Two-Home Duplex Near
New
For Sale
$975,000
303 E Augusta Ave, Spokane, WA 99207
Two attached residences include a three-car garage and off-street parking.
Property Size4,234 SF
Price / SF$230.28
Days on Market7
Property Features for 303 E Augusta Ave
General Information
Standard status
Active
Size
4,234 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 5BR/2BA, 1 x 7BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$77,880
Building Details
Year Built
1899
Buildings
2
Listing Agency:
eXp Realty, LLC
(509) 294-4515
Listed By:
Holly Stockton · License #140106
Source:
Clemensregroup
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 12:25PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This duplex comprises two connected residences totaling 4,234 square feet. The front home is an 1899 Craftsman with 5 bedrooms and 2 bathrooms, while the rear residence was built in 2006 and contains 7 bedrooms and 2 bathrooms. A 3-car garage and off-street parking add practical support for the property’s residential configuration.
Located at 303 E Augusta Ave in Spokane, the property sits just blocks from Gonzaga University in a walkable campus-area setting. Leases are secured for the 2026–2027 school year, providing established occupancy terms for the upcoming academic period.
Located at 303 E Augusta Ave in Spokane, the property sits just blocks from Gonzaga University in a walkable campus-area setting. Leases are secured for the 2026–2027 school year, providing established occupancy terms for the upcoming academic period.
Key Highlights
- Two attached residences totaling 4,234 square feet
- 1899 Craftsman with 5 bedrooms and 2 bathrooms
- 2006‑built residence with 7 bedrooms and 2 bathrooms
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
$48,435
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
4.97%
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%
$968,700
$968.7K
Cap Rate 7%
$691,929
$691.9K
Cap Rate 9%
$538,167
$538.2K
Market Conditions
NOI Build-Up for 4,234 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
$73.7K $17.40/SF
− Vacancy
−$4.5K −$1.06/SF
EGI
$69.2K $16.34/SF
− OpEx
−$20.8K −$4.90/SF
NOI
$48.4K $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%
$968,700
Cap Rate 7%
$691,929
Cap Rate 9%
$538,167
Alternative Uses
Best Use
Multifamily LT 5
$691.9K
$605.4K – $807.3K
NOI $48,435 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$601.6K
$526.4K – $701.9K
NOI $42,111 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.09M
$955.8K – $1.27M
NOI $76,466 @ 7.0% cap · market cap 7.84%
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
1,841
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 attached residences include a three-car garage and off-street parking.
Where is this duplex located?
The property is located at 303 E Augusta Ave Spokane, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Two attached residences totaling 4,234 square feet; 1899 Craftsman with 5 bedrooms and 2 bathrooms; 2006‑built residence with 7 bedrooms and 2 bathrooms
