Three-Unit Craftsman
For Sale
$435,000
2012 N Cincinnati St, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size3,094 SF
Lot Size0.16 Acres
Price / SF$140.59
Days on Market50
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
Bedroom 5, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 7, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 4
Parking
4
Parking features
Driveway, Offsite
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
Electric (Heating), Forced Air, Baseboard, Natural Gas
Cooling system
Central Air
Amenities
dedicated parking spots
fenced lot
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
(509) 844-3664
Added: Aug 17
Changed: Sep 29
Last Checked: Oct 5 at 1:06AM
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.
This Craftsman-style triplex contains 3,094 square feet on a 0.163-acre lot. The unit mix includes one three-bedroom, two-bath residence, one two-bedroom, one-bath residence, and one one-bedroom, one-bath residence. 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 a composition roof, metal siding, newer appliances, central air, and a combination of forced-air, electric, natural gas, and baseboard heating.
Separate electric meters serve the units, with dedicated parking in a fenced lot. Located at 2012 N Cincinnati St in Spokane, the property is north of Gonzaga University and near downtown Spokane, shopping, dining, the Spokane River, and Centennial Trail.
Separate electric meters serve the units, with dedicated parking in a fenced lot. Located at 2012 N Cincinnati St in Spokane, the property is north of Gonzaga University and near downtown Spokane, shopping, dining, the Spokane River, and Centennial Trail.
Key Highlights
- 3,094‑square‑foot triplex on a 0.163‑acre lot
- Unit mix includes 3‑bedroom/2‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath residences
- Two units remodeled, including the main‑floor unit
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
8.14%
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 8.14%
Second Best
Apartment 5plus
$439.6K
$384.7K – $512.9K
NOI $30,773 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$798.3K
$698.5K – $931.3K
NOI $55,878 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate electric meters and dedicated parking support practical operation across the three residential units.
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 $435,000.
What are key features of this property?
This property features: 3,094‑square‑foot triplex on a 0.163‑acre lot; Unit mix includes 3‑bedroom/2‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath residences; Two units remodeled, including the main‑floor unit
