Craftsman Duplex with Updated
For Sale
$349,000
Pending
2202 W College Ave, Spokane, WA 99201
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size1,618 SF
Lot Size0.13 Acres
Days on Market49
Property Features for 2202 W College Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Utility Room, Bathroom 2, Bedroom 3, Bedroom 1
Window features
Vinyl Frames
Basement
Unfinished, Partial
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Level
View
City
Elementary school
Holmes
Middle school
Yashuara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
GPS is accurate
Standard status
Pending
APN
25133.0119
Size
1,618 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
3088
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Number of units
2
Building materials
Asbestos
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Rashel Rogers
(360) 339-5093
Added: Jun 25
Changed: Jul 10
Last Checked: Aug 12 at 2:06AM
MLS# 202619841
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 duplex includes two separate residential units, each with its own bedroom and bathroom. The main floor unit offers 2 bedrooms and 1 bathroom with hardwood flooring, abundant natural light, and a functional layout. The kitchen is equipped with stainless steel appliances, and in-unit washer and dryer provide everyday convenience. Updates include many vinyl windows that preserve original leaded glass details, and a mini-split system supports efficient heating and cooling year-round.
The upper unit features 1 bedroom and 1 bathroom, with flooring that combines carpet and LVP. Its kitchen has been refreshed, and the bathroom includes a tiled shower. The property is located in West Central Spokane, within walking distance of Riverfront Park trails and near Kendall Yards and downtown Spokane.
Designed for both owner-occupants and investors, the layout supports separate living arrangements while keeping day-to-day comfort practical. Each unit includes modernized touches alongside classic craftsman character, including updated windows and efficient climate control. The in-unit laundry on the main level and the updated finishes in the upper unit help reduce friction for tenants or residents looking for move-in ready comfort.
The upper unit features 1 bedroom and 1 bathroom, with flooring that combines carpet and LVP. Its kitchen has been refreshed, and the bathroom includes a tiled shower. The property is located in West Central Spokane, within walking distance of Riverfront Park trails and near Kendall Yards and downtown Spokane.
Designed for both owner-occupants and investors, the layout supports separate living arrangements while keeping day-to-day comfort practical. Each unit includes modernized touches alongside classic craftsman character, including updated windows and efficient climate control. The in-unit laundry on the main level and the updated finishes in the upper unit help reduce friction for tenants or residents looking for move-in ready comfort.
Key Highlights
- West Central duplex steps from Riverfront Park trails, Kendall Yards, and downtown Spokane
- Main floor unit: 2 bedrooms, 1 bathroom with hardwood floors and a functional layout
- Kitchen includes free‑standing range, dishwasher, and refrigerator; in‑unit washer and dryer
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
$18,509
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
5.30%
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%
$370,180
$370.2K
Cap Rate 7%
$264,414
$264.4K
Cap Rate 9%
$205,656
$205.7K
Market Conditions
NOI Build-Up for 1,618 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
$28.2K $17.40/SF
− Vacancy
−$1.7K −$1.06/SF
EGI
$26.4K $16.34/SF
− OpEx
−$7.9K −$4.90/SF
NOI
$18.5K $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%
$370,180
Cap Rate 7%
$264,414
Cap Rate 9%
$205,656
Alternative Uses
Best Use
Multifamily LT 5
$264.4K
$231.4K – $308.5K
NOI $18,509 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$229.9K
$201.2K – $268.2K
NOI $16,093 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$417.4K
$365.3K – $487.0K
NOI $29,221 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,610
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?
Duplex - Well-maintained duplex with two distinct units, in-unit laundry, and efficient mini-split heating and cooling.
Where is this duplex located?
The property is located at 2202 W College Ave Spokane, WA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: West Central duplex steps from Riverfront Park trails, Kendall Yards, and downtown Spokane; Main floor unit: 2 bedrooms, 1 bathroom with hardwood floors and a functional layout; Kitchen includes free‑standing range, dishwasher, and refrigerator; in‑unit washer and dryer
