Turnkey Duplex with Off-Street
For Sale
$740,000
1422 Wall, Spokane, WA 99201
Modern 2021 duplex with fully furnished 3-bedroom units, stainless appliances, and off-street parking via a private alley.
Property Size3,008 SF
Price / SF$246.01
Days on Market22
Property Features for 1422 Wall
General Information
Standard status
Active
Size
3,008 SF
Property subtype
Multi Family Home
Additional Details
Furnished
Yes
Multifamily Units
2
Amenities
stainless steel appliances
LVP flooring
Shaker-style cabinetry
hard-surface countertops
xeriscaped exterior
off-street parking
Garage: Slab, Off Site, Alley Access
Garage Spaces: 0
Style: Traditional
Traditional
Slab, Off Site, Alley Access
Building Details
Year Built
2021
Tenancy
Multi
Listing Agency:
Avalon 24 Real Estate
(509) 458-4000
Listed By:
Chelsey Graves · License #SP53613
Source:
Clearwaterproperties
Added: Jul 25
Changed: Aug 15
Last Checked: Aug 15 at 5:10AM
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 Avalon 24 Real Estate
Investment Insights
Based on property information with market context.
Built in 2021, this modern duplex offers two identical residences, each featuring three bedrooms and 2.5 bathrooms. Each unit includes well-maintained living space and comes fully furnished. Interiors are appointed with stainless steel appliances, LVP flooring, Shaker-style cabinetry, and hard-surface countertops. The exterior includes xeriscaping for low-maintenance upkeep, and each unit provides off-street parking accessed from a private alley.
The property is centrally located near Spokane Arena, ONE Spokane Stadium, The Podium, and downtown, supporting use patterns tied to visiting and local demand.
With a turnkey setup and the flexibility to operate as a short-term rental or transition to longer-term occupancy, this duplex is positioned for an investor or owner-occupant looking to offset housing costs through rental income.
The property is centrally located near Spokane Arena, ONE Spokane Stadium, The Podium, and downtown, supporting use patterns tied to visiting and local demand.
With a turnkey setup and the flexibility to operate as a short-term rental or transition to longer-term occupancy, this duplex is positioned for an investor or owner-occupant looking to offset housing costs through rental income.
Key Highlights
- Built in 2021, modern traditional duplex in central Spokane
- Each unit has 3 bedrooms, 2.5 bathrooms, and 1,504 sq ft of living space
- Both units are fully furnished and include stainless steel appliances
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
$34,410
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
4.65%
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%
$688,200
$688.2K
Cap Rate 7%
$491,571
$491.6K
Cap Rate 9%
$382,333
$382.3K
Market Conditions
NOI Build-Up for 3,008 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
$52.3K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.2K $16.34/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$34.4K $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%
$688,200
Cap Rate 7%
$491,571
Cap Rate 9%
$382,333
Alternative Uses
Best Use
Multifamily LT 5
$491.6K
$430.1K – $573.5K
NOI $34,410 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$427.4K
$374.0K – $498.6K
NOI $29,917 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$776.1K
$679.1K – $905.4K
NOI $54,324 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,704
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Modern 2021 duplex with fully furnished 3-bedroom units, stainless appliances, and off-street parking via a private alley.
Where is this duplex located?
The property is located at 1422 Wall Spokane, WA.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Built in 2021, modern traditional duplex in central Spokane; Each unit has 3 bedrooms, 2.5 bathrooms, and 1,504 sq ft of living space; Both units are fully furnished and include stainless steel appliances
