Updated Duplex with Detached
For Sale
$359,500
1207 W Shannon Ave, Spokane, WA 99205
One unit is vacant, with separate entrances, a fenced yard, and outdoor parking and storage.
Property Size2,399 SF
Price / SF$149.85
Days on Market14
Property Features for 1207 W Shannon Ave
General Information
Standard status
Active
Size
2,399 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Amenities
front porch
fully fenced yard
automatic sprinklers
Listing Agency:
eXp Realty, LLC
(208) 916-5124
Listed By:
Toby Blodgett · License #SP47793
(208) 916-5124
Source:
Exprealty
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 20 at 12:00PM
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 combines vintage architectural character with modern updates. The property includes two separate entrances connected by a welcoming foyer, along with a spacious front porch. One unit is currently vacant, allowing an owner to occupy one side while renting the other or place a new tenant in the available unit.
A detached two-car garage provides parking and storage, while the fully fenced yard includes automatic sprinklers. The property is located in Spokane near parks, schools, shopping, dining, and other everyday amenities.
A detached two-car garage provides parking and storage, while the fully fenced yard includes automatic sprinklers. The property is located in Spokane near parks, schools, shopping, dining, and other everyday amenities.
Key Highlights
- 2,399 SF duplex with vintage character and modern updates
- One unit currently vacant; the other can continue generating rental income
- Two separate entrances connected by a central 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
7.63%
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 7.63%
Second Best
Apartment 5plus
$340.9K
$298.3K – $397.7K
NOI $23,860 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$618.9K
$541.6K – $722.1K
NOI $43,326 @ 7.0% cap · market cap 12.05%
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
1,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - One unit is vacant, with separate entrances, a fenced yard, and outdoor parking and storage.
Where is this duplex located?
The property is located at 1207 W Shannon Ave Spokane, WA.
What is the asking price?
The asking price for this property is $359,500.
What are key features of this property?
This property features: 2,399 SF duplex with vintage character and modern updates; One unit currently vacant; the other can continue generating rental income; Two separate entrances connected by a central foyer
