Duplex with Detached Two-Car
For Sale
$218,000
1623 W Garland Ave, Spokane, WA 99205
MULTI_FAMILY - Ranch - Spokane, WA
Property Size1,488 SF
Lot Size0.19 Acres
Price / SF$146.51
Days on Market61
Property Features for 1623 W Garland Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Parking features
Offsite
Fireplace
1
Basement
Full, Finished
Appliances
Free-Standing Range, Refrigerator
Elementary school
Willard
Middle school
Glover
High school
North Central
Elementary school district
Spokane Dist 81
Directions
Head north to N Division St, turn left onto W Garland Ave-1623 W Garland Ave will be on your left.
Standard status
Active
APN
25014.0304
Size
1,488 SF
Lot size
0.19 Acres
Utilities
Heating system
Baseboard, Ductless (Heating), Electric (Heating)
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Building materials
Shake Siding
Roof type
Composition
Architectural style
Ranch
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Haydn Halsted · License #139160
(855) 450-0442
Added: Jun 10
Changed: Aug 6
Last Checked: Aug 9 at 6:06PM
MLS# 202619033
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ranch-style duplex (built in 1940) is designed as two units, with each unit having a private entrance and functional layouts. The property provides 1,488 total square feet and includes three bedrooms and two bathrooms. Off-street parking is available, along with a detached 2-car garage. A fireplace is also included.
The home features shake siding and a composition roof. Heating is electric, with ductless heating and baseboard options. Appliances include a free-standing range and refrigerator.
The property is zoned for office use, supporting live-work type concepts, and it is positioned just blocks from the Garland District, shops, schools, and bus lines. Any short-term rental or business use would be subject to local regulations and permitting requirements.
The home features shake siding and a composition roof. Heating is electric, with ductless heating and baseboard options. Appliances include a free-standing range and refrigerator.
The property is zoned for office use, supporting live-work type concepts, and it is positioned just blocks from the Garland District, shops, schools, and bus lines. Any short-term rental or business use would be subject to local regulations and permitting requirements.
Key Highlights
- Zoned for office use, supporting live‑work concepts
- Each unit has a private entrance with off‑street parking
- Detached 2‑car garage plus off‑street parking
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
7.81%
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%
$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 7.81%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.7K
NOI $14,800 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$383.9K
$335.9K – $447.9K
NOI $26,873 @ 7.0% cap · market cap 12.33%
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
716
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 - Ranch duplex with detached 2-car garage, fireplace, and electric heating on a 0.186-acre lot.
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 $218,000.
What are key features of this property?
This property features: Zoned for office use, supporting live‑work concepts; Each unit has a private entrance with off‑street parking; Detached 2‑car garage plus off‑street parking
