Remodeled
For Sale
$450,000
2012 N Cincinnati St, Spokane, WA 99207
Three residential units offer varied layouts, updated finishes, separate electric metering, and dedicated parking.
Property Size3,094 SF
Price / SF$145.44
Days on Market15
Property Features for 2012 N Cincinnati St
General Information
Standard status
Active
Size
3,094 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$49,200
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,721
Listing Agency:
REAL Broker LLC
(509) 844-3664
Listed By:
Cindy Carrigan · License #21027304
(509) 844-3664
Source:
Exprealty
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 9:38AM
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.
This three-unit residential property contains a 3-bedroom, 2-bath home, a 2-bedroom, 1-bath unit, and a 1-bedroom, 1-bath unit within 3,094 square feet. Two units have been updated, including the main-floor residence with new windows, LVP flooring, fresh paint, and improvements to the kitchen and bathroom. The property also features a newer roof, metal siding, newer appliances, separate electric meters, and designated parking within a fenced lot. The third unit has a long-term tenant.
The property is situated just north of Gonzaga University, with downtown Spokane, shopping, dining, the Spokane River, and Centennial Trail nearby. Its unit mix and separate metering support both owner-occupant and rental configurations described in the source information.
The property is situated just north of Gonzaga University, with downtown Spokane, shopping, dining, the Spokane River, and Centennial Trail nearby. Its unit mix and separate metering support both owner-occupant and rental configurations described in the source information.
Key Highlights
- 3,094‑square‑foot triplex with 3‑bedroom, 2‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath units
- Two units remodeled, including main‑floor updates to windows, LVP flooring, paint, kitchen, and bathroom
- Newer roof, metal siding, and newer appliances
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
$35,394
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
7.87%
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%
$707,880
$707.9K
Cap Rate 7%
$505,629
$505.6K
Cap Rate 9%
$393,267
$393.3K
Market Conditions
NOI Build-Up for 3,094 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
$53.8K $17.40/SF
− Vacancy
−$3.3K −$1.06/SF
EGI
$50.6K $16.34/SF
− OpEx
−$15.2K −$4.90/SF
NOI
$35.4K $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%
$707,880
Cap Rate 7%
$505,629
Cap Rate 9%
$393,267
Alternative Uses
Best Use
Multifamily LT 5
$505.6K
$442.4K – $589.9K
NOI $35,394 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$439.6K
$384.7K – $512.9K
NOI $30,773 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$798.3K
$698.5K – $931.3K
NOI $55,878 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
568
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 - Three residential units offer varied layouts, updated finishes, separate electric metering, and dedicated parking.
Where is this triplex located?
The property is located at 2012 N Cincinnati St Spokane, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,094‑square‑foot triplex with 3‑bedroom, 2‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath units; Two units remodeled, including main‑floor updates to windows, LVP flooring, paint, kitchen, and bathroom; Newer roof, metal siding, and newer appliances
