Duplex with Storage
For Sale
$395,000
3024 Hogan, Spokane, WA 99207
Two-bedroom residences are paired with on-site storage units in a 2004-built income property.
Property Size3,438 SF
Price / SF$114.89
Days on Market29
Property Features for 3024 Hogan
General Information
Standard status
Active
Size
3,438 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$3,630
Amenities
0.00
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
Source:
Clearwaterproperties
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 30 at 4:42AM
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 SVN Cornerstone Commercial
Investment Insights
Based on property information with market context.
Located at 3024 Hogan in Spokane, this 3,438-square-foot duplex property includes two residential units, each configured with 2 bedrooms and 1 bathroom. Two additional storage units occupy the same lot, adding a separate component to the property’s physical configuration.
Constructed in 2004, the building received a new roof in 2022, and the heaters have been updated. The property is in Spokane, WA 99207, with the address placing the asset within the city’s residential setting.
Constructed in 2004, the building received a new roof in 2022, and the heaters have been updated. The property is in Spokane, WA 99207, with the address placing the asset within the city’s residential setting.
Key Highlights
- Two 2‑bedroom, 1‑bathroom duplex units
- Two storage units on the same lot
- 3,438 square feet of property size
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
$34,194
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
8.66%
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%
$683,880
$683.9K
Cap Rate 7%
$488,486
$488.5K
Cap Rate 9%
$379,933
$379.9K
Market Conditions
NOI Build-Up for 3,438 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
$66.4K $19.32/SF
− Vacancy
−$4.3K −$1.24/SF
EGI
$62.2K $18.08/SF
− OpEx
−$28.0K −$8.14/SF
NOI
$34.2K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$683,880
Cap Rate 7%
$488,486
Cap Rate 9%
$379,933
Alternative Uses
Best Use
Multifamily LT 5
$561.8K
$491.6K – $655.5K
NOI $39,329 @ 7.0% cap · market cap 9.96%
Second Best
Apartment 5plus
$488.5K
$427.4K – $569.9K
NOI $34,194 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$887.0K
$776.1K – $1.03M
NOI $62,090 @ 7.0% cap · market cap 15.72%
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
425
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residences are paired with on-site storage units in a 2004-built income property.
Where is this duplex located?
The property is located at 3024 Hogan Spokane, WA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom duplex units; Two storage units on the same lot; 3,438 square feet of property size
