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 Market100
Property Features for 2407 E Columbia Ave
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Hillyard
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,898
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Dana Pendergrass
(509) 979-0672
Source:
Exprealty
Added: Jul 23
Changed: Oct 25
Last Checked: Oct 30 at 3:57PM
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
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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 / Yr
$36,606
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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
