Maintained Duplex With
New
For Sale
$378,500
1207 W Shannon Ave, Spokane, WA 99207
MULTI_FAMILY - Other - Spokane, WA
Property Size2,399 SF
Lot Size0.14 Acres
Price / SF$157.77
Days on Market5
Property Features for 1207 W Shannon Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking features
Open, Alley
Window features
Wood Frames, Aluminum Frames
Interior features
Cathedral Ceiling(s), Natural Woodwork
Basement
Partial, Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Fencing, Fenced Yard, Sprinkler - Automatic
High school
North Central
Elementary school district
Spokane Dist 81
Directions
1-90 W take exit 280A toward Maple St continue on W 4th Ave. R on S Walnut St, R on W Indiana Ave, L on N Adams St, L on W Shannon Ave. I-90 E take exit 280 toward Lincoln St, L on S Walnut, R on Indiana Ave, L on Adams St, R on W Shannon Ave.
Standard status
Active
APN
35073.0605
Size
2,399 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating), Baseboard, Forced Air
Cooling system
Window Unit(s)
Amenities
front porch
fenced yard
automatic sprinklers
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Brick, Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Toby Blodgett · License #SP47793
(360) 339-5093
Added: Aug 7
Changed: Aug 9
Last Checked: Aug 11 at 8:06PM
MLS# 202622243
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 2,399-square-foot duplex, built in 1900, combines vintage character with modern updates. The two-unit layout includes separate entrances connected by a front porch and foyer, while interior details include natural woodwork, wood flooring, and cathedral ceiling(s). Each side is supported by bathrooms, bedrooms, a kitchen range, dishwasher, and refrigerator. One unit is currently vacant, creating flexibility for an owner-occupant or a new tenant.
The property sits on 0.14 acres in Spokane and includes a detached two-car garage, open parking accessed from the alley, and a fully fenced yard with automatic sprinklers. Construction includes brick and wood siding, with composition roofing, electric and baseboard or forced-air heating, and window-unit cooling. The property is zoned R2.
The property sits on 0.14 acres in Spokane and includes a detached two-car garage, open parking accessed from the alley, and a fully fenced yard with automatic sprinklers. Construction includes brick and wood siding, with composition roofing, electric and baseboard or forced-air heating, and window-unit cooling. The property is zoned R2.
Key Highlights
- 2,399‑square‑foot duplex on a 0.14‑acre lot
- One unit currently vacant
- Detached two‑car garage with open alley‑access parking
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate entrances, a detached garage, and a fenced yard with automatic sprinklers.
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 $378,500.
What are key features of this property?
This property features: 2,399‑square‑foot duplex on a 0.14‑acre lot; One unit currently vacant; Detached two‑car garage with open alley‑access parking
