Legal 3-Unit Triplex with
New
For Sale
$519,000
1316 W Dean Ave, Spokane, WA 99201
Residential Income, Spokane, WA
Property Size3,557 SF
Lot Size0.14 Acres
Price / SF$145.91
Days on Market2
Property Features for 1316 W Dean Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Basement
Parking
6
Parking features
Offsite, Alley
Window features
Vinyl Frames, Bay Window(s), Wood Frames
Patio and Porch features
Deck
Interior features
Smart Thermostat, Natural Woodwork
Basement
Partial, Unfinished, Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Level, City Bus (w/in 6 blks), Fencing, Surveyed
Elementary school
Holmes
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35182.3804
Size
3,557 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
4303
Utilities
Heating system
Ductless (Heating), Forced Air, Natural Gas, Electric (Heating)
Cooling system
Ductless
Amenities
shared laundry
private storage
private outdoor space
Building Details
Year built
1901
Floors in Building
3
Number of units
3
Flooring type
Wood
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
EXIT Real Estate Professionals · EXIT Realty
(509) 535-8400
Listed By:
Jeci Adams
(406) 370-6303
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 9:06PM
MLS# 202623923
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 legal three-unit triplex contains one two-bedroom, one-bath residence on each floor, totaling 3,557 square feet. Each apartment has its own kitchen, electrical sub-panel, and gas meter. Improvements include updated plumbing throughout, replacement windows, renovated bathroom components in units 1 and 3, and distinctive clawfoot fixtures in unit 2. The upper unit has ductless heat and air conditioning alongside gas forced air and central air. Original fir flooring, bay windows, and French doors add period character. The property also includes basement storage, shared laundry, a washer hookup in unit 3, and appliances including ranges, dishwashers, refrigerators, a washer, and a dryer.
The 0.14-acre parcel is newly fenced with separate yard areas for the units and provides six off-street parking spaces accessed from the alley. Two residences are leased, while the top-floor unit is currently available. The sewer main was cleared in July 2026. Located in Spokane, the property is three blocks from Kendall Yards.
The 0.14-acre parcel is newly fenced with separate yard areas for the units and provides six off-street parking spaces accessed from the alley. Two residences are leased, while the top-floor unit is currently available. The sewer main was cleared in July 2026. Located in Spokane, the property is three blocks from Kendall Yards.
Key Highlights
- Legal 3‑unit property recognized by the county
- Three 2bd/1ba units totaling 3,557 square feet
- 0.14‑acre lot with six off‑street parking spaces
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
$40,690
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
7.84%
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%
$813,800
$813.8K
Cap Rate 7%
$581,286
$581.3K
Cap Rate 9%
$452,111
$452.1K
Market Conditions
NOI Build-Up for 3,557 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
$61.9K $17.40/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$58.1K $16.34/SF
− OpEx
−$17.4K −$4.90/SF
NOI
$40.7K $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%
$813,800
Cap Rate 7%
$581,286
Cap Rate 9%
$452,111
Alternative Uses
Best Use
Multifamily LT 5
$581.3K
$508.6K – $678.2K
NOI $40,690 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$505.4K
$442.2K – $589.6K
NOI $35,378 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$917.7K
$803.0K – $1.07M
NOI $64,239 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,862
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences feature individual kitchens, utility sub-panels, gas meters, and dedicated outdoor areas.
Where is this triplex located?
The property is located at 1316 W Dean Ave Spokane, WA.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Legal 3‑unit property recognized by the county; Three 2bd/1ba units totaling 3,557 square feet; 0.14‑acre lot with six off‑street parking spaces
