Quadplex with In-Unit
For Sale
$685,000
2327 E 29th Ave, Spokane, WA 99223
Four-unit quadplex with in-unit laundry in two units and updated interior finishes across multiple units.
Property Size3,516 SF
Days on Market96
Property Features for 2327 E 29th Ave
General Information
Standard status
Active
Size
3,516 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Lincoln Heights
Building Details
Building Size
3,516 SF
Year Built
1978
Tenancy
Multi
Listing Agency:
SVN Cornerstone LLC
Listed By:
Jordan Lester, CCIM, MBA · License #WA #21008495
(509) 496-6922
Source:
Svn
Added: Jul 30
Changed: Oct 25
Last Checked: Nov 1 at 4:50AM
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 SVN Cornerstone LLC
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Investment Insights
Based on property information with market context.
This four-unit quadplex offers four residential units within a single property. Recent improvements include new LVP flooring in three units, updated kitchen cabinets in two units, and in-unit laundry in two units. The exterior also includes enhanced landscaping. The property was built in 1978 and contains 3,516 SF of residential space.
Located at 2327 E 29th Ave in Spokane’s Rockwood neighborhood, the property is positioned near Manito Park as well as shopping, dining, and downtown Spokane, with access to major employers.
The combination of four separate units and the stated interior updates supports a straightforward residential rental configuration for investors seeking a maintained, established asset.
Located at 2327 E 29th Ave in Spokane’s Rockwood neighborhood, the property is positioned near Manito Park as well as shopping, dining, and downtown Spokane, with access to major employers.
The combination of four separate units and the stated interior updates supports a straightforward residential rental configuration for investors seeking a maintained, established asset.
Key Highlights
- Four residential units in a single quadplex property
- In‑unit laundry available in two of the four units
- New LVP flooring installed in three units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,221
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$804,420
$804.4K
Cap Rate 7%
$574,586
$574.6K
Cap Rate 9%
$446,900
$446.9K
Market Conditions
NOI Build-Up for 3,516 SF
Gross rent
$61.2K $17.40/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$57.5K $16.34/SF
− OpEx
−$17.2K −$4.90/SF
NOI
$40.2K $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 Rate 5%
$804,420
Cap Rate 7%
$574,586
Cap Rate 9%
$446,900
Alternative Uses
Best Use
Multifamily LT 5
$574.6K
$502.8K – $670.4K
NOI $40,221 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$499.6K
$437.1K – $582.8K
NOI $34,970 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$907.1K
$793.7K – $1.06M
NOI $63,499 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
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Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex with in-unit laundry in two units and updated interior finishes across multiple units.
Where is this quadplex located?
The property is located at 2327 E 29th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Four residential units in a single quadplex property; In‑unit laundry available in two of the four units; New LVP flooring installed in three units
