Triplex with Detached Third
For Sale
$315,000
Pending
2115 Dean, Spokane, WA 99201
Triplex offering two finished units plus an unfinished 1984 structure that could be completed for additional rental space.
Property Size2,311 SF
Days on Market91
Property Features for 2115 Dean
General Information
Standard status
Pending
Size
2,311 SF
Property subtype
Multi Family Home
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,582
Amenities
Garage: Alley Access
Garage Spaces: 0
Style: Craftsman
Craftsman
Alley Access
Building Details
Year Built
1898
Listing Agency:
eXp Realty, LLC
(208) 667-2399
Listed By:
Rachel Moore · License #DB43938
Source:
Clearwaterproperties
Added: Jun 3
Changed: Aug 31
Last Checked: Aug 31 at 7:33PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This Spokane triplex includes a front/main building with two separate units: one 2-bedroom/1-bath unit and one 1-bedroom/1-bath unit. In addition, there is a detached third structure off the alley that was built in 1984. The detached structure is unfinished inside, but once completed it is expected to provide an additional 2-bedroom/1-bath unit. The property also benefits from new roofs on both buildings, and the older main home has been updated (year not specified).
The property is located in West Central near I-90, with access to downtown, Gonzaga, SFCC, WSU Spokane, and the Spokane River, and it is only a short drive to Spokane International Airport. The detached structure’s alley access supports flexible layout planning for future completion.
For buyers looking for an income property with room to improve, the combination of two existing residential units and a detached, unfinished third structure provides a straightforward path to expand living space within the same triplex configuration. Buyer to verify all details related to completion scope and achievable rents.
The property is located in West Central near I-90, with access to downtown, Gonzaga, SFCC, WSU Spokane, and the Spokane River, and it is only a short drive to Spokane International Airport. The detached structure’s alley access supports flexible layout planning for future completion.
For buyers looking for an income property with room to improve, the combination of two existing residential units and a detached, unfinished third structure provides a straightforward path to expand living space within the same triplex configuration. Buyer to verify all details related to completion scope and achievable rents.
Key Highlights
- Spokane triplex with two finished units in the main front home: one 2 bed/1 bath and one 1 bed/1 bath
- Detached third structure built in 1984 off the alley is unfinished inside and could be completed for an additional 2 bed/1 bath unit
- Pro forma gross rents projected at approximately $3,400/month when fully finished and leased (buyer to verify)
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
$26,437
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
8.39%
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%
$528,740
$528.7K
Cap Rate 7%
$377,671
$377.7K
Cap Rate 9%
$293,744
$293.7K
Market Conditions
NOI Build-Up for 2,311 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
$40.2K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.8K $16.34/SF
− OpEx
−$11.3K −$4.90/SF
NOI
$26.4K $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%
$528,740
Cap Rate 7%
$377,671
Cap Rate 9%
$293,744
Alternative Uses
Best Use
Multifamily LT 5
$377.7K
$330.5K – $440.6K
NOI $26,437 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$328.4K
$287.3K – $383.1K
NOI $22,985 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$596.2K
$521.7K – $695.6K
NOI $41,737 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Triplex offering two finished units plus an unfinished 1984 structure that could be completed for additional rental space.
Where is this triplex located?
The property is located at 2115 Dean Spokane, WA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Spokane triplex with two finished units in the main front home: one 2 bed/1 bath and one 1 bed/1 bath; Detached third structure built in 1984 off the alley is unfinished inside and could be completed for an additional 2 bed/1 bath unit; Pro forma gross rents projected at approximately $3,400/month when fully finished and leased (buyer to verify)
