Updated Duplex with Detached
New
For Sale
$378,500
1207 Shannon, Spokane, WA 99207
Two private entrances, a fenced yard, and alley access support flexible residential use with rental income potential.
Property Size2,399 SF
Price / SF$157.77
Days on Market3
Property Features for 1207 Shannon
General Information
Standard status
Active
Size
2,399 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Amenities
Garage: Detached, Garage Door Opener, Alley Access
Garage Spaces: 2
Style: Traditional
Traditional
Detached, Garage Door Opener, Alley Access
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
eXp Realty, LLC
(208) 916-5124
Listed By:
Toby Blodgett · License #SP47793
Source:
Clearwaterproperties
Added: Aug 9
Changed: Aug 11
Last Checked: Aug 10 at 7:24AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 2,399-square-foot duplex, built in 1900, combines original residential character with modern updates. A front porch and central foyer serve two separate entrances, while the layout preserves distinct living spaces for each unit. One unit is currently vacant, and the other provides an existing rental-income component. The detached two-car garage includes a garage door opener and offers additional parking and storage.
The property also features a fully fenced yard with automatic sprinklers and alley access. Its Spokane location places the home near parks, schools, shopping, dining, and everyday services. The combination of separate entrances, established improvements, and one vacant unit supports use as an owner-occupied duplex or continued income property, as described in the property information.
The property also features a fully fenced yard with automatic sprinklers and alley access. Its Spokane location places the home near parks, schools, shopping, dining, and everyday services. The combination of separate entrances, established improvements, and one vacant unit supports use as an owner-occupied duplex or continued income property, as described in the property information.
Key Highlights
- 2,399‑square‑foot duplex built in 1900
- One unit currently vacant; the second unit provides rental income
- Two separate entrances connected by a front porch and foyer
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
$27,443
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
7.25%
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%
$548,860
$548.9K
Cap Rate 7%
$392,043
$392.0K
Cap Rate 9%
$304,922
$304.9K
Market Conditions
NOI Build-Up for 2,399 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
$41.7K $17.40/SF
− Vacancy
−$2.5K −$1.06/SF
EGI
$39.2K $16.34/SF
− OpEx
−$11.8K −$4.90/SF
NOI
$27.4K $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%
$548,860
Cap Rate 7%
$392,043
Cap Rate 9%
$304,922
Alternative Uses
Best Use
Multifamily LT 5
$392.0K
$343.0K – $457.4K
NOI $27,443 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$340.9K
$298.3K – $397.7K
NOI $23,860 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$618.9K
$541.6K – $722.1K
NOI $43,326 @ 7.0% cap · market cap 11.45%
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
1,859
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?
Duplex - Two private entrances, a fenced yard, and alley access support flexible residential use with rental income potential.
Where is this duplex located?
The property is located at 1207 Shannon Spokane, WA.
What is the asking price?
The asking price for this property is $378,500.
What are key features of this property?
This property features: 2,399‑square‑foot duplex built in 1900; One unit currently vacant; the second unit provides rental income; Two separate entrances connected by a front porch and foyer
