Rented Duplex with Updated
For Sale
Contact for pricing
302 W Indiana Ave, Spokane, WA 99205
Two separate units each with on-demand hot water, updated furnace on bottom unit, and a recently replaced roof.
Property Size1,194 SF
Price / SF$250.42
Days on Market576
Property Features for 302 W Indiana Ave
General Information
Standard status
Active
Size
1,194 SF
Property subtype
Special Purpose, Land
Zoning
Retail
Additional Details
Multifamily Units
2
Amenities
on-demand hot water
washer and dryer
Building Details
Tenancy
Multi
Listing Agency:
Coldwell Banker Tomlinson
Listed By:
Robin Henspeter · License #WA
Source:
Crexi
Added: Feb 10, 2025
Changed: Aug 24
Last Checked: Sep 8 at 7:42AM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This property is currently rented as a duplex with both units served independently. The bottom unit features forced-air gas heat with an updated furnace, while the top unit uses electric heating. Both units have their own on-demand hot water systems.
A shared basement includes washer and dryer facilities, with an outside entry serving the top unit. The roof has been replaced recently.
The property is zoned for retail, which may allow a range of uses beyond its current duplex configuration, depending on approvals. For tenants and investors, it presents a straightforward setup with independent utilities and practical on-site laundry access.
A shared basement includes washer and dryer facilities, with an outside entry serving the top unit. The roof has been replaced recently.
The property is zoned for retail, which may allow a range of uses beyond its current duplex configuration, depending on approvals. For tenants and investors, it presents a straightforward setup with independent utilities and practical on-site laundry access.
Key Highlights
- Duplex currently rented with two separate units, each on its own service
- Bottom unit: forced air gas system with updated furnace
- Both units: on‑demand hot water
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
$13,659
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
4.57%
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%
$273,180
$273.2K
Cap Rate 7%
$195,129
$195.1K
Cap Rate 9%
$151,767
$151.8K
Market Conditions
NOI Build-Up for 1,194 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
$20.8K $17.40/SF
− Vacancy
−$1.3K −$1.06/SF
EGI
$19.5K $16.34/SF
− OpEx
−$5.9K −$4.90/SF
NOI
$13.7K $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%
$273,180
Cap Rate 7%
$195,129
Cap Rate 9%
$151,767
Alternative Uses
Best Use
Multifamily LT 5
$195.1K
$170.7K – $227.7K
NOI $13,659 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$169.6K
$148.4K – $197.9K
NOI $11,875 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$308.1K
$269.6K – $359.4K
NOI $21,564 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,860
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 - Two separate units each with on-demand hot water, updated furnace on bottom unit, and a recently replaced roof.
Where is this duplex located?
The property is located at 302 W Indiana Ave Spokane, WA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex currently rented with two separate units, each on its own service; Bottom unit: forced air gas system with updated furnace; Both units: on‑demand hot water
