Updated Duplex with Attached
New
For Sale
$589,000
11308/11310 29th, Spokane, WA 99206
Well-maintained Spokane Valley duplex with refreshed interiors, private outdoor access, and attached garages for each residence.
Property Size2,992 SF
Price / SF$196.86
Days on Market3
Property Features for 11308/11310 29th
General Information
Standard status
Active
Size
2,992 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,308
Amenities
Garage: Attached, Garage Door Opener
Garage Spaces: 2
Style: Ranch
Ranch
Attached, Garage Door Opener
2
Building Details
Year Built
1977
Buildings
1
Listing Agency:
EXIT Real Estate Professionals
Listed By:
Sabrina Jones-Schroeder · License #2098
(509) 535-8400
Source:
Clearwaterproperties
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 8 at 3:42AM
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 EXIT Real Estate Professionals
Investment Insights
Based on property information with market context.
This 2,992-square-foot duplex, built in 1977, offers two matching residences with spacious, practical layouts. Each unit includes a living room with a wood-burning fireplace, separate dining area, two bedrooms, two updated full bathrooms, a kitchen with tile flooring, wood cabinetry, and slab granite countertops, plus a separate utility room. Newer furnaces, central air conditioning, and attached 2-car garages serve both sides. Sliding doors from the living and dining areas open to the patios, while the bedrooms provide direct backyard access.
Located in Spokane Valley at 11308/11310 29th, the property combines multiple outdoor entry points with updated interior finishes and a ranch-style configuration. The residences are mirror-image layouts, with the noted difference that one unit includes a double wall oven and cooktop. Photos represent one side of the duplex.
Located in Spokane Valley at 11308/11310 29th, the property combines multiple outdoor entry points with updated interior finishes and a ranch-style configuration. The residences are mirror-image layouts, with the noted difference that one unit includes a double wall oven and cooktop. Photos represent one side of the duplex.
Key Highlights
- 2,992 SF duplex on 11308/11310 29th in Spokane, WA 99206
- Two mirror‑image units, each with 2 bedrooms and 2 updated full bathrooms
- Each residence includes an attached 2‑car garage
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
$34,227
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
5.81%
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%
$684,540
$684.5K
Cap Rate 7%
$488,957
$489.0K
Cap Rate 9%
$380,300
$380.3K
Market Conditions
NOI Build-Up for 2,992 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
$52.1K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$48.9K $16.34/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$34.2K $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%
$684,540
Cap Rate 7%
$488,957
Cap Rate 9%
$380,300
Alternative Uses
Best Use
Multifamily LT 5
$489.0K
$427.8K – $570.5K
NOI $34,227 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$425.1K
$372.0K – $496.0K
NOI $29,758 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$771.9K
$675.5K – $900.6K
NOI $54,036 @ 7.0% cap · market cap 9.17%
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
117
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 - Well-maintained Spokane Valley duplex with refreshed interiors, private outdoor access, and attached garages for each residence.
Where is this duplex located?
The property is located at 11308/11310 29th Spokane, WA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 2,992 SF duplex on 11308/11310 29th in Spokane, WA 99206; Two mirror‑image units, each with 2 bedrooms and 2 updated full bathrooms; Each residence includes an attached 2‑car garage
