Nine-Unit Triplex
For Sale
Contact for pricing
1332 West Garland Avenue, Spokane, WA 99205
Portfolio of three triplexes with renovated interiors and recent roof and window replacements.
Property Size6,570 SF
Price / SF$197.87
Days on Market62
Property Features for 1332 West Garland Avenue
General Information
Standard status
Active
Size
6,570 SF
Property subtype
Multifamily
Zoning
RMF
Investment Type
Stabilized
Net Operating Income
$78,489
Additional Details
Multifamily Units
9
Building Details
Year Built
1973
Buildings
3
Stories
1
Units
9
Tenancy
Multi
Listing Agency:
Paragon Group
(509) 471-6805
Listed By:
Peter Clark · License #25005584
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 11 at 11:35AM
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 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 = 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
$75,157
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
5.78%
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%
$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
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
$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 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%
$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 5.78%
Second Best
Apartment 5plus
$933.5K
$816.8K – $1.09M
NOI $65,345 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,654 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
716
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?
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 West Garland Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $1,300,000.
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
