Quadplex with In-Unit
For Sale
$599,900
2927 E Olympic Ave, Spokane, WA 99217
MULTI_FAMILY - Contemporary - Spokane, WA
Property Size2,912 SF
Lot Size0.15 Acres
Price / SF$206.01
Days on Market125
Property Features for 2927 E Olympic Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 4
Parking
4
Parking features
Alley, Assigned
Basement
Full, Finished
Appliances
Dishwasher, Refrigerator, Washer, Dryer
Lot features
Sprinkler - Automatic, Level, City Bus (w/in 6 blks), Fencing
Elementary school district
Spokane Dist 81
Standard status
Active
APN
36343.2017
Size
2,912 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
3650
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Amenities
off street parking
dedicated tenant storage
laundry hookups
washers & dryers included
Building Details
Year built
1982
Floors in Building
2
Number of units
4
Building materials
Wood Siding
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Cindy Carrigan · License #21027304
(855) 450-0442
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 12 at 12:06AM
MLS# 202615275
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This contemporary quadplex was built in 1982 and offers four units, each with a 2 bedroom, 1 bath layout. The property is well maintained and includes updated interiors. Off-street parking and dedicated tenant storage support day-to-day convenience. Each unit has its own laundry hookups, and washers and dryers are included.
The current tenant situation includes several month-to-month tenants. Heating is provided by ductless systems and electric heating. Exterior materials are wood siding, and the roof is composition.
The property totals 2,912 square feet on a 0.1458-acre lot. It is located near a bus route, offering convenient transportation access for tenants to nearby stores and restaurants.
The current tenant situation includes several month-to-month tenants. Heating is provided by ductless systems and electric heating. Exterior materials are wood siding, and the roof is composition.
The property totals 2,912 square feet on a 0.1458-acre lot. It is located near a bus route, offering convenient transportation access for tenants to nearby stores and restaurants.
Key Highlights
- Four‑unit quadplex with each unit featuring a 2 bedroom, 1 bath layout
- In‑unit laundry hookups with washers and dryers included for each unit
- Off‑street parking plus 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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
428
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained quadplex with dedicated storage, off-street parking, and washers and dryers included for each unit.
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‑unit quadplex with each unit featuring a 2 bedroom, 1 bath layout; In‑unit laundry hookups with washers and dryers included for each unit; Off‑street parking plus dedicated tenant storage
