New Construction Duplex with
For Sale
$479,800
1912 Buckeye, Spokane, WA 99205
Single-story income property with two finished residences, private laundry hookups, and efficient mini-split cooling.
Property Size1,638 SF
Price / SF$292.92
Days on Market30
Property Features for 1912 Buckeye
General Information
Standard status
Active
Size
1,638 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$540
Amenities
Garage: None
Garage Spaces: 0
Style: Ranch
Ranch
Building Details
Year Built
2025
Buildings
1
Stories
1
Listing Agency:
Windermere City Group
(509) 939-7647
Listed By:
Erik Dordal
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 3:47PM
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 Windermere City Group
Investment Insights
Based on property information with market context.
Completed in 2025, this 1,638-square-foot single-story duplex contains two two-bedroom, two-bath residences. Each unit features an open great-room layout, laundry hookups, LVP flooring, quartz countertops, and mini-split systems with air conditioning. One residence is occupied, while the second is furnished as a model home.
The property is in Spokane near Audubon Park, Downriver Golf Course, neighborhood restaurants, and the Monroe district. Three additional buildings at the site are occupied under annual leases, providing broader occupied-site context for buyers evaluating the property.
The property is in Spokane near Audubon Park, Downriver Golf Course, neighborhood restaurants, and the Monroe district. Three additional buildings at the site are occupied under annual leases, providing broader occupied-site context for buyers evaluating the property.
Key Highlights
- 2025‑built duplex with 1,638 square feet of total property size
- Two 2 bed / 2 bath units in a single‑story configuration
- Open great‑room living areas with LVP floors and quartz countertops
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
$18,738
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
3.91%
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%
$374,760
$374.8K
Cap Rate 7%
$267,686
$267.7K
Cap Rate 9%
$208,200
$208.2K
Market Conditions
NOI Build-Up for 1,638 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
$28.5K $17.40/SF
− Vacancy
−$1.7K −$1.06/SF
EGI
$26.8K $16.34/SF
− OpEx
−$8.0K −$4.90/SF
NOI
$18.7K $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%
$374,760
Cap Rate 7%
$267,686
Cap Rate 9%
$208,200
Alternative Uses
Best Use
Multifamily LT 5
$267.7K
$234.2K – $312.3K
NOI $18,738 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$232.7K
$203.6K – $271.5K
NOI $16,291 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$422.6K
$369.8K – $493.0K
NOI $29,582 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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?
Duplex - Single-story income property with two finished residences, private laundry hookups, and efficient mini-split cooling.
Where is this duplex located?
The property is located at 1912 Buckeye Spokane, WA.
What is the asking price?
The asking price for this property is $479,800.
What are key features of this property?
This property features: 2025‑built duplex with 1,638 square feet of total property size; Two 2 bed / 2 bath units in a single‑story configuration; Open great‑room living areas with LVP floors and quartz countertops
