Updated Duplex with Attached
New
For Sale
$650,000
1128 E 29th Ave, Spokane, WA 99203
Two connected residences combine original architectural character with modern updates and separate parking accommodations.
Property Size4,100 SF
Price / SF$158.54
Days on Market7
Property Features for 1128 E 29th Ave
General Information
Standard status
Active
Size
4,100 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
1 x 3BR/3BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$47,340
Amenities
Garage: Attached, Underground, Carport, Garage Door Opener, Workshop in Garage, Off Site, Oversized
Garage Spaces: 1
Style: Bungalow
Bungalow
Attached, Underground, Carport, Garage Door Opener, Workshop in Garage, Off Site, Oversized
1
Building Details
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
Windermere Valley
(509) 991-0741
Listed By:
Rebecca Ruark · License #24024536
Source:
Clearwaterproperties
Added: Aug 20
Changed: Aug 24
Last Checked: Aug 25 at 10:15AM
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 Windermere Valley
Investment Insights
Based on property information with market context.
This 1925-built duplex property contains 4,100 square feet across a primary residence and a self-contained attached ADU. The main home provides 3 bedrooms and 3 baths within 3,000 square feet, along with a 2-car garage and preserved period details including built-in niches and distinctive architectural finishes. The 1,100-square-foot ADU adds 2 bedrooms, 2 baths, contemporary updates, and single-carport parking.
Both residences are currently leased. The property is located at 1128 E 29th Ave in Spokane's South Hill area and includes a roof completed in August 2026. Additional exterior and garage features include a workshop area and garage door opener.
Both residences are currently leased. The property is located at 1128 E 29th Ave in Spokane's South Hill area and includes a roof completed in August 2026. Additional exterior and garage features include a workshop area and garage door opener.
Key Highlights
- 4,100 SF duplex with a self‑contained attached ADU
- Main residence includes 3 bedrooms, 3 baths, 3,000 square feet, and a 2‑car garage
- ADU offers 2 bedrooms, 2 baths, 1,100 square feet, and single‑carport parking
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
$46,902
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%
$938,040
$938.0K
Cap Rate 7%
$670,029
$670.0K
Cap Rate 9%
$521,133
$521.1K
Market Conditions
NOI Build-Up for 4,100 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
$71.3K $17.40/SF
− Vacancy
−$4.3K −$1.06/SF
EGI
$67.0K $16.34/SF
− OpEx
−$20.1K −$4.90/SF
NOI
$46.9K $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%
$938,040
Cap Rate 7%
$670,029
Cap Rate 9%
$521,133
Alternative Uses
Best Use
Multifamily LT 5
$670.0K
$586.3K – $781.7K
NOI $46,902 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$582.5K
$509.7K – $679.6K
NOI $40,778 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$1.06M
$925.6K – $1.23M
NOI $74,046 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 - Two connected residences combine original architectural character with modern updates and separate parking accommodations.
Where is this duplex located?
The property is located at 1128 E 29th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,100 SF duplex with a self‑contained attached ADU; Main residence includes 3 bedrooms, 3 baths, 3,000 square feet, and a 2‑car garage; ADU offers 2 bedrooms, 2 baths, 1,100 square feet, and single‑carport parking
