Craftsman Triplex with Unfinished
For Sale
$315,000
Pending
2115 W Dean Ave, Spokane, WA 99201
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size2,311 SF
Lot Size0.11 Acres
Days on Market97
Property Features for 2115 W Dean Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Utility Room, Bathroom 2, Basement, Bedroom 2, Laundry Room, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3
Parking features
Alley
Window features
Skylight(s)
Patio and Porch features
Deck
Interior features
Hot Water
Basement
Unfinished, Partial
Appliances
Free-Standing Range, Refrigerator, Washer, Dryer
Subdivision
Nettleton
Lot features
Fencing, Level, Open Lot
View
City
Elementary school
Holmes
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
I-90 West to Exit 280A (Maple St.), North on Maple St., West on Gardner Ave., South on Chestnut St., West on Dean Ave.
Standard status
Pending
APN
25132.0512
Size
2,311 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3582
Utilities
Heating system
Baseboard, Natural Gas, Forced Air
Building Details
Year built
1898
Floors in Building
2
Number of units
3
Building materials
Vinyl Siding, Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Rachel Moore · License #DB43938
(360) 339-5093
Added: Jun 2
Changed: Aug 10
Last Checked: Sep 6 at 12:06AM
MLS# 202618489
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 Spokane triplex is configured with a front home that includes a 2 bed/1 bath unit and a 1 bed/1 bath unit. A detached third structure off the alley was built in 1984 and is unfinished inside; when completed, it provides an additional 2 bed/1 bath unit. The property includes deck space, laundry and utility rooms, and hot water. Heating is available via forced air, baseboard, and natural gas.
Both structures have new roofs. The older main home has been updated in an unknown year. Construction materials include vinyl siding and wood siding, with a composition roof. Parking is provided via alley access.
Set on a 0.11-acre lot with 2,311 square feet, the property is located in West Central near I-90, downtown, Gonzaga, SFCC, WSU Spokane, and the Spokane River, with a short drive to Spokane International Airport.
Both structures have new roofs. The older main home has been updated in an unknown year. Construction materials include vinyl siding and wood siding, with a composition roof. Parking is provided via alley access.
Set on a 0.11-acre lot with 2,311 square feet, the property is located in West Central near I-90, downtown, Gonzaga, SFCC, WSU Spokane, and the Spokane River, with a short drive to Spokane International Airport.
Key Highlights
- 0.11‑acre lot with 2,311 square feet for a craftsman triplex
- Front home includes a 2 bed/1 bath unit and a 1 bed/1 bath unit
- Detached alley structure built in 1984; unfinished inside and ready to finish
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
2
Residential units
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 - Zoned R1 craftsman triplex featuring two finished units and a detached alley structure that’s unfinished inside.
Where is this triplex located?
The property is located at 2115 W Dean Ave 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: 0.11‑acre lot with 2,311 square feet for a craftsman triplex; Front home includes a 2 bed/1 bath unit and a 1 bed/1 bath unit; Detached alley structure built in 1984; unfinished inside and ready to finish
