Nine-Unit Triplex
For Sale
$1,210,000
1332 Garland, Spokane, WA 99205
Portfolio of three triplexes with renovated interiors and recent roof and window replacements.
Property Size6,570 SF
Price / SF$184.17
Days on Market117
Property Features for 1332 Garland
General Information
Standard status
Active
Size
6,570 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
9
Building Details
Year Built
1973
Listing Agency:
The Paragon Group
Listed By:
Peter Clark · License #25005584
(509) 471-6805
Source:
Century21northhomes
Added: Jun 17
Changed: Oct 10
Last Checked: Oct 10 at 1:27AM
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 The Paragon Group
Investment Insights
Based on property information with market context.
This for-sale portfolio includes three triplexes totaling 9 units across three parcels. Renovation work has already been completed in 6 of the 9 units, and the property has seen major capital improvements including new roofs and new windows. The result is a mix of updated interiors and remaining units that have not yet been renovated to the same standard.
The properties are located in Spokane’s Garland District at 3906-3912 N Cedar St and 1332-1336 W Garland Ave. With multiple addresses spread across separate parcels, the ownership structure supports a straightforward, unit-by-unit approach to ongoing updates.
For an owner-operator or investor seeking an income-producing residential portfolio, this asset offers a meaningful foundation of completed interior renovations alongside substantial building-level CapEx. As long-term tenants naturally move on, additional units can be targeted for renovation to align more closely with the completed interiors, allowing management to keep the property moving forward without changing the fundamental triplex structure. The current mix of improvements provides a practical basis for buyers looking to manage day-to-day operations while continuing phased upgrades.
The properties are located in Spokane’s Garland District at 3906-3912 N Cedar St and 1332-1336 W Garland Ave. With multiple addresses spread across separate parcels, the ownership structure supports a straightforward, unit-by-unit approach to ongoing updates.
For an owner-operator or investor seeking an income-producing residential portfolio, this asset offers a meaningful foundation of completed interior renovations alongside substantial building-level CapEx. As long-term tenants naturally move on, additional units can be targeted for renovation to align more closely with the completed interiors, allowing management to keep the property moving forward without changing the fundamental triplex structure. The current mix of improvements provides a practical basis for buyers looking to manage day-to-day operations while continuing phased upgrades.
Key Highlights
- Three triplexes portfolio: 9 total units across three parcels in Spokane’s Garland District
- Renovated interiors in 6 of 9 units, with additional unit renovation potential as vacancies occur
- Major CapEx completed: new roofs and new windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,157
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,503,140
$1.5M
Cap Rate 7%
$1,073,671
$1.1M
Cap Rate 9%
$835,078
$835.1K
Market Conditions
NOI Build-Up for 6,570 SF
Gross rent
$114.3K $17.40/SF
− Vacancy
−$7.0K −$1.06/SF
EGI
$107.4K $16.34/SF
− OpEx
−$32.2K −$4.90/SF
NOI
$75.2K $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 Rate 5%
$1,503,140
Cap Rate 7%
$1,073,671
Cap Rate 9%
$835,078
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$939.5K – $1.25M
NOI $75,157 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$933.5K
$816.8K – $1.09M
NOI $65,345 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,654 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
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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
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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 - Portfolio of three triplexes with renovated interiors and recent roof and window replacements.
Where is this triplex located?
The property is located at 1332 Garland Spokane, WA.
What is the asking price?
The asking price for this property is $1,210,000.
What are key features of this property?
This property features: Three triplexes portfolio: 9 total units across three parcels in Spokane’s Garland District; Renovated interiors in 6 of 9 units, with additional unit renovation potential as vacancies occur; Major CapEx completed: new roofs and new windows
