Duplex with Separate
For Sale
$325,000
2224 Park, Spokane, WA 99212
Two separate homes on one parcel each provide a private entrance and dedicated living space.
Property Size1,856 SF
Price / SF$175.11
Days on Market38
Property Features for 2224 Park
General Information
Standard status
Active
Size
1,856 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,099
Amenities
Garage: Detached, RV Access/Parking, Off Site
Garage Spaces: 1
Detached, RV Access/Parking, Off Site
1
Building Details
Year Built
1935
Listing Agency:
Avalon 24 Real Estate
(208) 664-1461
Listed By:
Patrick Libey · License #SP41950
Source:
Clearwaterproperties
Added: Jul 20
Changed: Aug 24
Last Checked: Aug 25 at 6:46AM
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 Avalon 24 Real Estate
Investment Insights
Based on property information with market context.
This duplex features two separate homes on a single parcel, offering dedicated living space for each residence. Each home has its own private entrance, creating separation and flexibility for occupants.
The property is located near shopping, dining, parks, and commuter routes, providing convenient access to everyday amenities and regional travel.
Offered for sale, the asset presents an income-capable residential layout with two independently entered units within one ownership.
The property is located near shopping, dining, parks, and commuter routes, providing convenient access to everyday amenities and regional travel.
Offered for sale, the asset presents an income-capable residential layout with two independently entered units within one ownership.
Key Highlights
- Two separate homes on one parcel, each with its own private entrance and dedicated living space
- Detached 1‑car garage with RV access/parking and off‑site garage location
- Built in 1935
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
$21,232
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
6.53%
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%
$424,640
$424.6K
Cap Rate 7%
$303,314
$303.3K
Cap Rate 9%
$235,911
$235.9K
Market Conditions
NOI Build-Up for 1,856 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
$32.3K $17.40/SF
− Vacancy
−$2.0K −$1.06/SF
EGI
$30.3K $16.34/SF
− OpEx
−$9.1K −$4.90/SF
NOI
$21.2K $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%
$424,640
Cap Rate 7%
$303,314
Cap Rate 9%
$235,911
Alternative Uses
Best Use
Multifamily LT 5
$303.3K
$265.4K – $353.9K
NOI $21,232 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$263.7K
$230.8K – $307.7K
NOI $18,460 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$478.8K
$419.0K – $558.7K
NOI $33,519 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
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 - Two separate homes on one parcel each provide a private entrance and dedicated living space.
Where is this duplex located?
The property is located at 2224 Park Spokane, WA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two separate homes on one parcel, each with its own private entrance and dedicated living space; Detached 1‑car garage with RV access/parking and off‑site garage location; Built in 1935
