Three-Unit Triplex with Alley
2219-2223 Gardner, Spokane, WA 99201
For Sale
$368,000
Three residences offer a mix of one- and two-bedroom layouts, plus a detached shed and alley access.
Property Size2,800 SF
Lot Size0.14 Acres
Price / SF$131.43
Days on Market10
Property Features for 2219-2223 Gardner
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Garage: Off Site, Alley Access
Garage Spaces: 0
Style: Craftsman
Craftsman
Off Site, Alley Access
Building Details
Year Built
Listing Agency:
First Look Real Estate
Listed By:
Nichole Briones
(541) 294-4624
Source:
Clearwaterproperties
Added: Nov 4
Changed: Nov 12
Last Checked: Nov 12 at 6:50AM
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 First Look Real Estate
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Investment Insights
Based on property information with market context.
This 1905-built Spokane triplex contains approximately 2,800 SF across three separately addressed units, with a mix of one- and two-bedroom layouts. The nearly 6,000 SF lot also includes a detached shed. Completed work includes structural repairs, new windows, flooring, paint and cabinets; electrical updates were made in two units. The third unit has knob-and-tube wiring and is occupied by a month-to-month tenant. A previous fire is part of the property’s history.
The property is near downtown Spokane, with alley access. The three addresses are 2219, 2221 and 2223 W Gardner Ave.
The property is near downtown Spokane, with alley access. The three addresses are 2219, 2221 and 2223 W Gardner Ave.
Key Highlights
- Three‑unit property with approximately 2,800 SF of building area
- Nearly 6,000 SF lot with a detached shed and alley access
- Unit mix includes one- and two‑bedroom residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,030
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$640,600
$640.6K
Cap Rate 7%
$457,571
$457.6K
Cap Rate 9%
$355,889
$355.9K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$48.7K $17.40/SF
− Vacancy
−$3.0K −$1.06/SF
EGI
$45.8K $16.34/SF
− OpEx
−$13.7K −$4.90/SF
NOI
$32.0K $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 Rate 5%
$640,600
Cap Rate 7%
$457,571
Cap Rate 9%
$355,889
Alternative Uses
Best Use
Multifamily LT 5
$457.6K
$400.4K – $533.8K
NOI $32,030 @ 7.0% cap · market cap 8.70%
Second Best
Apartment 5plus
$397.8K
$348.1K – $464.2K
NOI $27,849 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$722.4K
$632.1K – $842.8K
NOI $50,568 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
503
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
$259,800
Median Home Value
Market
Average Price Trend$/SF for Triplexes in Spokane, WA
Properties on Market for Triplexes in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three residences offer a mix of one- and two-bedroom layouts, plus a detached shed and alley access.
Where is this triplex located?
The property is located at 2219-2223 Gardner Spokane, WA.
What is the asking price?
The asking price for this property is $368,000.
What are key features of this property?
This property features: Three‑unit property with approximately 2,800 SF of building area; Nearly 6,000 SF lot with a detached shed and alley access; Unit mix includes one- and two‑bedroom residences
