Craftsman Duplex with
New
For Sale
$399,500
2117 & 2119 Providence, Spokane, WA 99207
Two residential units feature sunrooms, hardwood floors, new heating systems, and off-street parking.
Property Size2,808 SF
Price / SF$142.27
Days on Market5
Property Features for 2117 & 2119 Providence
General Information
Standard status
Active
Size
2,808 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Amenities
sunroom
hardwood floors
off-street parking
Garage: Off Site, Alley Access
Garage Spaces: 0
Style: Craftsman
Craftsman
Off Site, Alley Access
Building Details
Year Built
1916
Listing Agency:
eXp Realty, LLC
(208) 916-5124
Listed By:
Toby Blodgett · License #SP47793
Source:
Clearwaterproperties
Added: Aug 8
Changed: Aug 12
Last Checked: Aug 12 at 6:42AM
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 2,808-square-foot Craftsman duplex at 2117 & 2119 Providence includes two residential units, each with a sunroom and hardwood flooring. Both units have brand-new heating systems, while off-street parking and alley access support resident and guest use. The property was built in 1916 and retains its original character alongside the heating updates.
One unit is vacant, creating flexibility for an owner-occupant or leasing strategy, while the second unit provides rental income. The property is in Spokane near parks, schools, shopping, and everyday amenities.
One unit is vacant, creating flexibility for an owner-occupant or leasing strategy, while the second unit provides rental income. The property is in Spokane near parks, schools, shopping, and everyday amenities.
Key Highlights
- 2,808‑square‑foot duplex built in 1916
- Two units, including one currently vacant
- Sunrooms and hardwood floors in both units
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
8.04%
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 8.04%
Second Best
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,928 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$724.5K
$633.9K – $845.2K
NOI $50,712 @ 7.0% cap · market cap 12.69%
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 residential units feature sunrooms, hardwood floors, new heating systems, and off-street parking.
Where is this duplex located?
The property is located at 2117 & 2119 Providence Spokane, WA.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: 2,808‑square‑foot duplex built in 1916; Two units, including one currently vacant; Sunrooms and hardwood floors in both units
