Updated Duplex With Detached
New
For Sale
$549,950
1203 S Walnut St, Spokane, WA 99204
MULTI_FAMILY - Ranch - Spokane, WA
Property Size3,432 SF
Lot Size0.14 Acres
Price / SF$160.24
Days on Market3
Property Features for 1203 S Walnut St
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 7, Bedroom 1, Bedroom 3, Bedroom 8, Bedroom 5, Bathroom 4, Bathroom 1, Bedroom 2, Bathroom 2
Parking
2
Parking features
Open, Offsite, Alley
Basement
Finished, Walk-Out Access, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Fencing, Fenced Yard, Sprinkler - Automatic, Level, City Bus (w/in 6 blks)
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.0506
Size
3,432 SF
Lot size
0.14 Acres
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Building materials
Shake Siding, Cedar
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Inland Empire · RE/MAX International
(509) 232-0824
Listed By:
Riley Long
(509) 879-1128
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 6 at 11:06PM
MLS# 202622091
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.
This 3,432-square-foot ranch-style duplex was built in 1953 and occupies a 0.14-acre parcel. Recent property work includes a new composition roof, exterior painting, new sod, and additional repairs. One residence has new carpet and refinished oak hardwood flooring. The property also includes a detached garage, open parking options, and alley access. Heating is provided by electric and ductless systems, with wall-unit cooling. Both units are equipped with a free-standing range, dishwasher, and refrigerator.
The property is located in Spokane’s Lower South Hill, with access to parks, scenic trails, coffee shops, grocery stores, and other everyday services. Cedar and shake siding contribute to the building’s exterior character, while the updated finishes and separate garage add practical functionality for residential occupancy.
The property is located in Spokane’s Lower South Hill, with access to parks, scenic trails, coffee shops, grocery stores, and other everyday services. Cedar and shake siding contribute to the building’s exterior character, while the updated finishes and separate garage add practical functionality for residential occupancy.
Key Highlights
- 3,432‑square‑foot duplex on a 0.14‑acre parcel
- Built in 1953 with ranch‑style architecture
- New composition roof, exterior paint, sod, and additional recent repairs
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
$39,260
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
7.14%
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%
$785,200
$785.2K
Cap Rate 7%
$560,857
$560.9K
Cap Rate 9%
$436,222
$436.2K
Market Conditions
NOI Build-Up for 3,432 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
$59.7K $17.40/SF
− Vacancy
−$3.6K −$1.06/SF
EGI
$56.1K $16.34/SF
− OpEx
−$16.8K −$4.90/SF
NOI
$39.3K $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%
$785,200
Cap Rate 7%
$560,857
Cap Rate 9%
$436,222
Alternative Uses
Best Use
Multifamily LT 5
$560.9K
$490.8K – $654.3K
NOI $39,260 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$487.6K
$426.7K – $568.9K
NOI $34,134 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$885.5K
$774.8K – $1.03M
NOI $61,982 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,077
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style duplex with refreshed exterior elements, updated unit finishes, and separate garage space.
Where is this duplex located?
The property is located at 1203 S Walnut St Spokane, WA.
What is the asking price?
The asking price for this property is $549,950.
What are key features of this property?
This property features: 3,432‑square‑foot duplex on a 0.14‑acre parcel; Built in 1953 with ranch‑style architecture; New composition roof, exterior paint, sod, and additional recent repairs
