Fourplex Investment
For Sale
$569,000
2903 JACKSON, Spokane, WA 99037
Well-maintained four-plex with four 2-bedroom, 1-bath units, offered for sale with one unit move-in ready.
Property Size3,200 SF
Price / SF$177.81
Days on Market23
Property Features for 2903 JACKSON
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,749
Amenities
Garage: Off Site, Shared Driveway
Garage Spaces: 0
Style: Ranch
Ranch
Off Site, Shared Driveway
Building Details
Year Built
1977
Listing Agency:
First Look Real Estate
(509) 999-4972
Listed By:
Becky Lease · License #136753
Source:
Clearwaterproperties
Added: Jul 20
Changed: Aug 11
Last Checked: Aug 11 at 4:44AM
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 First Look Real Estate
Investment Insights
Based on property information with market context.
This well-maintained fourplex presents four spacious rental units, each featuring 2 bedrooms and 1 bathroom. The property is described as beautifully preserved and includes one unit available and move-in ready, offering immediate flexibility for an owner-occupant or investor seeking occupancy while leasing.
The property is located at 2903 E JACKSON Ave in Spokane, WA 99037. It is positioned near Spokane Community College and downtown Spokane, with nearby access to dining, shopping, and entertainment. The public remarks also note the property is just one block from the Centennial Trail and the Spokane River.
Configured as a four-unit residential income property, this asset may appeal to buyers looking for a compact multi-family setup with consistent unit mix across the building.
The property is located at 2903 E JACKSON Ave in Spokane, WA 99037. It is positioned near Spokane Community College and downtown Spokane, with nearby access to dining, shopping, and entertainment. The public remarks also note the property is just one block from the Centennial Trail and the Spokane River.
Configured as a four-unit residential income property, this asset may appeal to buyers looking for a compact multi-family setup with consistent unit mix across the building.
Key Highlights
- Well‑maintained four‑plex with four units, each with 2 bedrooms and 1 bathroom
- Each unit features approximately 800 sq ft of living space
- Year built: 1977
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
6.43%
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 6.43%
Second Best
Apartment 5plus
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
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?
Quadplex - Well-maintained four-plex with four 2-bedroom, 1-bath units, offered for sale with one unit move-in ready.
Where is this quadplex located?
The property is located at 2903 JACKSON Spokane, WA.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Well‑maintained four‑plex with four units, each with 2 bedrooms and 1 bathroom; Each unit features approximately 800 sq ft of living space; Year built: 1977
