Updated Bungalow Across From
For Sale
$629,950
1823 Grand, Spokane, WA 99203
1923 bungalow near Manito Park, generating over $64,000 yearly.
Property Size2,240 SF
Price / SF$281.23
Days on Market137
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
Listed By:
Bryan Crabbe
(509) 458-4000
Source:
Clearwaterproperties
Added: May 24
Changed: Oct 6
Last Checked: Oct 5 at 4:31PM
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 / Yr
$22,279
Cap Rate
3.54%
Suggested Prices Based on Cap Rates
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
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 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 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.9K
$505.7K – $674.2K
NOI $40,454 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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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 $629,950.
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.
