Duplex with Detached
For Sale
$230,000
1623 W Garland Ave, Spokane, WA 99205
Two-unit property with private entrances, off-street parking, and office zoning that supports potential live-work use.
Property Size1,488 SF
Lot Size0.19 Acres
Price / SF$154.57
Days on Market42
Property Features for 1623 W Garland Ave
General Information
Standard status
Active
Size
1,488 SF
Total Parking Spaces
2
Lot size
0.19 Acres
Property subtype
Multi-Family
Zoning
office
Property Condition
Severity
Repairs Needed
Evidence
a little TLC
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Listing Agency:
REAL Broker LLC
(509) 570-2482
Listed By:
Haydn Halsted · License #139160
Source:
Clemensregroup
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 3:50PM
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 1940 duplex contains 1,488 total square feet, with three bedrooms and two bathrooms across the property. Each unit has its own entrance, while the site also provides off-street parking and a detached two-car garage. Office zoning adds flexibility for a potential live-work arrangement, subject to applicable regulations and permitting.
The property is located at 1623 W Garland Ave in Spokane, near the Garland District, retail shops, schools, and bus lines. Its residential layout and separate access points provide a straightforward two-unit configuration, with additional garage and parking improvements on the 0.19-acre lot.
The property is located at 1623 W Garland Ave in Spokane, near the Garland District, retail shops, schools, and bus lines. Its residential layout and separate access points provide a straightforward two-unit configuration, with additional garage and parking improvements on the 0.19-acre lot.
Key Highlights
- 1,488 total square feet with 3 bedrooms and 2 bathrooms
- Detached 2‑car garage with off‑street parking
- Each unit has a private entrance
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
7.40%
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 7.40%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.7K
NOI $14,800 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$383.9K
$335.9K – $447.9K
NOI $26,873 @ 7.0% cap · market cap 11.68%
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
359
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-unit property with private entrances, off-street parking, and office zoning that supports potential live-work use.
Where is this duplex located?
The property is located at 1623 W Garland Ave Spokane, WA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 1,488 total square feet with 3 bedrooms and 2 bathrooms; Detached 2‑car garage with off‑street parking; Each unit has a private entrance
