Large fenced yard plus covered parking with carports
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
$13,727
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
3.93%
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%
$274,540
$274.5K
Cap Rate 7%
$196,100
$196.1K
Cap Rate 9%
$152,522
$152.5K
Market Conditions
NOI Build-Up for 1,200 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
$20.9K $17.40/SF
− Vacancy
−$1.3K −$1.06/SF
EGI
$19.6K $16.34/SF
− OpEx
−$5.9K −$4.90/SF
NOI
$13.7K $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%
$274,540
Cap Rate 7%
$196,100
Cap Rate 9%
$152,522
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,727 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$170.5K
$149.2K – $198.9K
NOI $11,935 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$309.6K
$270.9K – $361.2K
NOI $21,672 @ 7.0% cap · market cap 6.21%
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
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
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?
Duplex - Income-producing duplex offering a fenced yard, covered carport parking, and recent exterior and unit updates.
Where is this duplex located?
The property is located at 8908-8912 E Main Ave Spokane, WA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Duplex built in 1943 with siding exterior and a composition roof; One unit is rented to a long‑term tenant; the other unit is month‑to‑month; Large fenced yard plus covered parking with carports
