Duplex with Garage
New
For Sale
$449,900
1115 Woodward, Spokane, WA 99206
Both residences include in-unit laundry, while two detached garages provide four covered parking spaces.
Property Size2,024 SF
Price / SF$222.28
Days on Market2
Property Features for 1115 Woodward
General Information
Standard status
Active
Size
2,024 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,770
Amenities
washer/dryer
Garage: Detached, Garage Door Opener, Workshop in Garage, Off Site
Garage Spaces: 4
Style: Contemporary
Contemporary
Detached, Garage Door Opener, Workshop in Garage, Off Site
4
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Keller Williams Realty Coeur d
Listed By:
Seth Maefsky · License #25177
(509) 922-7355
Source:
Clearwaterproperties
Added: Sep 26
Last Checked: Sep 26 at 2:38PM
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 Keller Williams Realty Coeur d
Investment Insights
Based on property information with market context.
Built in 1948, this 2,024-square-foot duplex contains two residences, each with two bedrooms and one bathroom. Both units have LVP flooring and their own washer and dryer. Exterior work includes a roof and gutters installed in 2024, along with fiber-cement siding and exterior paint. Two detached two-car garages provide four garage spaces, with a workshop area and garage door openers also noted. The property is at 1115 Woodward in Spokane Valley.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 2,024 square feet; built in 1948
- Two detached 2‑car garages provide 4 garage spaces
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
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
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 - Both residences include in-unit laundry, while two detached garages provide four covered parking spaces.
Where is this duplex located?
The property is located at 1115 Woodward 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 units, each with 2 bedrooms and 1 bathroom; 2,024 square feet; built in 1948; Two detached 2‑car garages provide 4 garage spaces
