Updated Two-Unit
For Sale
$465,000
Pending
3030 E 33rd Ave, Spokane, WA 99223
Residential Income, Spokane, WA
Property Size1,962 SF
Lot Size0.15 Acres
Days on Market13
Property Features for 3030 E 33rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Bedroom 3, Utility Room, Bedroom 4, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 1
Parking features
Offsite, Open, Driveway
Window features
Vinyl Frames
Patio and Porch features
Deck
Interior features
Hot Water
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Corner Lot, City Bus (w/in 6 blks)
Elementary school
Adams
Middle school
Peperzak
High school
Ferris
Elementary school district
Spokane Dist 81
Directions
From 29th Avenue on the South Hill, head south on Fiske, and duplex will be to the right on the corner of Fiske and 33rd Ave.
Standard status
Pending
APN
35342.2034
Size
1,962 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
4349
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Keller Williams Realty Coeur d
(208) 667-2399
Listed By:
Seth Maefsky · License #25177
(208) 651-9700
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 27 at 12:06PM
MLS# 202624297
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 duplex, built in 1950, contains 1,962 square feet across two residences. One unit has 2 bedrooms and 1 bathroom, while the other provides 3 bedrooms and 1 bathroom. Both feature vinyl flooring, updated vinyl windows, individual washers and dryers, and appliances that convey. One residence also includes new countertops and refreshed bathroom finishes; the upper unit has stainless steel appliances. An attached 2-car garage serves one unit with enclosed parking and storage. The property has a composition roof replaced in 2024, vinyl siding, forced-air natural gas heat, and central air.
Set on 0.1492 acres in Spokane’s South Hill area, the property includes a deck and additional driveway, open, and offsite parking features. Its location provides access to shopping, dining, schools, parks, and other amenities, as described in the property information.
Set on 0.1492 acres in Spokane’s South Hill area, the property includes a deck and additional driveway, open, and offsite parking features. Its location provides access to shopping, dining, schools, parks, and other amenities, as described in the property information.
Key Highlights
- Two units: 2‑bedroom/1‑bath and 3‑bedroom/1‑bath layouts
- 1,962 square feet on a 0.1492‑acre lot
- New roof installed 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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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
Check the figures for this property
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 - Two separate residences include in-unit laundry, conveying appliances, and vinyl flooring throughout.
Where is this duplex located?
The property is located at 3030 E 33rd Ave 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 units: 2‑bedroom/1‑bath and 3‑bedroom/1‑bath layouts; 1,962 square feet on a 0.1492‑acre lot; New roof installed in 2024
