North Spokane
2608 N Madelia St, Spokane, WA 99207
For Sale
$430,000
One refreshed residence is vacant, while its counterpart provides ongoing rental income.
Property Size3,456 SF
Price / SF$124.42
Days on Market93
Property Features for 2608 N Madelia St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
The Paragon Group
Listed By:
Peter Clark · License WA #25005584
(509) 471-6805
Source:
Searchhomesinbellingham
Added: Aug 14
Changed: Nov 1
Last Checked: Nov 10 at 11:02AM
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
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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 / Yr
$39,535
Cap Rate
9.19%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
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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
$246,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Spokane, WA
Properties on Market for Duplexes in Spokane
Vacancy Rate% for Multifamily in West region
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
