Fully Remodeled Duplex With
For Sale
$389,000
1014 Spofford, Spokane, WA 99205
Updated duplex with two leased units, remodeled interiors, and both front-entry and back-entry access.
Property Size2,284 SF
Price / SF$170.32
Days on Market23
Property Features for 1014 Spofford
General Information
Standard status
Active
Size
2,284 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,527
Amenities
Garage: Detached, Off Site
Garage Spaces: 1
Style: Colonial
Colonial
Detached, Off Site
1
Building Details
Year Built
1908
Stories
2
Tenancy
Multi
Listing Agency:
EXIT Real Estate Professionals
(509) 535-8400
Listed By:
Kali Butler · License #89559
Source:
Clearwaterproperties
Added: Jul 20
Changed: Aug 11
Last Checked: Aug 11 at 6:29AM
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 EXIT Real Estate Professionals
Investment Insights
Based on property information with market context.
This fully remodeled duplex offers two income-producing units with current leases. The lower unit features three bedrooms and one bath, along with a fourth bonus room. Inside, an open-concept living and dining area connects to a remodeled kitchen with new appliances and layout space for an island, plus a walk-in butler’s pantry with built-ins. Two main-level bedrooms share access to a full guest bath, while the lower level includes an oversized egress bedroom, laundry area, and the additional bonus room. Access is available from the front foyer or the back entry.
The updated upstairs unit includes a welcoming living area, two large storage areas, and laundry off the kitchen. It has an oversized bedroom with a walk-in closet, a stylish 3/4 bath with a tiled shower, and a designed kitchen with a dedicated dining space. The upstairs HVAC is brand new, and extensive updates throughout include fresh paint, new cabinets, counters, flooring, and landscaping.
Parking is available with street parking in front or a one-car garage accessed via an alley.
The updated upstairs unit includes a welcoming living area, two large storage areas, and laundry off the kitchen. It has an oversized bedroom with a walk-in closet, a stylish 3/4 bath with a tiled shower, and a designed kitchen with a dedicated dining space. The upstairs HVAC is brand new, and extensive updates throughout include fresh paint, new cabinets, counters, flooring, and landscaping.
Parking is available with street parking in front or a one-car garage accessed via an alley.
Key Highlights
- Updated duplex built in 1908 with two leased units
- Lower unit: 3 beds, 1 bath plus a 4th bonus room; includes an oversized egress bedroom and laundry area
- Lower unit features an open‑concept living/dining area, remodeled kitchen with new appliances and walk‑in butler’s pantry with built‑ins
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
$26,128
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
6.72%
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%
$522,560
$522.6K
Cap Rate 7%
$373,257
$373.3K
Cap Rate 9%
$290,311
$290.3K
Market Conditions
NOI Build-Up for 2,284 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
$39.7K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.3K $16.34/SF
− OpEx
−$11.2K −$4.90/SF
NOI
$26.1K $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%
$522,560
Cap Rate 7%
$373,257
Cap Rate 9%
$290,311
Alternative Uses
Best Use
Multifamily LT 5
$373.3K
$326.6K – $435.5K
NOI $26,128 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$589.3K
$515.6K – $687.5K
NOI $41,249 @ 7.0% cap · market cap 10.60%
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
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,153
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 - Updated duplex with two leased units, remodeled interiors, and both front-entry and back-entry access.
Where is this duplex located?
The property is located at 1014 Spofford Spokane, WA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Updated duplex built in 1908 with two leased units; Lower unit: 3 beds, 1 bath plus a 4th bonus room; includes an oversized egress bedroom and laundry area; Lower unit features an open‑concept living/dining area, remodeled kitchen with new appliances and walk‑in butler’s pantry with built‑ins
