Corner-Lot Duplex with Finished
New
For Sale
$425,000
1804 2nd, Spokane, WA 99201
Two occupied units offer four bedrooms, two baths, and shared lower-level laundry.
Property Size3,600 SF
Price / SF$118.06
Days on Market5
Property Features for 1804 2nd
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
shared laundry
Garage: Attached, Off Site, Shared Driveway
Garage Spaces: 2
Style: Other
Other
Attached, Off Site, Shared Driveway
2
Building Details
Year Built
1945
Tenancy
Multi
Listing Agency:
REAL Broker LLC
(509) 768-3722
Listed By:
Aaron Farr · License #22007554
Source:
Clearwaterproperties
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 6:42AM
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 side-by-side duplex contains 3,600 square feet across two residential units. Each approximately 1,800-square-foot unit includes two bedrooms and one bathroom on the main level, while a recently completed basement adds two bedrooms and a full bathroom. LVP flooring runs throughout both units, and laundry facilities are shared in the lower level. A two-car garage serves the property.
The building occupies a corner lot at 1804 2nd in Spokane’s Browne's Addition. Both units are occupied by long-term tenants. The property is within walking distance of Rosauers, The Elk, and Pacific Pizza, with access to downtown, the freeway, and bus routes nearby.
The building occupies a corner lot at 1804 2nd in Spokane’s Browne's Addition. Both units are occupied by long-term tenants. The property is within walking distance of Rosauers, The Elk, and Pacific Pizza, with access to downtown, the freeway, and bus routes nearby.
Key Highlights
- Side‑by‑side duplex with 3,600 SF across two units
- Each unit measures approximately 1,800 sq ft with 4 bedrooms and 2 bathrooms
- Recently finished basements add 2 bedrooms and 1 full bath per unit
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
$35,805
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
8.42%
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%
$716,100
$716.1K
Cap Rate 7%
$511,500
$511.5K
Cap Rate 9%
$397,833
$397.8K
Market Conditions
NOI Build-Up for 3,600 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
$69.6K $19.32/SF
− Vacancy
−$4.5K −$1.24/SF
EGI
$65.1K $18.08/SF
− OpEx
−$29.3K −$8.14/SF
NOI
$35.8K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$716,100
Cap Rate 7%
$511,500
Cap Rate 9%
$397,833
Alternative Uses
Best Use
Multifamily LT 5
$588.3K
$514.8K – $686.4K
NOI $41,182 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$928.8K
$812.7K – $1.08M
NOI $65,016 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,414
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 occupied units offer four bedrooms, two baths, and shared lower-level laundry.
Where is this duplex located?
The property is located at 1804 2nd 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: Side‑by‑side duplex with 3,600 SF across two units; Each unit measures approximately 1,800 sq ft with 4 bedrooms and 2 bathrooms; Recently finished basements add 2 bedrooms and 1 full bath per unit
