Craftsman Triplex with Dedicated
New
For Sale
$450,000
2012 N Cincinnati St, Spokane, WA 99207
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size3,094 SF
Lot Size0.16 Acres
Price / SF$145.44
Days on Market4
Property Features for 2012 N Cincinnati St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 7, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 4
Parking
4
Parking features
Offsite, Driveway
Window features
Vinyl Frames
Patio and Porch features
Deck
Interior features
Hot Water, High Speed Internet
Basement
Walk-Out Access, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Disposal, Microwave, Washer, Dryer, Hard Surface Counters
Lot features
Fenced Yard, Treed, Level, Oversized Lot
View
City
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35084.1815
Size
3,094 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3722
Utilities
Heating system
Forced Air, Baseboard, Electric (Heating), Natural Gas
Cooling system
Central Air
Building Details
Year built
1899
Floors in Building
2
Number of units
3
Flooring type
Vinyl
Building materials
Steel Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Cindy Carrigan · License #21027304
(855) 450-0442
Added: Aug 17
Last Checked: Aug 20 at 3:06PM
MLS# 202622731
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1899, this 3,094-square-foot Craftsman triplex contains three distinct residences: a 3-bedroom, 2-bath unit, a 2-bedroom, 1-bath unit, and a 1-bedroom, 1-bath unit. Two units have been remodeled, including the main-floor residence with new windows, LVP flooring, fresh paint, and updated kitchen and bathroom finishes. The property also features metal siding, a newer roof, newer appliances, separate electric meters, and dedicated parking areas within a fenced lot. A deck, central air, forced-air and baseboard heating, and in-unit laundry equipment are included.
Key Highlights
- Three‑unit configuration totaling 3,094 square feet
- Unit mix includes 3‑bedroom, 2‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath residences
- 0.163‑acre lot with dedicated parking spaces in a fenced lot
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Separately metered units feature varied layouts, updated finishes, and designated parking within a fenced lot.
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: Three‑unit configuration totaling 3,094 square feet; Unit mix includes 3‑bedroom, 2‑bath; 2‑bedroom, 1‑bath; and 1‑bedroom, 1‑bath residences; 0.163‑acre lot with dedicated parking spaces in a fenced lot
