Well-Maintained Triplex
For Sale
$330,000
Pending
1007 CANNON, Spokane, WA 99201
Triplex with three separately metered units, off-street parking, separate entrances, and recent major system updates.
Property Size2,292 SF
Days on Market18
Property Features for 1007 CANNON
General Information
Standard status
Pending
Size
2,292 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,165
Amenities
Garage: Off Site
Garage Spaces: 0
Style: Craftsman
Craftsman
Off Site
Building Details
Year Built
1911
Listing Agency:
Amplify Real Estate Services
(509) 481-0355
Listed By:
Robert Sherwood
Source:
Clearwaterproperties
Added: Jul 25
Changed: Aug 9
Last Checked: Jul 28 at 8:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Amplify Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained triplex offers three separately metered residential units: a 2-bedroom, 1-bath unit on the main level; a 1-bedroom, 1-bath unit upstairs; and a 2-bedroom, 1-bath unit on the lower level. The main unit is currently occupied by the seller, while the other two units are vacant and ready to lease. Updates include newer electrical, plumbing, roof, and gutters, and a low-maintenance yard supports day-to-day ease.
The property includes off-street parking and separate entrances for the individual units. Driveway and stair renovations are underway, with details available upon request.
Overall, the layout provides a straightforward multi-unit configuration with multiple unit entries and modernized key building systems to support long-term ownership.
The property includes off-street parking and separate entrances for the individual units. Driveway and stair renovations are underway, with details available upon request.
Overall, the layout provides a straightforward multi-unit configuration with multiple unit entries and modernized key building systems to support long-term ownership.
Key Highlights
- Triplex in Spokane with three separately metered units and separate entrances
- Unit mix: 2BR/1BA main‑level unit, 1BR/1BA upstairs unit, and 2BR/1BA lower‑level unit
- Major updates include newer electrical, plumbing, roof, and gutters
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
$26,219
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
7.95%
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%
$524,380
$524.4K
Cap Rate 7%
$374,557
$374.6K
Cap Rate 9%
$291,322
$291.3K
Market Conditions
NOI Build-Up for 2,292 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
$39.9K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.5K $16.34/SF
− OpEx
−$11.2K −$4.90/SF
NOI
$26.2K $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%
$524,380
Cap Rate 7%
$374,557
Cap Rate 9%
$291,322
Alternative Uses
Best Use
Multifamily LT 5
$374.6K
$327.7K – $437.0K
NOI $26,219 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$325.7K
$285.0K – $379.9K
NOI $22,796 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$591.3K
$517.4K – $689.9K
NOI $41,394 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Triplex with three separately metered units, off-street parking, separate entrances, and recent major system updates.
Where is this triplex located?
The property is located at 1007 CANNON Spokane, WA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Triplex in Spokane with three separately metered units and separate entrances; Unit mix: 2BR/1BA main‑level unit, 1BR/1BA upstairs unit, and 2BR/1BA lower‑level unit; Major updates include newer electrical, plumbing, roof, and gutters
