Quadplex with In-Unit
For Sale
$685,000
2327 29th, Spokane, WA 99223
Four-unit quadplex with in-unit laundry in two units and updated interior finishes across multiple units.
Property Size3,516 SF
Price / SF$194.82
Days on Market32
Property Features for 2327 29th
General Information
Standard status
Active
Size
3,516 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$6,947
Amenities
0.00
Building Details
Year Built
1978
Tenancy
Multi
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
Source:
Clearwaterproperties
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 28 at 10:41AM
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 Commercial
Investment Insights
Based on property information with market context.
This four-unit quadplex offers four residential units within a single property. Recent improvements include new LVP flooring in three units, updated kitchen cabinets in two units, and in-unit laundry in two units. The exterior also includes enhanced landscaping. The property was built in 1978 and contains 3,516 SF of residential space.
Located at 2327 E 29th Ave in Spokane’s Rockwood neighborhood, the property is positioned near Manito Park as well as shopping, dining, and downtown Spokane, with access to major employers.
The combination of four separate units and the stated interior updates supports a straightforward residential rental configuration for investors seeking a maintained, established asset.
Located at 2327 E 29th Ave in Spokane’s Rockwood neighborhood, the property is positioned near Manito Park as well as shopping, dining, and downtown Spokane, with access to major employers.
The combination of four separate units and the stated interior updates supports a straightforward residential rental configuration for investors seeking a maintained, established asset.
Key Highlights
- Four residential units in a single quadplex property
- In‑unit laundry available in two of the four units
- New LVP flooring installed in three units
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
$40,221
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
5.87%
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%
$804,420
$804.4K
Cap Rate 7%
$574,586
$574.6K
Cap Rate 9%
$446,900
$446.9K
Market Conditions
NOI Build-Up for 3,516 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
$61.2K $17.40/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$57.5K $16.34/SF
− OpEx
−$17.2K −$4.90/SF
NOI
$40.2K $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%
$804,420
Cap Rate 7%
$574,586
Cap Rate 9%
$446,900
Alternative Uses
Best Use
Multifamily LT 5
$574.6K
$502.8K – $670.4K
NOI $40,221 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$499.6K
$437.1K – $582.8K
NOI $34,970 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$907.1K
$793.7K – $1.06M
NOI $63,499 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
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?
Quadplex - Four-unit quadplex with in-unit laundry in two units and updated interior finishes across multiple units.
Where is this quadplex located?
The property is located at 2327 29th Spokane, WA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Four residential units in a single quadplex property; In‑unit laundry available in two of the four units; New LVP flooring installed in three units
