Renovated Triplex With Private
For Sale
$449,900
218 E Baldwin Ave, Spokane, WA 99207
Three refreshed units offer individual laundry, updated interiors, and assigned parking with additional guest spaces.
Property Size1,784 SF
Price / SF$252.19
Days on Market134
Property Features for 218 E Baldwin Ave
General Information
Standard status
Active
Size
1,784 SF
Property subtype
Residential Income
Listing Agency:
eXp Realty, LLC
(208) 916-5124
Listed By:
Toby Blodgett · License #SP47793
(208) 916-5124
Source:
Exprealty
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 20 at 1:54PM
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 triplex has undergone comprehensive updates to its plumbing, electrical systems, roof, and siding. All three units feature contemporary interiors with laminate plank flooring, white cabinetry, quartz countertops, stainless steel appliances, refreshed bathrooms, and private washer and dryer sets. The property includes a full perimeter fence and an on-site parking area with a designated space for each unit, along with additional room for guests.
Located at 218 E Baldwin Ave in Spokane, the property is near Gonzaga University, shopping, and restaurants. The unit-by-unit improvements and individual laundry amenities support an income-producing residential configuration with practical features for occupants.
Located at 218 E Baldwin Ave in Spokane, the property is near Gonzaga University, shopping, and restaurants. The unit-by-unit improvements and individual laundry amenities support an income-producing residential configuration with practical features for occupants.
Key Highlights
- Triplex with updates to plumbing, electrical, roof, and siding
- All units include laminate plank flooring, quartz countertops, and stainless steel appliances
- Refreshed bathrooms feature updated showers, vanities, faucets, and fixtures
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
$20,408
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
4.54%
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%
$408,160
$408.2K
Cap Rate 7%
$291,543
$291.5K
Cap Rate 9%
$226,756
$226.8K
Market Conditions
NOI Build-Up for 1,784 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
$31.0K $17.40/SF
− Vacancy
−$1.9K −$1.06/SF
EGI
$29.2K $16.34/SF
− OpEx
−$8.7K −$4.90/SF
NOI
$20.4K $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%
$408,160
Cap Rate 7%
$291,543
Cap Rate 9%
$226,756
Alternative Uses
Best Use
Multifamily LT 5
$291.5K
$255.1K – $340.1K
NOI $20,408 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$253.5K
$221.8K – $295.7K
NOI $17,744 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$460.3K
$402.7K – $537.0K
NOI $32,219 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,268
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?
Triplex - Three refreshed units offer individual laundry, updated interiors, and assigned parking with additional guest spaces.
Where is this triplex located?
The property is located at 218 E Baldwin Ave Spokane, WA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Triplex with updates to plumbing, electrical, roof, and siding; All units include laminate plank flooring, quartz countertops, and stainless steel appliances; Refreshed bathrooms feature updated showers, vanities, faucets, and fixtures
