Updated Bungalow Across From
For Sale
$639,950
1823 Grand, Spokane, WA 99203
1923 bungalow near Manito Park, generating over $64,000 yearly.
Property Size2,240 SF
Price / SF$285.69
Days on Market80
Property Features for 1823 Grand
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$6,500
Amenities
Garage: Detached, Garage Door Opener, Off Site
Garage Spaces: 1
Style: Bungalow
Bungalow
Detached, Garage Door Opener, Off Site
1
Building Details
Year Built
1923
Listing Agency:
REAL Broker LLC
(509) 458-4000
Listed By:
Bryan Crabbe
Source:
Clearwaterproperties
Added: May 24
Changed: Aug 11
Last Checked: Aug 8 at 5:03AM
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 is a 2,240 square foot bungalow constructed in 1923. The property is located directly across from Manito Park, near Rockwood Bakery. The main floor is currently used as a successful Airbnb, while the lower level is a fully furnished month-to-month rental. In 2025, the property generated over $64,000 in income, with an average monthly income of $3,440 from the Airbnb and $1,900 from the lower unit. The main floor features a formal living room with oak hardwoods and a marble-faced fireplace, an oversized dining room with a built-in hutch, and an updated kitchen with white cabinetry, stainless steel appliances, and a gas range. This level also includes two bedrooms and one updated bathroom. The lower level is a private suite with its own entrance, a full kitchen, a full bathroom, two egress bedrooms, and a living/dining area. It is suitable for rental income or multi-generational living.
Key Highlights
- High income‑generating property: Expect $64,000+ in 2025 from Airbnb and lower‑level rental.
- Prime location directly across from Manito Park and steps from Rockwood Bakery.
- Fully furnished property, ready for immediate rental or occupancy.
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
$22,279
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
3.48%
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%
$445,580
$445.6K
Cap Rate 7%
$318,271
$318.3K
Cap Rate 9%
$247,544
$247.5K
Market Conditions
NOI Build-Up for 2,240 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
$43.3K $19.32/SF
− Vacancy
−$2.8K −$1.24/SF
EGI
$40.5K $18.08/SF
− OpEx
−$18.2K −$8.14/SF
NOI
$22.3K $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%
$445,580
Cap Rate 7%
$318,271
Cap Rate 9%
$247,544
Alternative Uses
Best Use
Apartment 5plus
$318.3K
$278.5K – $371.3K
NOI $22,279 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.9K
$505.7K – $674.2K
NOI $40,454 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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?
Short term rental property - 1923 bungalow near Manito Park, generating over $64,000 yearly.
Where is this short term rental property located?
The property is located at 1823 Grand Spokane, WA.
What is the asking price?
The asking price for this property is $639,950.
What are key features of this property?
This property features: High income‑generating property: Expect $64,000+ in 2025 from Airbnb and lower‑level rental.; Prime location directly across from Manito Park and steps from Rockwood Bakery.; Fully furnished property, ready for immediate rental or occupancy.
