Duplex with Storage
For Sale
$395,000
3024 N Hogan St, Spokane, WA 99207
MULTI_FAMILY - Spokane, WA
Property Size3,438 SF
Lot Size0.23 Acres
Price / SF$114.89
Days on Market119
Property Features for 3024 N Hogan St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 4
Subdivision
Spokane
Lot features
Corner Lot, Level
Directions
From N Foothills Drive head North on Hogan St. Property is on the corner of Hogan and Euclid
Standard status
Active
APN
35092.0606
Size
3,438 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
AVONDALE ADD L9-10 B6 INC VAC 7.5FT STP W OF&ADJ
Tax Annual Amount
3631
Legal Description
AVONDALE ADD L9-10 B6 INC VAC 7.5FT STP W OF&ADJ
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
2004
Number of units
2
Building materials
Wood Siding, Frame
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Apr 10
Changed: Aug 5
Last Checked: Aug 6 at 11:06PM
MLS# 26-3346
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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.
Located at 3024 N Hogan St in Spokane, this duplex property includes two 2-bedroom, 1-bath residential units plus two storage units on the same lot. The property is set on a 0.23-acre site and totals 3,438 SF. Built in 2004, the structure features wood siding and a composition roof. Heating is electric, and the home is served by public water and public sewer.
The seller has noted a new roof installed in 2022, along with updated heaters, which can help reduce near-term capital expenditures. Zoning is RMF.
This configuration supports straightforward residential and supplemental storage use under one ownership, with shared lot improvements and separate space types (duplex units and storage) on the same parcel.
The seller has noted a new roof installed in 2022, along with updated heaters, which can help reduce near-term capital expenditures. Zoning is RMF.
This configuration supports straightforward residential and supplemental storage use under one ownership, with shared lot improvements and separate space types (duplex units and storage) on the same parcel.
Key Highlights
- New composition roof in 2022 and updated heaters
- Two 2‑bedroom, 1‑bath duplex units plus two storage units
- 0.23‑acre lot and 3,438 SF total building area
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
2
Residential units
Location Intelligence
Trade Area within ½ mile
393
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 2-bedroom, 1-bath duplex units plus two storage units on RMF-zoned lot with public water and sewer.
Where is this duplex located?
The property is located at 3024 N Hogan St 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: New composition roof in 2022 and updated heaters; Two 2‑bedroom, 1‑bath duplex units plus two storage units; 0.23‑acre lot and 3,438 SF total building area
