Low-Maintenance Triplex with
For Sale
$455,000
1902 Everett, Spokane, WA 99207
Well-cared-for triplex with separate utilities, wall A/C, and in-unit washer/dryer hookups.
Property Size2,175 SF
Price / SF$209.20
Days on Market49
Property Features for 1902 Everett
General Information
Standard status
Active
Size
2,175 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,294
Amenities
Garage: Attached
Garage Spaces: 3
Style: Ranch
Ranch
Attached
3
Building Details
Year Built
1977
Tenancy
Multi
Listing Agency:
SDS Realty, Inc.
Listed By:
Jay Overholser · License #43093
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 20
Last Checked: Aug 21 at 11:12AM
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 SDS Realty, Inc.
Investment Insights
Based on property information with market context.
This low-maintenance triplex offers a practical, self-contained setup for each tenant. Each unit includes its own wall A/C, individual electric baseboard heat and hot water, and washer/dryer hookups. Interior finishes feature vinyl plank flooring with carpeted bedrooms. Each unit is separately metered, and the property also has a roof that was installed approximately in 2017.
A key convenience is the single-car garage assigned to each unit on the west side of the building. The seller notes there may be potential to convert that space into a fourth unit while still maintaining off-street parking or reconfiguring garage setup.
The property sits on Spokane’s northeast side, with Rochester Heights Park located directly across the street.
A key convenience is the single-car garage assigned to each unit on the west side of the building. The seller notes there may be potential to convert that space into a fourth unit while still maintaining off-street parking or reconfiguring garage setup.
The property sits on Spokane’s northeast side, with Rochester Heights Park located directly across the street.
Key Highlights
- Ranch‑style triplex built in 1977 with 3 attached garage spaces
- Each unit has its own single‑car garage plus off‑street parking potential
- Separate utilities: each unit has individually metered electric baseboard heat and hot water
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
$24,881
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
5.47%
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%
$497,620
$497.6K
Cap Rate 7%
$355,443
$355.4K
Cap Rate 9%
$276,456
$276.5K
Market Conditions
NOI Build-Up for 2,175 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
$37.8K $17.40/SF
− Vacancy
−$2.3K −$1.06/SF
EGI
$35.5K $16.34/SF
− OpEx
−$10.7K −$4.90/SF
NOI
$24.9K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$497,620
Cap Rate 7%
$355,443
Cap Rate 9%
$276,456
Alternative Uses
Best Use
Multifamily LT 5
$355.4K
$311.0K – $414.7K
NOI $24,881 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$309.0K
$270.4K – $360.5K
NOI $21,632 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$561.2K
$491.0K – $654.7K
NOI $39,281 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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?
Triplex - Well-cared-for triplex with separate utilities, wall A/C, and in-unit washer/dryer hookups.
Where is this triplex located?
The property is located at 1902 Everett Spokane, WA.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Ranch‑style triplex built in 1977 with 3 attached garage spaces; Each unit has its own single‑car garage plus off‑street parking potential; Separate utilities: each unit has individually metered electric baseboard heat and hot water
