Victorian Duplex with Main-Floor
For Sale
$425,000
1510 W College Ave, Spokane, WA 99201
Two-unit property offers matching two-bedroom layouts and full laundry on each main floor.
Property Size2,160 SF
Price / SF$196.76
Days on Market140
Property Features for 1510 W College Ave
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,780
Amenities
full main-floor laundry
Garage: Off Site, Alley Access
Garage Spaces: 0
Style: Victorian
Victorian
Off Site, Alley Access
Building Details
Year Built
1889
Listing Agency:
REAL Broker LLC
(509) 953-1422
Listed By:
Richard Stokes
Source:
Clearwaterproperties
Added: Apr 15
Changed: Aug 31
Last Checked: Aug 30 at 8:17PM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This Victorian duplex contains 2,160 square feet with two residential units, each configured with 2 bedrooms and 1 bath. Both sides include a front living area, kitchen, and full laundry located on the main floor. The property was built in 1889 and has a documented history as both a short-term and long-term rental.
The address is one block from Kendall Yards, with dining, shopping, and the Centennial Trail within walking distance. Downtown Spokane and Riverfront Park are also described as minutes away. Access includes an alley, with off-site parking noted in the property information.
The address is one block from Kendall Yards, with dining, shopping, and the Centennial Trail within walking distance. Downtown Spokane and Riverfront Park are also described as minutes away. Access includes an alley, with off-site parking noted in the property information.
Key Highlights
- Two‑unit duplex with 2,160 square feet
- Each unit includes 2 bedrooms and 1 bath
- Full main‑floor laundry in both units
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
$24,709
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
5.81%
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%
$494,180
$494.2K
Cap Rate 7%
$352,986
$353.0K
Cap Rate 9%
$274,544
$274.5K
Market Conditions
NOI Build-Up for 2,160 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
$37.6K $17.40/SF
− Vacancy
−$2.3K −$1.06/SF
EGI
$35.3K $16.34/SF
− OpEx
−$10.6K −$4.90/SF
NOI
$24.7K $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%
$494,180
Cap Rate 7%
$352,986
Cap Rate 9%
$274,544
Alternative Uses
Best Use
Multifamily LT 5
$353.0K
$308.9K – $411.8K
NOI $24,709 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$306.9K
$268.5K – $358.1K
NOI $21,483 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$557.3K
$487.6K – $650.2K
NOI $39,010 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,408
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 - Two-unit property offers matching two-bedroom layouts and full laundry on each main floor.
Where is this duplex located?
The property is located at 1510 W College Ave Spokane, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,160 square feet; Each unit includes 2 bedrooms and 1 bath; Full main‑floor laundry in both units
