Renovated Triplex With Private
For Sale
$375,000
1118 E Montgomery Ave, Spokane, WA 99207
Fully rented property with separate entrances, laundry areas, storage, and off-street parking.
Property Size2,760 SF
Price / SF$135.87
Days on Market42
Property Features for 1118 E Montgomery Ave
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 1 x 3 rooms/2 baths
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private deck
private covered deck
basement washer/dryer
storage closets
landscaping
off-street parking
Building Details
Year Built
1908
Listing Agency:
John L Scott, Spokane Valley
(509) 924-4200
Listed By:
Jodi Hoffman · License #116502
Source:
Clemensregroup
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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 John L Scott, Spokane Valley
Investment Insights
Based on property information with market context.
This 2,760-square-foot triplex, built in 1908, includes three residential units with distinct layouts. Two main-level apartments each offer 1 bedroom and 1 bathroom; one includes private in-unit laundry and a deck, while the other has a covered rear deck. The upper apartment is accessed through a private exterior entry and provides three rooms plus 2 bathrooms.
Basement amenities include owner-supplied laundry equipment, tenant storage closets, and a mechanical area. Exterior features include mature landscaping with a sprinkler system and a concrete off-street parking pad behind the property. The building is fully rented and located near bus routes, restaurants, grocery stores, fuel, and other amenities.
Basement amenities include owner-supplied laundry equipment, tenant storage closets, and a mechanical area. Exterior features include mature landscaping with a sprinkler system and a concrete off-street parking pad behind the property. The building is fully rented and located near bus routes, restaurants, grocery stores, fuel, and other amenities.
Key Highlights
- 2,760‑square‑foot triplex built in 1908
- Three units: two 1‑bedroom, 1‑bath units plus an upper unit with 3 rooms and 2 bathrooms
- Fully rented with private entrances and deck space
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
$31,573
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
8.42%
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%
$631,460
$631.5K
Cap Rate 7%
$451,043
$451.0K
Cap Rate 9%
$350,811
$350.8K
Market Conditions
NOI Build-Up for 2,760 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
$48.0K $17.40/SF
− Vacancy
−$2.9K −$1.06/SF
EGI
$45.1K $16.34/SF
− OpEx
−$13.5K −$4.90/SF
NOI
$31.6K $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%
$631,460
Cap Rate 7%
$451,043
Cap Rate 9%
$350,811
Alternative Uses
Best Use
Multifamily LT 5
$451.0K
$394.7K – $526.2K
NOI $31,573 @ 7.0% cap · market cap 8.42%
Second Best
Apartment 5plus
$392.2K
$343.1K – $457.5K
NOI $27,451 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$712.1K
$623.1K – $830.8K
NOI $49,846 @ 7.0% cap · market cap 13.29%
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
523
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 - Fully rented property with separate entrances, laundry areas, storage, and off-street parking.
Where is this triplex located?
The property is located at 1118 E Montgomery Ave Spokane, WA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,760‑square‑foot triplex built in 1908; Three units: two 1‑bedroom, 1‑bath units plus an upper unit with 3 rooms and 2 bathrooms; Fully rented with private entrances and deck space
