Four-Unit Duplex
For Sale
$1,250,000
1225 E 29th Ave, Spokane, WA 99203
Two separate parcels hold four three-bedroom residences with recent exterior improvements and three occupied units.
Property Size4,560 SF
Price / SF$274.12
Days on Market42
Property Features for 1225 E 29th Ave
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Amenities
garages
private decks
Building Details
Year Built
1977
Buildings
2
Listing Agency:
Windermere Valley
(509) 216-2090
Listed By:
Trevor Windhorst
Source:
Clemensregroup
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 7:29AM
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 Windermere Valley
Investment Insights
Based on property information with market context.
This multifamily property comprises two duplex buildings on separate parcels, totaling four residences and 4,560 square feet. Each unit is configured with three bedrooms and two bathrooms. The buildings were constructed in 1977, and recent work includes replacement roofs on both residential structures and their garages, along with upgraded walkways, stairwells, and four private decks.
Three units are occupied by long-term tenants, while current rents are below market. The property also includes an assumable loan carrying a 5.5% interest rate fixed for 5 years, with no assumption fee. Located at 1225 E 29th Ave in Spokane, Washington, the asset combines a four-unit configuration with separate-parcel ownership and recent exterior improvements.
Three units are occupied by long-term tenants, while current rents are below market. The property also includes an assumable loan carrying a 5.5% interest rate fixed for 5 years, with no assumption fee. Located at 1225 E 29th Ave in Spokane, Washington, the asset combines a four-unit configuration with separate-parcel ownership and recent exterior improvements.
Key Highlights
- Four‑unit multifamily property consisting of two duplex buildings on separate parcels
- 4,560 square feet across four three‑bedroom, two‑bath units
- Three units occupied by long‑term tenants
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
$52,164
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
4.17%
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%
$1,043,280
$1.0M
Cap Rate 7%
$745,200
$745.2K
Cap Rate 9%
$579,600
$579.6K
Market Conditions
NOI Build-Up for 4,560 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
$79.3K $17.40/SF
− Vacancy
−$4.8K −$1.06/SF
EGI
$74.5K $16.34/SF
− OpEx
−$22.4K −$4.90/SF
NOI
$52.2K $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%
$1,043,280
Cap Rate 7%
$745,200
Cap Rate 9%
$579,600
Alternative Uses
Best Use
Multifamily LT 5
$745.2K
$652.1K – $869.4K
NOI $52,164 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$647.9K
$566.9K – $755.9K
NOI $45,353 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,354 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 separate parcels hold four three-bedroom residences with recent exterior improvements and three occupied units.
Where is this duplex located?
The property is located at 1225 E 29th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four‑unit multifamily property consisting of two duplex buildings on separate parcels; 4,560 square feet across four three‑bedroom, two‑bath units; Three units occupied by long‑term tenants
