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    Updated Bungalow Across From Manito Title is generated by Realmo AI

    1823 S Grand Blvd, Spokane, WA 99203

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    New
    For Sale
    $649,950

    1923 bungalow near Manito Park, generating over $64,000 yearly.

    Type:Multi Family Home
    Property size:
    2,240 SF
    Price / SF:
    $290/SF
    Added:
    May 24, 2026
    Days on Market:
    5
    Last Refresh:
    May 24 at 7:51 pm

    Property Features for 1823 S Grand Blvd

    General Information

    Standard status
    Active
    Size
    2,240 SF
    Property subtype
    Multi Family Home

    Building Details

    Year Built
    1923

    We can help!

    Listing Contact
    Bryan Crabbe

    Listing agent Bryan Crabbe

    Listing office REAL Broker LLC

    Listing date May 24, 2026

    Source Clearwaterproperties

    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

    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.
    • Updated throughout, including kitchen with stainless appliances and updated bath.
    • Main floor features formal living room with oak hardwoods and marble fireplace.
    • Lower level is a private suite with separate entrance, full kitchen, and two egress bedrooms.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4067453
    Latitude
    47.6382711

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    FAQs

    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 S Grand Blvd Spokane, WA.
    What is the asking price?
    The asking price for this property is $649,950.
    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.
    We can help!
    Listing Contact
    Bryan Crabbe
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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