Updated Four-Unit
For Sale
$599,900
2927 E Olympic Ave, Spokane, WA 99217
Updated interiors, dedicated storage, and laundry amenities support practical multifamily operations.
Property Size2,912 SF
Price / SF$206.01
Days on Market47
Property Features for 2927 E Olympic Ave
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$64,800
Public Transit
Yes
Amenities
dedicated tenant storage
in-unit laundry hookups
washers and dryers included
Building Details
Year Built
1982
Tenancy
Multi
Listing Agency:
REAL Broker LLC
(509) 844-3664
Listed By:
Cindy Carrigan · License #21027304
Source:
Clemensregroup
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 8:54PM
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 2,912-square-foot quadplex contains four residential units, each configured with 2 bedrooms and 1 bathroom. Interior updates, dedicated tenant storage, and off-street parking serve the property’s residential layout. Every unit has its own laundry hookups, and washers and dryers are included. The building was constructed in 1982 and is described as well maintained.
Several tenancies are month-to-month, providing flexibility in the existing occupancy profile. The property is located near a bus route serving access to nearby stores and restaurants. The address is 2927 E Olympic Ave, Spokane, WA 99217.
Several tenancies are month-to-month, providing flexibility in the existing occupancy profile. The property is located near a bus route serving access to nearby stores and restaurants. The address is 2927 E Olympic Ave, Spokane, WA 99217.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 2,912 SF quadplex built in 1982
- Updated unit interiors with dedicated tenant storage
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
$33,312
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
5.55%
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%
$666,240
$666.2K
Cap Rate 7%
$475,886
$475.9K
Cap Rate 9%
$370,133
$370.1K
Market Conditions
NOI Build-Up for 2,912 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
$50.7K $17.40/SF
− Vacancy
−$3.1K −$1.06/SF
EGI
$47.6K $16.34/SF
− OpEx
−$14.3K −$4.90/SF
NOI
$33.3K $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%
$666,240
Cap Rate 7%
$475,886
Cap Rate 9%
$370,133
Alternative Uses
Best Use
Multifamily LT 5
$475.9K
$416.4K – $555.2K
NOI $33,312 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$413.8K
$362.0K – $482.7K
NOI $28,963 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$751.3K
$657.4K – $876.5K
NOI $52,591 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Updated interiors, dedicated storage, and laundry amenities support practical multifamily operations.
Where is this quadplex located?
The property is located at 2927 E Olympic Ave Spokane, WA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; 2,912 SF quadplex built in 1982; Updated unit interiors with dedicated tenant storage
