Craftsman Triplex with Basement
For Sale
Under Contract
$570,000
1117 E Illinois Ave, Spokane, WA 99207
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size2,310 SF
Lot Size0.13 Acres
Price / SF$246.75
Days on Market173
Property Features for 1117 E Illinois Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4
Parking features
Offsite, Carport, Alley
Patio and Porch features
Patio
Fireplace
1
Basement
Partial, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Disposal, Microwave, Washer, Dryer
Lot features
Fenced Yard, Sprinkler - Automatic, Level, Adjacent to Golf Course
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active Under Contract
APN
35084.1017
Size
2,310 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
3925
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Amenities
shared laundry room
automatic lawn sprinkler system
Building Details
Year built
1910
Floors in Building
2
Number of units
3
Building materials
Steel Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Ronald McIntire
(509) 217-0200
Added: Feb 19
Changed: Aug 1
Last Checked: Aug 11 at 9:06PM
MLS# 202612402
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.
Craftsman-style triplex at 1117 E Illinois Ave includes separate basement, main floor, and second-floor units. The basement unit is a one-bedroom, one-bath layout with a large living area and open kitchen, highlighted by numerous large egress windows. The main floor features a two-bedroom, one-bath unit with vintage woodwork and built-ins, plus a gas fireplace insert, living room, dining room, and a large kitchen with an eating bar. The top floor unit has one bedroom, a large updated bathroom, a kitchen/dining area, and a separate living room area. The top-floor and basement units have brand new carpet. A shared laundry room is accessible to all tenants via a digital keypad, and the majority of furnishings, kitchen wares, and all appliances are included.
The property sits on a 0.1284-acre lot and was built in 1910 with steel frame construction and a composition roof. Heating is forced air with natural gas, and cooling is via window units. Parking is offsite with carport and alley access, and there is a patio.
An automatic sprinkler system helps maintain the lawn, supporting straightforward tenant upkeep.
The property sits on a 0.1284-acre lot and was built in 1910 with steel frame construction and a composition roof. Heating is forced air with natural gas, and cooling is via window units. Parking is offsite with carport and alley access, and there is a patio.
An automatic sprinkler system helps maintain the lawn, supporting straightforward tenant upkeep.
Key Highlights
- 0.1284‑acre triplex lot with 2,310 SF total building area
- Basement one‑bedroom, one‑bath unit with large living area and open kitchen
- Main floor two‑bedroom, one‑bath unit with vintage woodwork, built‑ins, and gas fireplace insert
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
$26,425
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
4.64%
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%
$528,500
$528.5K
Cap Rate 7%
$377,500
$377.5K
Cap Rate 9%
$293,611
$293.6K
Market Conditions
NOI Build-Up for 2,310 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
$40.2K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.8K $16.34/SF
− OpEx
−$11.3K −$4.90/SF
NOI
$26.4K $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%
$528,500
Cap Rate 7%
$377,500
Cap Rate 9%
$293,611
Alternative Uses
Best Use
Multifamily LT 5
$377.5K
$330.3K – $440.4K
NOI $26,425 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,975 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$596.0K
$521.5K – $695.3K
NOI $41,719 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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 - Craftsman triplex with a one-bedroom basement unit, two other separate units, and shared laundry with digital keypad access.
Where is this triplex located?
The property is located at 1117 E Illinois Ave Spokane, WA.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 0.1284‑acre triplex lot with 2,310 SF total building area; Basement one‑bedroom, one‑bath unit with large living area and open kitchen; Main floor two‑bedroom, one‑bath unit with vintage woodwork, built‑ins, and gas fireplace insert
