Three-Unit Multifamily
2219-2223 W Gardner Ave, Spokane, WA 99201
For Sale
$368,000
Residential Income, Spokane, WA
Property Size2,800 SF
Lot Size0.14 Acres
Price / SF$131.43
Days on Market8
Property Features for 2219-2223 W Gardner Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Fireplace
Basement
Appliances
Lot features
Elementary school
Middle school
High school
Elementary school district
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
First Look Real Estate
Listed By:
Nichole Briones
(509) 928-3413
Added: Oct 31
Changed: Nov 2
Last Checked: Nov 7 at 3:06AM
MLS# 202626564
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.
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Investment Insights
Based on property information with market context.
This 2,800-square-foot triplex dates to 1905 and contains three units with a mix of one- and two-bedroom layouts. The property includes three separate street addresses, a detached shed, wood siding, and a patio. Completed work includes structural improvements, new windows, flooring, paint, cabinetry, and electrical updates in two units. One unit has a month-to-month tenant; that unit retains knob-and-tube wiring. The property has a history of fire damage, with substantial work completed afterward.
Set on a 0.1369-acre lot in Spokane, the property is near downtown, shopping, dining, and parks. Appliances include ranges, refrigerators, a washer, and a dryer.
Set on a 0.1369-acre lot in Spokane, the property is near downtown, shopping, dining, and parks. Appliances include ranges, refrigerators, a washer, and a dryer.
Key Highlights
- Three units totaling 2,800 SF
- 0.1369‑acre lot
- One- and two‑bedroom unit mix
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.
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Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
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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
$259,800
Median Home Value
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Market
Average Price Trend$/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 - Renovations include structural work, replacement windows, and electrical updates in two units.
Where is this triplex located?
The property is located at 2219-2223 W Gardner Ave 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 units totaling 2,800 SF; 0.1369‑acre lot; One- and two‑bedroom unit mix
