Side-by-Side Duplex with
New
For Sale
$425,000
1804 W 2nd Ave, Spokane, WA 99201
Residential Income, Spokane, WA
Property Size3,600 SF
Lot Size0.11 Acres
Price / SF$118.06
Days on Market3
Property Features for 1804 W 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 2, Bedroom 3
Parking
4
Parking features
Offsite, Driveway
Basement
Full, Walk-Out Access, Finished
Appliances
Free-Standing Range, Refrigerator, Washer, Dryer
Lot features
Corner Lot, City Bus (w/in 6 blks)
View
Territorial
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
GPS
Standard status
Active
APN
25241.1715
Size
3,600 SF
Lot size
0.11 Acres
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Amenities
laundry
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Steel Frame, Wood Siding
Roof type
Composition
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Aaron Farr · License #22007554
(855) 450-0442
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 202623077
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 side-by-side duplex contains 3,600 square feet across two approximately 1,800-square-foot units. Each residence provides four bedrooms and two bathrooms, with two bedrooms and one bathroom on the main level and an additional two bedrooms plus a full bathroom in the finished basement. Vinyl plank flooring, baseboard heat, window-unit cooling, and individual kitchen appliances are included. A shared lower-level laundry area serves both units, while the property also has a two-car garage, driveway, and offsite parking. The building was constructed in 1945 with steel-frame construction, wood siding, and a composition roof.
Both units are occupied by long-term tenants, and showings require advance appointment without disturbing residents. The property sits on a 0.1148-acre corner lot at 1804 W 2nd Ave in Spokane’s Browne’s Addition. Rosauers, The Elk, and Pacific Pizza are within walking distance, with downtown, freeway access, and bus routes nearby.
Both units are occupied by long-term tenants, and showings require advance appointment without disturbing residents. The property sits on a 0.1148-acre corner lot at 1804 W 2nd Ave in Spokane’s Browne’s Addition. Rosauers, The Elk, and Pacific Pizza are within walking distance, with downtown, freeway access, and bus routes nearby.
Key Highlights
- Two‑unit side‑by‑side duplex totaling 3,600 square feet
- Each unit is approximately 1,800 square feet with 4 bedrooms and 2 bathrooms
- Finished basements add 2 bedrooms and 1 full bathroom 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 - Corner-lot property offers two occupied units with shared laundry and convenient street access.
Where is this duplex located?
The property is located at 1804 W 2nd 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 side‑by‑side duplex totaling 3,600 square feet; Each unit is approximately 1,800 square feet with 4 bedrooms and 2 bathrooms; Finished basements add 2 bedrooms and 1 full bathroom per unit
