Leased Duplex with Private
For Sale
$285,000
Pending
1117 Providence, Spokane, WA 99205
Two 2-bedroom units include laundry, carports, and separate storage.
Property Size1,800 SF
Days on Market30
Property Features for 1117 Providence
General Information
Standard status
Pending
Size
1,800 SF
Property subtype
Multi Family Home
Occupancy
100%
Net Operating Income
$23,512
Financials
Gross Income
$29,400
Average Monthly Rent
$1,225
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,200
Amenities
in-unit laundry
dedicated carport
private storage
shared green space
Garage: Carport
Garage Spaces: 0
Carport
Building Details
Year Built
1970
Buildings
1
Listing Agency:
Coldwell Banker Tomlinson
(509) 499-0218
Listed By:
Luke Mischke
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 7:04PM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This fully leased duplex contains 1,800 square feet across two 900-square-foot residences. Each unit has two bedrooms, one bathroom, a full kitchen, in-unit laundry, an oversized primary bedroom with double closets, a dedicated carport, and private storage. Shared green space and off-street parking supplement the individual unit features. Updates include a 2016 reroof, along with flooring, paint, and appliance improvements in select units.
The property includes alley access and is located one block from the Garland District in Spokane. Restaurants, shopping, entertainment, parks, and public transportation are nearby, providing residents with access to a range of daily conveniences. The duplex is also identified as fully leased, with both residences occupied.
The property includes alley access and is located one block from the Garland District in Spokane. Restaurants, shopping, entertainment, parks, and public transportation are nearby, providing residents with access to a range of daily conveniences. The duplex is also identified as fully leased, with both residences occupied.
Key Highlights
- 1,800‑square‑foot duplex with two 900‑square‑foot units
- Each residence offers 2 bedrooms and 1 bathroom
- Dedicated carport, private storage, in‑unit laundry, and full kitchen per unit
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
$20,591
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
7.22%
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%
$411,820
$411.8K
Cap Rate 7%
$294,157
$294.2K
Cap Rate 9%
$228,789
$228.8K
Market Conditions
NOI Build-Up for 1,800 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
$31.3K $17.40/SF
− Vacancy
−$1.9K −$1.06/SF
EGI
$29.4K $16.34/SF
− OpEx
−$8.8K −$4.90/SF
NOI
$20.6K $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%
$411,820
Cap Rate 7%
$294,157
Cap Rate 9%
$228,789
Alternative Uses
Best Use
Multifamily LT 5
$294.2K
$257.4K – $343.2K
NOI $20,591 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,903 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$464.4K
$406.4K – $541.8K
NOI $32,508 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
705
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 2-bedroom units include laundry, carports, and separate storage.
Where is this duplex located?
The property is located at 1117 Providence Spokane, WA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,800‑square‑foot duplex with two 900‑square‑foot units; Each residence offers 2 bedrooms and 1 bathroom; Dedicated carport, private storage, in‑unit laundry, and full kitchen per unit
