Triplex with Detached Third
For Sale
$315,000
2115 W Dean Ave, 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
Price / SF$136.30
Days on Market136
Property Features for 2115 W Dean Ave
General Information
Standard status
Active
Size
2,311 SF
Property subtype
Residential
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,957
Building Details
Year Built
1984
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Rachel Moore · License #DB43938
(509) 934-2200
Source:
Exprealty
Added: Jun 2
Changed: Oct 13
Last Checked: Oct 13 at 12:19AM
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 / Yr
$26,437
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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 - 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 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: 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)
