Updated Duplex With Detached
New
For Sale
$549,950
1203 Walnut, Spokane, WA 99204
Recent exterior improvements and a detached garage add practical utility to this two-unit property.
Property Size3,432 SF
Price / SF$160.24
Days on Market4
Property Features for 1203 Walnut
General Information
Standard status
Active
Size
3,432 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Amenities
detached garage
Garage: Detached, Garage Door Opener, Off Site, Alley Access
Garage Spaces: 1
Style: Ranch
Ranch
Detached, Garage Door Opener, Off Site, Alley Access
1
Building Details
Year Built
1953
Listing Agency:
RE/MAX Inland Empire
(509) 217-0905
Listed By:
Riley Long
Source:
Clearwaterproperties
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:04AM
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 RE/MAX Inland Empire
Investment Insights
Based on property information with market context.
This duplex includes two residential units and a detached garage with a garage door opener. Recent property work includes a new roof, exterior painting, new sod, and additional repairs and improvements. One unit has new carpet and refinished oak hardwood flooring. The ranch-style property was built in 1953.
The property is located at 1203 Walnut in Spokane’s Lower South Hill, with alley access and proximity to parks, scenic trails, coffee shops, grocery stores, and other everyday conveniences.
The property is located at 1203 Walnut in Spokane’s Lower South Hill, with alley access and proximity to parks, scenic trails, coffee shops, grocery stores, and other everyday conveniences.
Key Highlights
- Two‑unit duplex with 3,432 SF of property size
- New roof, exterior paint, new sod, and additional recent improvements
- One unit features new carpet and refinished oak hardwood floors
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
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Frequently Asked Questions
What type of property is this?
Duplex - Recent exterior improvements and a detached garage add practical utility to this two-unit property.
Where is this duplex located?
The property is located at 1203 Walnut 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: Two‑unit duplex with 3,432 SF of property size; New roof, exterior paint, new sod, and additional recent improvements; One unit features new carpet and refinished oak hardwood floors
