Historic Triplex with Private
2217 W 5th Ave Spokane, WA 99224
New
2217 W 5th Ave, Spokane, WA, 99224
$489,000
For Sale
$489,000
MULTI_FAMILY - Spokane, WA
Property Size2,098 SF
Lot Size0.15 Acres
Price / SF$233.08
Days on Market4
Property Features for 2217 W 5th Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 3
- Parking
- 2133
- Patio and Porch features
- Deck
- Basement
- Unfinished, Full
- Standard status
- Active
- APN
- 25242.1901
- Size
- 2,098 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Annual Amount
- 3947
Utilities
- Heating system
- Forced Air, Electric (Heating), Natural Gas
Building Details
- Year built
- 1891
- Floors in Building
- 2
- Number of units
- 3
- Building materials
- Wood Siding
- Roof type
- Composition
Listing Agency
RE/MAX Citibrokers
(509) 444-0365
2607 S Southeast Blvd - Ste A1, Spokane, WA
Listed by
Danny Pontius · License #117555
(509) 953-9539
Added: Jul 17 Checked: Jul 20 at 6:06 am
MLS# 202621090
Listing URL
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.
Built in 1891 and updated with new exterior paint, this well-preserved triplex features two units on the main level and a third unit on the upper level with a private balcony. A brand-new mini split HVAC system has been installed, and the home includes off-street parking plus a small garage suitable for storage. Shared laundry is located in the basement, and the property is professionally managed.
Located in the heart of Browns Addition, the home sits just outside a partial cobblestone street.
One unit is held vacant, offering flexibility for an owner-occupant scenario while the remaining units continue to support rental income.
Located in the heart of Browns Addition, the home sits just outside a partial cobblestone street.
One unit is held vacant, offering flexibility for an owner-occupant scenario while the remaining units continue to support rental income.
Key Highlights
- Historic triplex built in 1891 with wood siding and a composition roof
- Two units on the main level plus a third upper‑level unit with a private balcony
- Brand‑new mini split HVAC system recently installed for improved comfort and efficiency
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.5k | $17.40 |
| − Vacancy | −$2.2k | −$1.06 |
| EGI | $34.3k | $16.34 |
| − OpEx | −$10.3k | −$4.90 |
| NOI | $24.0k | $11.44 |
2,098 SF · lease $17.40/SF/yr · vacancy 6.08% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.0K – $400.0K
NOI $24,000 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$298.1K
$260.8K – $347.8K
NOI $20,867 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$541.3K
$473.6K – $631.5K
NOI $37,890 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Triplex built in 1891 with two main-level units and an upper unit with a private balcony.
Where is this triplex located?
The property is located at 2217 W 5th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Historic triplex built in 1891 with wood siding and a composition roof; Two units on the main level plus a third upper‑level unit with a private balcony; Brand‑new mini split HVAC system recently installed for improved comfort and efficiency
