Up/Down Duplex with Detached
For Sale
$245,000
907 W Montgomery Ave, Spokane, WA 99205
Residential Income, Spokane, WA
Property Size1,879 SF
Lot Size0.14 Acres
Price / SF$130.39
Days on Market18
Property Features for 907 W Montgomery Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Window features
Wood Frames
Patio and Porch features
Patio
Basement
Partially Finished
Appliances
Free-Standing Range, Refrigerator
Lot features
Fencing
View
City
Elementary school
Garfield
Middle school
Glover
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35073.2605
Size
1,879 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Building Details
Year built
1905
Number of units
2
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Matthew Brunner · License #97277
(855) 450-0442
Added: Aug 13
Changed: Aug 27
Last Checked: Aug 30 at 10:06PM
MLS# 202622536
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 two-unit residential income property has an up-and-down configuration with a two-bedroom, one-bath main-floor residence and a one-bedroom, one-bath upper unit. The upper level also includes a bonus room area suited to flexible use. The property contains 1,879 square feet and was built in 1905, with wood siding, wood flooring, a composition roof, patio space, and a detached garage. Improvements have been completed, and the building includes forced-air and electric heating along with a 200-amp electrical panel.
Both units are tenant-occupied. The property sits on a 0.14-acre fully fenced lot near the North Monroe corridor, Elliott's Kitchen, downtown Spokane, Garfield Elementary, and North Central High. Free-standing ranges and refrigerators are included.
Both units are tenant-occupied. The property sits on a 0.14-acre fully fenced lot near the North Monroe corridor, Elliott's Kitchen, downtown Spokane, Garfield Elementary, and North Central High. Free-standing ranges and refrigerators are included.
Key Highlights
- Two‑unit up/down duplex with 1,879 square feet
- Main‑floor unit has 2 bedrooms, 1 bath, and roughly 1,479 sq ft including a partially finished basement
- Upper unit includes 1 bedroom, 1 bath, and a bonus room area
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
$21,495
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
8.77%
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%
$429,900
$429.9K
Cap Rate 7%
$307,071
$307.1K
Cap Rate 9%
$238,833
$238.8K
Market Conditions
NOI Build-Up for 1,879 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
$32.7K $17.40/SF
− Vacancy
−$2.0K −$1.06/SF
EGI
$30.7K $16.34/SF
− OpEx
−$9.2K −$4.90/SF
NOI
$21.5K $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%
$429,900
Cap Rate 7%
$307,071
Cap Rate 9%
$238,833
Alternative Uses
Best Use
Multifamily LT 5
$307.1K
$268.7K – $358.3K
NOI $21,495 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$267.0K
$233.6K – $311.5K
NOI $18,688 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,935 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
777
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?
Duplex - Tenant-occupied two-unit property with fenced outdoor space, wood flooring, and forced-air heating near downtown Spokane.
Where is this duplex located?
The property is located at 907 W Montgomery Ave Spokane, WA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit up/down duplex with 1,879 square feet; Main‑floor unit has 2 bedrooms, 1 bath, and roughly 1,479 sq ft including a partially finished basement; Upper unit includes 1 bedroom, 1 bath, and a bonus room area
