Duplex with Office Zoning
For Sale
$200,000
1623 Garland, Spokane, WA 99205
Two-bedroom units with private entrances and off-street parking, with office zoning offering live-work and mixed-use flexibility.
Property Size1,488 SF
Lot Size0.19 Acres
Price / SF$134.41
Days on Market62
Property Features for 1623 Garland
General Information
Standard status
Active
Size
1,488 SF
Lot size
0.19 Acres
Property subtype
Multi Family Home
Zoning
office use
Amenities
Garage: Detached, Off Site
Garage Spaces: 2
Style: Ranch
Ranch
Detached, Off Site
2
Building Details
Year Built
1940
Listing Agency:
REAL Broker LLC
(509) 570-2482
Listed By:
Haydn Halsted · License #139160
Source:
Clearwaterproperties
Added: Jun 17
Changed: Aug 16
Last Checked: Aug 17 at 12:23PM
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 affordable duplex features two separate living areas, each with a private entrance, functional layouts, and off-street parking. The property includes a detached 2-car garage and totals 3 bedrooms and 2 bathrooms across 1,488 square feet, set on a 0.19-acre lot. It’s a strong candidate for buyers seeking a manageable income property with an adaptable configuration.
The duplex is located in North Spokane just blocks from the Garland District, with nearby access to shops, schools, and bus lines. The address at 1623 W Garland Ave places it within an established area where residents and small businesses commonly operate.
With zoning that allows office use, the property provides an additional layer of flexibility beyond traditional duplex ownership. A future owner could potentially run a small business from an upper level while using the other unit in a residential capacity, subject to local regulations and permitting requirements. For investors or house-hackers, the combination of separate entrances and practical parking supports multiple ownership and operating strategies while keeping the footprint straightforward to manage.
The duplex is located in North Spokane just blocks from the Garland District, with nearby access to shops, schools, and bus lines. The address at 1623 W Garland Ave places it within an established area where residents and small businesses commonly operate.
With zoning that allows office use, the property provides an additional layer of flexibility beyond traditional duplex ownership. A future owner could potentially run a small business from an upper level while using the other unit in a residential capacity, subject to local regulations and permitting requirements. For investors or house-hackers, the combination of separate entrances and practical parking supports multiple ownership and operating strategies while keeping the footprint straightforward to manage.
Key Highlights
- Duplex on a 0.19‑acre lot with 1,488 total sq. ft., built in 1940
- 3 bedrooms, 2 bathrooms total; each unit has a private entrance
- Off‑street parking available and a detached 2‑car garage with 2 garage spaces (detached, off site)
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
$17,022
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
8.51%
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%
$340,440
$340.4K
Cap Rate 7%
$243,171
$243.2K
Cap Rate 9%
$189,133
$189.1K
Market Conditions
NOI Build-Up for 1,488 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
$25.9K $17.40/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$24.3K $16.34/SF
− OpEx
−$7.3K −$4.90/SF
NOI
$17.0K $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%
$340,440
Cap Rate 7%
$243,171
Cap Rate 9%
$189,133
Alternative Uses
Best Use
Multifamily LT 5
$243.2K
$212.8K – $283.7K
NOI $17,022 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.7K
NOI $14,800 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$383.9K
$335.9K – $447.9K
NOI $26,873 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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-bedroom units with private entrances and off-street parking, with office zoning offering live-work and mixed-use flexibility.
Where is this duplex located?
The property is located at 1623 Garland Spokane, WA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Duplex on a 0.19‑acre lot with 1,488 total sq. ft., built in 1940; 3 bedrooms, 2 bathrooms total; each unit has a private entrance; Off‑street parking available and a detached 2‑car garage with 2 garage spaces (detached, off site)
