Updated Two-Unit
For Sale
$465,000
Pending
3030 33rd, Spokane, WA 99223
Income-producing duplex with refreshed interiors, separate laundry, and an attached garage serving one residence.
Property Size1,962 SF
Days on Market12
Property Features for 3030 33rd
General Information
Standard status
Pending
Size
1,962 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,349
Amenities
individual washers/dryers
attached 2-car garage
LVP flooring
updated vinyl windows
appliances
Garage: Attached, Slab, Garage Door Opener, Off Site, Shared Driveway
Garage Spaces: 2
Style: Contemporary
Contemporary
Attached, Slab, Garage Door Opener, Off Site, Shared Driveway
2
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Keller Williams Realty Coeur d
Listed By:
Seth Maefsky · License #25177
(509) 922-7355
Source:
Clearwaterproperties
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 6:32AM
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 Keller Williams Realty Coeur d
Investment Insights
Based on property information with market context.
Located at 3030 E 33rd Ave in Spokane’s South Hill area, this 1,962-square-foot duplex contains two distinct residences. One offers two bedrooms and one bathroom, while the other provides three bedrooms and one bathroom. Both units feature LVP flooring, updated vinyl windows, individual washers and dryers, and appliances that convey with the property.
A roof replacement completed in 2024 adds a recent major improvement. The residence identified as Unit 3028 includes newer countertops and refreshed bathroom finishes, while the upper unit features stainless steel appliances and a larger three-bedroom layout. An attached two-car garage provides enclosed parking and storage for one unit. The property is positioned near shopping, dining, schools, parks, and other amenities in South Hill.
A roof replacement completed in 2024 adds a recent major improvement. The residence identified as Unit 3028 includes newer countertops and refreshed bathroom finishes, while the upper unit features stainless steel appliances and a larger three-bedroom layout. An attached two-car garage provides enclosed parking and storage for one unit. The property is positioned near shopping, dining, schools, parks, and other amenities in South Hill.
Key Highlights
- Two‑unit duplex totaling 1,962 SF
- Unit mix includes one 2‑bedroom, 1‑bath residence and one 3‑bedroom, 1‑bath residence
- New roof completed in 2024
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
$22,444
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
4.83%
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%
$448,880
$448.9K
Cap Rate 7%
$320,629
$320.6K
Cap Rate 9%
$249,378
$249.4K
Market Conditions
NOI Build-Up for 1,962 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
$34.1K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$32.1K $16.34/SF
− OpEx
−$9.6K −$4.90/SF
NOI
$22.4K $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%
$448,880
Cap Rate 7%
$320,629
Cap Rate 9%
$249,378
Alternative Uses
Best Use
Multifamily LT 5
$320.6K
$280.6K – $374.1K
NOI $22,444 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$278.8K
$243.9K – $325.2K
NOI $19,514 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$506.2K
$442.9K – $590.6K
NOI $35,434 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with refreshed interiors, separate laundry, and an attached garage serving one residence.
Where is this duplex located?
The property is located at 3030 33rd Spokane, WA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,962 SF; Unit mix includes one 2‑bedroom, 1‑bath residence and one 3‑bedroom, 1‑bath residence; New roof completed in 2024
