North Spokane
New
For Sale
$430,000
2608 N Madelia St, Spokane, WA 99207
One refreshed residence is vacant, while its counterpart provides ongoing rental income.
Property Size3,456 SF
Price / SF$124.42
Days on Market7
Property Features for 2608 N Madelia St
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1977
Listing Agency:
The Paragon Group
Listed By:
Peter Clark
Source:
Searchhomesinbellingham
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 7:05AM
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 The Paragon Group
Investment Insights
Based on property information with market context.
This 1977 duplex contains two residences totaling 3,456 square feet, with approximately 1,700 square feet in each unit. One residence has been updated and is vacant; the other is occupied and generates rental income, allowing for a combination of personal use and leasing.
The property is in North Spokane, a few blocks from a newly built middle school. Retail, services, employment centers, and major transportation routes are accessible from the area.
The property is in North Spokane, a few blocks from a newly built middle school. Retail, services, employment centers, and major transportation routes are accessible from the area.
Key Highlights
- Two‑unit duplex with 3,456 square feet total
- Approximately 1,700 square feet per unit
- One recently updated unit is vacant; the other generates rental income
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
$39,535
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
9.19%
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%
$790,700
$790.7K
Cap Rate 7%
$564,786
$564.8K
Cap Rate 9%
$439,278
$439.3K
Market Conditions
NOI Build-Up for 3,456 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
$60.1K $17.40/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$56.5K $16.34/SF
− OpEx
−$16.9K −$4.90/SF
NOI
$39.5K $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%
$790,700
Cap Rate 7%
$564,786
Cap Rate 9%
$439,278
Alternative Uses
Best Use
Multifamily LT 5
$564.8K
$494.2K – $658.9K
NOI $39,535 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$491.0K
$429.7K – $572.9K
NOI $34,373 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$891.6K
$780.2K – $1.04M
NOI $62,415 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - One refreshed residence is vacant, while its counterpart provides ongoing rental income.
Where is this duplex located?
The property is located at 2608 N Madelia St Spokane, WA.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,456 square feet total; Approximately 1,700 square feet per unit; One recently updated unit is vacant; the other generates rental income
