Updated Duplex with
For Sale
$374,900
1014 W Spofford Ave, Spokane, WA 99205
Two leased units feature renovated interiors, separate laundry areas, and practical layouts near neighborhood shops and restaurants.
Property Size2,284 SF
Price / SF$164.14
Days on Market56
Property Features for 1014 W Spofford Ave
General Information
Standard status
Active
Size
2,284 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
3BR/1BA + bonus room, 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1908
Buildings
1
Tenancy
Multi
Listing Agency:
EXIT Real Estate Professionals
Listed By:
Kali Butler · License #89559
(509) 535-8400
Source:
Clemensregroup
Added: Aug 21
Changed: Oct 10
Last Checked: Oct 7 at 2:32PM
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.
Located at 1014 W Spofford Ave in Spokane, this 2,284-square-foot duplex was built in 1908 and has undergone extensive interior and exterior updates. The lower residence includes three bedrooms, one full bathroom, a bonus room, open living and dining areas, a remodeled kitchen with space for an island, a walk-in butler’s pantry, laundry, and an oversized egress bedroom. The upper unit provides a living area, oversized bedroom with walk-in closet, three-quarter tiled bath, kitchen with dining space, two storage areas, laundry, and brand-new HVAC.
Both units are currently leased. Improvements include fresh paint, cabinets, counters, flooring, landscaping, appliances, and other updates. Access is available from the front or rear entries, with street parking and a one-car garage reached from the alley.
Both units are currently leased. Improvements include fresh paint, cabinets, counters, flooring, landscaping, appliances, and other updates. Access is available from the front or rear entries, with street parking and a one-car garage reached from the alley.
Key Highlights
- 2,284 SF duplex built in 1908
- Both units have current leases
- Lower unit offers 3 bedrooms, 1 bath, and a bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,128
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
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
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 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 6.97%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$589.3K
$515.6K – $687.5K
NOI $41,249 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased units feature renovated interiors, separate laundry areas, and practical layouts near neighborhood shops and restaurants.
Where is this duplex located?
The property is located at 1014 W Spofford Ave Spokane, WA.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 2,284 SF duplex built in 1908; Both units have current leases; Lower unit offers 3 bedrooms, 1 bath, and a bonus room
