Updated Duplex with Four-Car
New
For Sale
$449,900
1115 N Woodward Rd, Spokane, WA 99206
Residential Income, Spokane, WA
Property Size2,024 SF
Lot Size0.37 Acres
Price / SF$222.28
Days on Market5
Property Features for 1115 N Woodward Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
2-4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bathroom 1, Utility Room, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4
Parking
2120
Parking features
Garage, Open, Offsite
Window features
Vinyl Frames
Patio and Porch features
Patio, Deck
Interior features
Kitchen Island
Fireplace
1
Appliances
Tankless Water Heater, Free-Standing Range, Dishwasher, Refrigerator, Disposal, Microwave, Washer, Dryer
Lot features
Fenced Yard, Sprinkler - Automatic, Oversized Lot
Elementary school
Broadway
Middle school
North Pines
High school
Central Valley
Elementary school district
Central Valley
Directions
From I90 and Argonne, drive south and turn turn left onto Mission Ave; turn right at University Rd; make a left at Boone Ave; turn right onto Woodward Rd; property will be on your right. Thanks for showing!
Standard status
Active
APN
45162.0975
Size
2,024 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Annual Amount
3770
Utilities
Heating system
Electric (Heating), Zoned, Ductless (Heating), Baseboard
Cooling system
Window Unit(s)
Amenities
in-unit washer/dryer
Building Details
Year built
1948
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Masonite, Fiber Cement
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty Coeur d
(208) 667-2399
Listed By:
Seth Maefsky · License #25177
(208) 651-9700
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 202624716
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 duplex contains two 2-bedroom, 1-bath units within a 2,024-square-foot property built in 1948. Each residence includes a kitchen island, vinyl flooring, a washer and dryer, and a separate laundry area. The improvements include a composition roof and fiber-cement siding, while heating is provided by zoned electric systems with baseboard and ductless components. Window-unit cooling, fireplaces, patios, and decks are also present.
The property sits on a 0.37-acre lot at 1115 N Woodward Rd in Spokane, Washington, with 2-4 zoning. Two separate 2-car garages provide four garage spaces in total, complemented by open parking. Appliances include ranges, refrigerators, dishwashers, disposals, microwaves, tankless water heaters, washers, and dryers. The roof and gutters were replaced in 2024, and the exterior received new fiber-cement siding and paint.
The property sits on a 0.37-acre lot at 1115 N Woodward Rd in Spokane, Washington, with 2-4 zoning. Two separate 2-car garages provide four garage spaces in total, complemented by open parking. Appliances include ranges, refrigerators, dishwashers, disposals, microwaves, tankless water heaters, washers, and dryers. The roof and gutters were replaced in 2024, and the exterior received new fiber-cement siding and paint.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Two 2‑car garages provide four garage spaces total
- 2,024 square feet on a 0.37‑acre lot
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
$23,153
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
5.15%
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%
$463,060
$463.1K
Cap Rate 7%
$330,757
$330.8K
Cap Rate 9%
$257,256
$257.3K
Market Conditions
NOI Build-Up for 2,024 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
$35.2K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$33.1K $16.34/SF
− OpEx
−$9.9K −$4.90/SF
NOI
$23.2K $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%
$463,060
Cap Rate 7%
$330,757
Cap Rate 9%
$257,256
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.4K – $385.9K
NOI $23,153 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$287.6K
$251.6K – $335.5K
NOI $20,131 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$522.2K
$456.9K – $609.2K
NOI $36,553 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 99206, WA
39,842
Population
17,339
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
23.4 sq mi
ZIP Area
1,703
Density / Sq Mi
$75,538
Median Household Income
$42,018
Median Earnings
$1,174
Median Rent
$362,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each unit includes private laundry, vinyl flooring, and access to secure garage parking.
Where is this duplex located?
The property is located at 1115 N Woodward Rd 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: Two 2‑bedroom, 1‑bath units; Two 2‑car garages provide four garage spaces total; 2,024 square feet on a 0.37‑acre lot
