Updated Duplex with Alley
For Sale
$389,000
1014 W Spofford Ave, Spokane, WA 99205
Residential Income, Spokane, WA
Property Size2,284 SF
Lot Size0.07 Acres
Price / SF$170.32
Days on Market166
Property Features for 1014 W Spofford Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Basement, Bedroom 3, Bathroom 1
Parking features
Offsite
Interior features
Hot Water, Pantry
Basement
Full, Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Fenced Yard, Treed
View
Territorial
Elementary school
Holmes
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
North on Monroe from 195- take a left on Spofford, home will be on the right.
Standard status
Active
APN
35073.4610
Size
2,284 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
2527
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1908
Floors in Building
2
Number of units
2
Building materials
Asbestos
Roof type
Composition
Architectural style
Colonial
Listing Agency:
EXIT Real Estate Professionals · EXIT Realty
(509) 535-8400
Listed By:
Kali Butler · License #89559
(509) 535-8400
Added: Mar 14
Changed: Aug 24
Last Checked: Aug 26 at 8:06AM
MLS# 202613550
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 2,284-square-foot duplex on a 0.07-acre lot was built in 1908 and has received extensive interior and exterior updates. The lower residence includes three bedrooms, a bonus room, full bath, open living and dining areas, a refreshed kitchen with new appliances, pantry storage, laundry space, and front and rear entries. The upper unit features a spacious bedroom with walk-in closet, living area, kitchen with dining space, laundry, storage areas, a tiled three-quarter bath, and new HVAC.
The upper unit is currently leased, while the lower unit is vacant. Parking includes space along the street and a one-car garage reached from the alley. Additional property features include forced-air natural-gas heating, a composition roof, updated landscaping, new cabinets, counters, flooring, and fresh paint.
The upper unit is currently leased, while the lower unit is vacant. Parking includes space along the street and a one-car garage reached from the alley. Additional property features include forced-air natural-gas heating, a composition roof, updated landscaping, new cabinets, counters, flooring, and fresh paint.
Key Highlights
- 2,284‑square‑foot duplex on a 0.07‑acre lot
- Built in 1908 with extensive updates to interiors, landscaping, cabinets, counters, flooring, and paint
- Lower unit offers 3 bedrooms, a bonus room, full bath, laundry, pantry, and front and rear entry access
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
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 - Two units offer renovated interiors, separate laundry areas, and convenient access to a one-car garage from the alley.
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 $389,000.
What are key features of this property?
This property features: 2,284‑square‑foot duplex on a 0.07‑acre lot; Built in 1908 with extensive updates to interiors, landscaping, cabinets, counters, flooring, and paint; Lower unit offers 3 bedrooms, a bonus room, full bath, laundry, pantry, and front and rear entry access
