Brick Quadplex with
For Sale
$598,000
609 EUCLID, Spokane, WA 99207
Updated four-unit property with private laundry in every residence and three detached garage units.
Property Size3,600 SF
Price / SF$166.11
Days on Market16
Property Features for 609 EUCLID
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Additional Details
Multifamily Units
4
Amenities
in-unit laundry
Garage: Detached
Garage Spaces: 3
Style: Other
Other
Detached
3
Building Details
Year Built
1956
Buildings
4
Construction
brick
Listing Agency:
Jerry Vanhook Real Estate
Listed By:
Jerry Vanhook
(509) 927-7733
Source:
Clearwaterproperties
Added: Sep 12
Changed: Sep 26
Last Checked: Sep 26 at 3:19AM
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 Jerry Vanhook Real Estate
Investment Insights
Based on property information with market context.
This 3,600 SF brick quadplex contains four residential units and three detached garage units. Each unit has its own laundry, window AC, and stainless steel kitchen appliances, including glass-top stoves. The property has received extensive updates, including a newer roof, full gutter coverage, garage doors and openers, sewer line, electrical panels, heaters, windows, and a sprinkler system.
Built in 1956, the property is located at 609 Euclid in Spokane, Washington. The combination of four individual units, dedicated laundry, detached garage space, and substantial system updates creates a clearly defined multifamily configuration. Additional improvements include washer and dryer equipment within the units and updated kitchen components.
Built in 1956, the property is located at 609 Euclid in Spokane, Washington. The combination of four individual units, dedicated laundry, detached garage space, and substantial system updates creates a clearly defined multifamily configuration. Additional improvements include washer and dryer equipment within the units and updated kitchen components.
Key Highlights
- 4‑unit brick quadplex with 3 detached garage units
- 3,600 SF property built in 1956
- Private laundry in every unit
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
$41,182
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
6.89%
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%
$823,640
$823.6K
Cap Rate 7%
$588,314
$588.3K
Cap Rate 9%
$457,578
$457.6K
Market Conditions
NOI Build-Up for 3,600 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
$62.6K $17.40/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$58.8K $16.34/SF
− OpEx
−$17.6K −$4.90/SF
NOI
$41.2K $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%
$823,640
Cap Rate 7%
$588,314
Cap Rate 9%
$457,578
Alternative Uses
Best Use
Multifamily LT 5
$588.3K
$514.8K – $686.4K
NOI $41,182 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$928.8K
$812.7K – $1.08M
NOI $65,016 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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?
Quadplex - Updated four-unit property with private laundry in every residence and three detached garage units.
Where is this quadplex located?
The property is located at 609 EUCLID Spokane, WA.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: 4‑unit brick quadplex with 3 detached garage units; 3,600 SF property built in 1956; Private laundry in every unit
