Updated Duplex with Two 3-Bedroom
For Sale
$550,000
2407 E Columbia Ave, Spokane, WA 99208
Two-level layouts offer large family rooms, dedicated storage, carport parking, and alley access for each residence.
Property Size3,200 SF
Price / SF$171.88
Days on Market29
Property Features for 2407 E Columbia Ave
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,898
Listing Agency:
REAL Broker LLC
(509) 979-0672
Listed By:
Dana Pendergrass
(509) 979-0672
Source:
Exprealty
Added: Jul 23
Changed: Aug 18
Last Checked: Aug 19 at 10:28AM
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 at 2407 E Columbia Ave in Spokane contains 3,200 square feet and two residences, each configured with three bedrooms, two bathrooms, upper and lower living levels, and a large family room. The 2409 unit has been remodeled, while the other residence is approximately 60% updated and offers remaining improvement scope. Each side includes a carport and storage area, with access from the alley.
The property is positioned for either an owner-occupant arrangement with one residence leased or full-building rental use. An existing 3.625% loan may be assumable with lender approval. The two-unit configuration, separate carport and storage areas, and five-level? no. substantial living layouts provide the core physical features of this residential income property.
The property is positioned for either an owner-occupant arrangement with one residence leased or full-building rental use. An existing 3.625% loan may be assumable with lender approval. The two-unit configuration, separate carport and storage areas, and five-level? no. substantial living layouts provide the core physical features of this residential income property.
Key Highlights
- Two‑unit duplex totaling 3,200 square feet
- Each residence includes 3 bedrooms, 2 bathrooms, and upper and lower living levels
- 2409 unit remodeled; the owner‑occupied unit is approximately 60% updated
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
6.66%
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 6.66%
Second Best
Apartment 5plus
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 10.51%
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 - Two-level layouts offer large family rooms, dedicated storage, carport parking, and alley access for each residence.
Where is this duplex located?
The property is located at 2407 E Columbia Ave Spokane, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,200 square feet; Each residence includes 3 bedrooms, 2 bathrooms, and upper and lower living levels; 2409 unit remodeled; the owner‑occupied unit is approximately 60% updated
