Remodeled Duplex with
For Sale
$565,000
2407 Columbia, Spokane, WA 99208
Duplex with two 3-bedroom, 2-bath units, each with carport, storage, and alley access.
Property Size3,200 SF
Price / SF$176.56
Days on Market18
Property Features for 2407 Columbia
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,898
Amenities
Garage: Carport, Alley Access
Garage Spaces: 0
Style: Ranch
Ranch
Carport, Alley Access
Building Details
Year Built
1999
Listing Agency:
REAL Broker LLC
(509) 928-1991
Listed By:
Dana Pendergrass
Source:
Clearwaterproperties
Added: Jul 25
Changed: Aug 11
Last Checked: Aug 11 at 8:36AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This duplex features two separate units, each offering 3 bedrooms and 2 bathrooms with upper and lower living levels. The 2409 unit has been remodeled, while the owner-occupied unit is approximately 60% updated, providing an opportunity for continued improvements. For each unit, there is a carport and a dedicated storage area, with alley access.
2407 E Columbia Ave is offered for sale in Spokane, WA 99208. The seller’s public remarks indicate an investor-oriented structure with the possibility for qualified buyers to assume an existing loan at 3.625% with lender approval, as stated in the remarks.
The property is configured as a true duplex for either owner-occupancy with rental income or renting both sides, supported by the independent unit layout and shared access via the alley.
2407 E Columbia Ave is offered for sale in Spokane, WA 99208. The seller’s public remarks indicate an investor-oriented structure with the possibility for qualified buyers to assume an existing loan at 3.625% with lender approval, as stated in the remarks.
The property is configured as a true duplex for either owner-occupancy with rental income or renting both sides, supported by the independent unit layout and shared access via the alley.
Key Highlights
- Duplex with two 3‑bedroom, 2‑bath units (2,409 is one unit) with upper and lower living levels
- Year built 1999 ranch duplex with carport and storage area for each unit
- Alley access for each unit
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
$36,606
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
6.48%
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%
$732,120
$732.1K
Cap Rate 7%
$522,943
$522.9K
Cap Rate 9%
$406,733
$406.7K
Market Conditions
NOI Build-Up for 3,200 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
$55.7K $17.40/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$52.3K $16.34/SF
− OpEx
−$15.7K −$4.90/SF
NOI
$36.6K $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%
$732,120
Cap Rate 7%
$522,943
Cap Rate 9%
$406,733
Alternative Uses
Best Use
Multifamily LT 5
$522.9K
$457.6K – $610.1K
NOI $36,606 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
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 - Duplex with two 3-bedroom, 2-bath units, each with carport, storage, and alley access.
Where is this duplex located?
The property is located at 2407 Columbia Spokane, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 2‑bath units (2,409 is one unit) with upper and lower living levels; Year built 1999 ranch duplex with carport and storage area for each unit; Alley access for each unit
