Victorian
New
For Sale
$420,000
1911 2nd, Spokane, WA 99201
Historic two-story property with four occupied one-bedroom residences, basement storage, and alley-accessed off-street parking.
Property Size2,584 SF
Price / SF$162.54
Days on Market6
Property Features for 1911 2nd
General Information
Standard status
Active
Size
2,584 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$41,340
Taxes and HOA fees
Annual Taxes
$3,769
Amenities
Garage: Off Site, Shared Driveway
Style: Victorian
Victorian
Off Site, Shared Driveway
Building Details
Year Built
1900
Buildings
1
Stories
2
Construction
Victorian
Tenancy
Multi
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Matthew Brunner · License #97277
Source:
Clearwaterproperties
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 25 at 10:14AM
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.
Built circa 1900, this Victorian quadplex contains 2,584 square feet arranged as four one-bedroom, one-bath units across two stories. Architectural details include curved bay windows, arched fanlights, twin columned porches, and a river-rock chimney extending from the front façade to the roofline. A partial basement provides storage and space for mechanical equipment.
The property is 100% occupied, with current leases expiring on a staggered basis into 2027. Gravel off-street parking is located behind the building and is accessed from the alley. The property is in Browne's Addition, within walking distance of Coeur d'Alene Park, the MAC, and neighborhood cafés and pubs, with downtown Spokane, Kendall Yards, and the medical district minutes away.
The property is 100% occupied, with current leases expiring on a staggered basis into 2027. Gravel off-street parking is located behind the building and is accessed from the alley. The property is in Browne's Addition, within walking distance of Coeur d'Alene Park, the MAC, and neighborhood cafés and pubs, with downtown Spokane, Kendall Yards, and the medical district minutes away.
Key Highlights
- Four 1 bed/1 bath units within a 2,584 sq ft quadplex
- Circa‑1900 Victorian architecture with bay windows, fanlights, columned porches, and river‑rock chimney
- 100% occupied with staggered lease expirations into 2027
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
$29,560
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
7.04%
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%
$591,200
$591.2K
Cap Rate 7%
$422,286
$422.3K
Cap Rate 9%
$328,444
$328.4K
Market Conditions
NOI Build-Up for 2,584 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
$45.0K $17.40/SF
− Vacancy
−$2.7K −$1.06/SF
EGI
$42.2K $16.34/SF
− OpEx
−$12.7K −$4.90/SF
NOI
$29.6K $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%
$591,200
Cap Rate 7%
$422,286
Cap Rate 9%
$328,444
Alternative Uses
Best Use
Multifamily LT 5
$422.3K
$369.5K – $492.7K
NOI $29,560 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$367.1K
$321.3K – $428.3K
NOI $25,700 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$666.7K
$583.3K – $777.8K
NOI $46,667 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,035
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?
Quadplex - Historic two-story property with four occupied one-bedroom residences, basement storage, and alley-accessed off-street parking.
Where is this quadplex located?
The property is located at 1911 2nd Spokane, WA.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Four 1 bed/1 bath units within a 2,584 sq ft quadplex; Circa‑1900 Victorian architecture with bay windows, fanlights, columned porches, and river‑rock chimney; 100% occupied with staggered lease expirations into 2027
