Craftsman Duplex with
For Sale
$369,500
2117 & 2119 E Providence Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size2,808 SF
Lot Size0.15 Acres
Price / SF$131.59
Days on Market32
Property Features for 2117 & 2119 E Providence Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Alley, Offsite
Window features
Vinyl Frames
Basement
Full, Finished
Appliances
Free-Standing Range, Refrigerator
Lot features
City Bus (w/in 6 blks)
Elementary school
Bemiss
Middle school
Shaw
High school
Rogers
Elementary school district
Spokane Dist 81
Directions
I-90 East, exit Freya St/Thor St. Right on S Freya St, slight left on E Illinois Ave, Right on N Crestline St, Right on E Providence Ave
Standard status
Active
APN
35044.0265
Size
2,808 SF
Lot size
0.15 Acres
Utilities
Heating system
Forced Air, Hot Water(Heating), Natural Gas
Amenities
sunrooms
hardwood floors
off-street parking
Building Details
Year built
1916
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Toby Blodgett · License #SP47793
(360) 339-5093
Added: Aug 3
Changed: Aug 25
Last Checked: Sep 3 at 7:06AM
MLS# 202622041
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.
Located at 2117 & 2119 E Providence Ave, this Spokane duplex contains 2,808 square feet on a 0.15-acre lot. Built in 1916 in the Craftsman style, the property retains wood flooring and bright sunrooms in both units, while vinyl siding and a composition roof provide established exterior construction. One unit is vacant, and the second offers rental income potential for an owner-occupant or investor.
Heating is provided through forced air and hot water systems using natural gas, with new systems installed in both units. The property also includes free-standing ranges, refrigerators, and off-street parking associated with the alley and offsite parking features. Parks, schools, shopping, and daily amenities are located nearby, supporting convenient residential use.
Heating is provided through forced air and hot water systems using natural gas, with new systems installed in both units. The property also includes free-standing ranges, refrigerators, and off-street parking associated with the alley and offsite parking features. Parks, schools, shopping, and daily amenities are located nearby, supporting convenient residential use.
Key Highlights
- 2,808‑square‑foot duplex on a 0.15‑acre lot
- Two units with sunrooms and wood flooring
- One unit currently vacant; the other provides rental income
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
$32,122
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
8.69%
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%
$642,440
$642.4K
Cap Rate 7%
$458,886
$458.9K
Cap Rate 9%
$356,911
$356.9K
Market Conditions
NOI Build-Up for 2,808 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
$48.9K $17.40/SF
− Vacancy
−$3.0K −$1.06/SF
EGI
$45.9K $16.34/SF
− OpEx
−$13.8K −$4.90/SF
NOI
$32.1K $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%
$642,440
Cap Rate 7%
$458,886
Cap Rate 9%
$356,911
Alternative Uses
Best Use
Multifamily LT 5
$458.9K
$401.5K – $535.4K
NOI $32,122 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,928 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$724.5K
$633.9K – $845.2K
NOI $50,712 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
351
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Spokane property with wood floors and newly installed heating systems.
Where is this duplex located?
The property is located at 2117 & 2119 E Providence Ave Spokane, WA.
What is the asking price?
The asking price for this property is $369,500.
What are key features of this property?
This property features: 2,808‑square‑foot duplex on a 0.15‑acre lot; Two units with sunrooms and wood flooring; One unit currently vacant; the other provides rental income
