Brick Triplex With Off-Street
For Sale
$455,000
2004 Rowan, Spokane, WA 99207
Well-maintained brick triplex with three 2BR/1BA units, wall A/C, dishwashers, and uncovered off-street parking.
Property Size2,211 SF
Price / SF$205.79
Days on Market39
Property Features for 2004 Rowan
General Information
Standard status
Active
Size
2,211 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,260
Amenities
wall a/c
dishwasher
common free laundry
Garage: Off Site, Alley Access
Garage Spaces: 0
Style: Ranch
Ranch
Off Site, Alley Access
Building Details
Year Built
1973
Construction
brick
Tenancy
Multi
Listing Agency:
SDS Realty, Inc.
Listed By:
Jay Overholser · License #43093
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 10
Last Checked: Aug 11 at 11:06AM
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.
Well maintained brick triplex with three separate 2-bedroom, 1-bath units. Each unit includes the usual appliances, wall A/C, and a dishwasher. Uncovered, off-street parking is provided for tenants.
A common, free laundry is located in the partial basement. All units are currently occupied. Roof work includes a new roof installed in 2026 on the E, N, and W sides, with the south side described as good.
The property is located at 2004 E Rowan Ave in Spokane, WA 99207, and is described as offering strong visibility and access along E Rowan Avenue. Please note that seller financing is not available.
A common, free laundry is located in the partial basement. All units are currently occupied. Roof work includes a new roof installed in 2026 on the E, N, and W sides, with the south side described as good.
The property is located at 2004 E Rowan Ave in Spokane, WA 99207, and is described as offering strong visibility and access along E Rowan Avenue. Please note that seller financing is not available.
Key Highlights
- Brick triplex built in 1973 with three 2BR/1BA units
- Each unit includes wall A/C and a dishwasher, plus typical appliances
- Uncovered off‑street parking with alley access (off‑site garage listed; 0 garage spaces)
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
$25,293
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
5.56%
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%
$505,860
$505.9K
Cap Rate 7%
$361,329
$361.3K
Cap Rate 9%
$281,033
$281.0K
Market Conditions
NOI Build-Up for 2,211 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
$38.5K $17.40/SF
− Vacancy
−$2.3K −$1.06/SF
EGI
$36.1K $16.34/SF
− OpEx
−$10.8K −$4.90/SF
NOI
$25.3K $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%
$505,860
Cap Rate 7%
$361,329
Cap Rate 9%
$281,033
Alternative Uses
Best Use
Multifamily LT 5
$361.3K
$316.2K – $421.6K
NOI $25,293 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$314.1K
$274.9K – $366.5K
NOI $21,990 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$570.4K
$499.1K – $665.5K
NOI $39,931 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,047
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-maintained brick triplex with three 2BR/1BA units, wall A/C, dishwashers, and uncovered off-street parking.
Where is this triplex located?
The property is located at 2004 Rowan 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: Brick triplex built in 1973 with three 2BR/1BA units; Each unit includes wall A/C and a dishwasher, plus typical appliances; Uncovered off‑street parking with alley access (off‑site garage listed; 0 garage spaces)
