Occupied Three-Unit
For Sale
$449,900
1112 S Ash St, Spokane, WA 99204
Unit mix includes one two-bedroom residence and two one-bedroom residences.
Property Size2,002 SF
Price / SF$224.73
Days on Market8
Property Features for 1112 S Ash St
General Information
Standard status
Active
Size
2,002 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR, 2 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$39,300
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 994-5271
Listed By:
Chris Patton
(509) 994-5271
Source:
Exprealty
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 20 at 1:33PM
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 Kelly Right Real Estate of Spokane
Investment Insights
Based on property information with market context.
This Spokane, Washington triplex contains three residential units: one two-bedroom unit and two one-bedroom units. The property is fully occupied, with tenants already in place at closing subject to transaction terms. The existing configuration provides a straightforward multifamily layout for an owner or investor evaluating an occupied residential income property.
Property improvements include a roof installed in 2019 and vinyl windows installed in 2025. Located at 1112 S Ash St in Spokane’s South Hill area, the asset combines an established three-unit setup with recent exterior and window improvements. Showings are available with an accepted offer.
Property improvements include a roof installed in 2019 and vinyl windows installed in 2025. Located at 1112 S Ash St in Spokane’s South Hill area, the asset combines an established three-unit setup with recent exterior and window improvements. Showings are available with an accepted offer.
Key Highlights
- Three‑unit property with one 2‑bedroom unit and two 1‑bedroom units
- Fully occupied with tenants in place
- Roof installed in 2019
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
$22,902
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
5.09%
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%
$458,040
$458.0K
Cap Rate 7%
$327,171
$327.2K
Cap Rate 9%
$254,467
$254.5K
Market Conditions
NOI Build-Up for 2,002 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
$34.8K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$32.7K $16.34/SF
− OpEx
−$9.8K −$4.90/SF
NOI
$22.9K $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%
$458,040
Cap Rate 7%
$327,171
Cap Rate 9%
$254,467
Alternative Uses
Best Use
Multifamily LT 5
$327.2K
$286.3K – $381.7K
NOI $22,902 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$284.5K
$248.9K – $331.9K
NOI $19,912 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$516.5K
$452.0K – $602.6K
NOI $36,156 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
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 - Unit mix includes one two-bedroom residence and two one-bedroom residences.
Where is this triplex located?
The property is located at 1112 S Ash St Spokane, WA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three‑unit property with one 2‑bedroom unit and two 1‑bedroom units; Fully occupied with tenants in place; Roof installed in 2019
