1232 N Madison St and 1009 W Sharp Ave, Spokane, WA 99201

Building Details

Building Size 3,936 SF More

Year Built 1903 More

Listing Agency: SVN Cornerstone LLC

Listed By: Jordan Lester, CCIM, MBA · License #WA #21008495 Show Phone

Source: Svncornerstone

Added: Nov 8 Last Checked: Nov 8 at 1:52AM

Report an Issue

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 SVN Cornerstone LLC

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,026

Cap Rate

3.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$900,520 $900.5K

Cap Rate 7%

$643,229 $643.2K

Cap Rate 9%

$500,289 $500.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,936 SF

Gross rent

$68.5K $17.40/SF

− Vacancy

−$4.2K −$1.06/SF

EGI

$64.3K $16.34/SF

− OpEx

−$19.3K −$4.90/SF

NOI

$45.0K $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 Rate 5%

$900,520

Cap Rate 7%

$643,229

Cap Rate 9%

$500,289

Alternative Uses

Best Use

Multifamily LT 5

$643.2K

$562.8K – $750.4K (±1% cap)

NOI $45,026 @ 7.0% cap · market cap 3.27%

Second Best

Apartment 5plus

$559.2K

$489.3K – $652.5K (±1% cap)

NOI $39,147 @ 7.0% cap · market cap 2.85%

Theoretical Best

Office A

$1.02M

$888.6K – $1.18M (±1% cap)

NOI $71,084 @ 7.0% cap · market cap 5.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store Locksmith Building Supply Auto Parts Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,710

Businesses Nearby

Explore this area Business Placement

Demographics for 99201, WA

15,716

Population

8,842

Households

1.8

Avg Household Size

39

Median Age

34%

College-Educated

91%

High-School Grad

3.0 sq mi

ZIP Area

5,239

Density / Sq Mi

$35,286

Median Household Income

$36,599

Median Earnings

$883

Median Rent

$259,800

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Similar For Sale Nearby

See more

Four-Unit Duplex Portfolio

1225 E 29th Ave, Spokane, WA 99203

$1,250,000

4,560 SF

View details

Two-Home Duplex Near Campus

303 E Augusta Ave, Spokane, WA 99207

$975,000

4,234 SF

View details

Duplex with Two-Car Garages

12809 N Jaydee Ln, Spokane, WA 99208

$857,300

3,534 SF

View details

Split-Level Duplex

8305 N Colton St, Spokane, WA 99208

$569,500

3,808 SF

View details

Duplex with Attached Apartment

1401 S Monroe St, Spokane, WA 99203

$675,000

0.17 Acres

View details

Two-Story Duplex with Garages

1020 S Westcliff Pl, Spokane, WA 99224

$550,000

3,728 SF

View details

Duplex with Detached Garage

531 W Buckeye Ave, Spokane, WA 99205

$599,000

3,600 SF

View details

Duplex with Covered Carports

7018 / 7020 N Wiscomb St, Spokane, WA 99208

$499,500

3,456 SF

View details

North Spokane Duplex

2608 N Madelia St, Spokane, WA 99207

$430,000

3,456 SF

View details

Single-Level Duplex with Garages

7015 N Hamilton St, Spokane, WA 99208

$570,000

4,700 SF

View details

Turnkey Duplex with Off-Street Parking

1422 N Wall St, Spokane, WA 99201

$740,000

3,008 SF

View details

Duplex with Oversized Garages

6027 N Smith St, Spokane, WA 99208

$659,900

3,080 SF

View details

Frequently Asked Questions

Where is this residential land & home lot located?

The property is located at 1232 N Madison St and 1009 W Sharp Ave Spokane, WA.

What is the asking price?

The asking price for this property is $1,375,000.