Nine-Unit Triplex
1332 West Garland Avenue Spokane, WA 99205
1332 West Garland Avenue, Spokane, WA, 99205
Contact for pricing
For Sale
Contact for pricing
Portfolio of three triplexes with renovated interiors and recent roof and window replacements.
Property Size6,570 SF
Price / SF$197.87
Days on Market39
Property Features for 1332 West Garland Avenue
General Information
- Standard status
- Active
- Size
- 6,570 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing Agency
Paragon Group
Listed by
Peter Clark · License #25005584
Source
Crexi
Added: Jun 11 Checked: Jul 19 at 9:22 am
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.3k | $17.40 |
| − Vacancy | −$7.0k | −$1.06 |
| EGI | $107.4k | $16.34 |
| − OpEx | −$32.2k | −$4.90 |
| NOI | $75.2k | $11.44 |
6,570 SF · lease $17.40/SF/yr · vacancy 6.08% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
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
