New 4-Unit
For Sale
$1,041,125
1429 E 1st Ave, Spokane, WA 99202
Contemporary rental property with three-bedroom residences, in-unit laundry, and durable interior finishes.
Property Size4,800 SF
Price / SF$216.90
Days on Market12
Property Features for 1429 E 1st Ave
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Amenities
in-unit laundry
Building Details
Buildings
1
Listing Agency:
Amplify Real Estate Services
(509) 263-1870
Listed By:
Dustin Cramer · License #113010
(509) 263-1870
Source:
Exprealty
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 9 at 9:28AM
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 Amplify Real Estate Services
Investment Insights
Based on property information with market context.
This new quadplex includes four residences, each offering three bedrooms, two bathrooms, and more than 1,200 square feet of living area. Interior features include open layouts, LVP flooring, hard-surface countertops, undermount sinks, quality cabinetry, in-unit laundry, and large bedroom windows. The property is estimated for completion in February/March 2027.
Located at 1429 E 1st Ave in Spokane, the property is minutes from downtown and near local shops, restaurants, and parks. The completed building will provide a consistent four-unit configuration suited to residential rental use.
Located at 1429 E 1st Ave in Spokane, the property is minutes from downtown and near local shops, restaurants, and parks. The completed building will provide a consistent four-unit configuration suited to residential rental use.
Key Highlights
- Four‑unit quadplex with 3 bedrooms and 2 bathrooms per residence
- Each unit offers more than 1,200 square feet of living space
- Estimated completion in February/March 2027
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
$54,909
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
5.27%
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%
$1,098,180
$1.1M
Cap Rate 7%
$784,414
$784.4K
Cap Rate 9%
$610,100
$610.1K
Market Conditions
NOI Build-Up for 4,800 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
$83.5K $17.40/SF
− Vacancy
−$5.1K −$1.06/SF
EGI
$78.4K $16.34/SF
− OpEx
−$23.5K −$4.90/SF
NOI
$54.9K $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%
$1,098,180
Cap Rate 7%
$784,414
Cap Rate 9%
$610,100
Alternative Uses
Best Use
Multifamily LT 5
$784.4K
$686.4K – $915.2K
NOI $54,909 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$682.0K
$596.8K – $795.7K
NOI $47,740 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,688 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Quadplex - Contemporary rental property with three-bedroom residences, in-unit laundry, and durable interior finishes.
Where is this quadplex located?
The property is located at 1429 E 1st Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,041,125.
What are key features of this property?
This property features: Four‑unit quadplex with 3 bedrooms and 2 bathrooms per residence; Each unit offers more than 1,200 square feet of living space; Estimated completion in February/March 2027
