Updated South Hill
3112 E 29th Ave Spokane, WA 99223
3112 E 29th Ave, Spokane, WA, 99223
$475,000
For Sale
$475,000
Well-maintained triplex with updated units, fenced yard, covered off-street parking, and washer/dryer hookups in each unit.
Property Size3,240 SF
Price / SF$146.60
Days on Market76
Property Features for 3112 E 29th Ave
General Information
- Standard status
- Active
- Size
- 3,240 SF
- Property subtype
- Multi Family Home
Building Details
- Year Built
- 1973
Listing agency
John L Scott, Inc.
(509) 939-9490
Listed by
Kari Aquino-Hayes · License #AB45887
Source
Clearwaterproperties
Added: May 9 Updated: Jul 22 at 11:03PM Checked: Jul 22 at 11:03PM
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 John L Scott, Inc.
Investment Insights
Based on property information with market context.
This well-maintained South Hill triplex offers three separate units with a mix of updates and current rental occupancy. One unit (3116) is currently occupied on a month-to-month lease and has maintained an excellent rental history since 2017. Unit 3112 is fully updated with new carpet, fresh interior paint, modern fixtures, and a completely renovated kitchen and bathroom, and Unit 3114 has also received recent updates. Additional improvements include a recently painted deck in Unit 3116, a fenced yard, off-street covered parking, dedicated storage units, and washer and dryer hookups in each unit.
The property is conveniently located within walking distance to Trader Joe’s, restaurants, shopping, and public transit.
Operating expenses noted include annual water, sewer, and garbage of $3,600, and power is covered by the tenants.
The property is conveniently located within walking distance to Trader Joe’s, restaurants, shopping, and public transit.
Operating expenses noted include annual water, sewer, and garbage of $3,600, and power is covered by the tenants.
Key Highlights
- South Hill triplex built in 1973 with three units and updated interior finishes.
- Unit 3116 is occupied on a month‑to‑month lease at $1,000/month with rental history since 2017.
- Unit 3112 fully updated with new carpet, fresh paint, modern fixtures, plus renovated kitchen and bathroom.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.4k | $17.40 |
| − Vacancy | −$3.4k | −$1.06 |
| EGI | $52.9k | $16.34 |
| − OpEx | −$15.9k | −$4.90 |
| NOI | $37.1k | $11.44 |
3,240 SF · lease $17.40/SF/yr · vacancy 6.08% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$529.5K
$463.3K – $617.7K
NOI $37,064 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$460.4K
$402.8K – $537.1K
NOI $32,225 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$835.9K
$731.4K – $975.2K
NOI $58,514 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - Well-maintained triplex with updated units, fenced yard, covered off-street parking, and washer/dryer hookups in each unit.
Where is this triplex located?
The property is located at 3112 E 29th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: South Hill triplex built in 1973 with three units and updated interior finishes.; Unit 3116 is occupied on a month‑to‑month lease at $1,000/month with rental history since 2017.; Unit 3112 fully updated with new carpet, fresh paint, modern fixtures, plus renovated kitchen and bathroom.
