Updated Triplex With Covered
For Sale
$465,000
3112 E 29th Ave, Spokane, WA 99223
Three residential units include laundry hookups, storage, and covered parking.
Property Size3,486 SF
Price / SF$133.39
Days on Market8
Property Features for 3112 E 29th Ave
General Information
Standard status
Active
Size
3,486 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
dedicated laundry hookups
covered carport
private storage locker
fenced yard
off-street parking
Building Details
Year Built
1973
Listing Agency:
John L Scott, Inc.
Listed By:
David Jones · License #120730
(509) 990-8552
Source:
Clemensregroup
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 12:15PM
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 3,486-square-foot triplex, built in 1973, contains three two-bedroom, one-bathroom units. Each residence has dedicated laundry hookups, a covered carport space, and a private storage locker. One unit features updated kitchen cabinetry and quartz countertops. Property improvements also include fresh exterior paint, refreshed landscaping, and updated light fixtures. A fenced yard and additional off-street parking serve the property.
The building is located one block from Lincoln Heights Village and Trader Joe’s, with shopping, restaurants, and public transportation nearby. The unit configuration and existing property features support both multifamily ownership and owner-occupancy use.
The building is located one block from Lincoln Heights Village and Trader Joe’s, with shopping, restaurants, and public transportation nearby. The unit configuration and existing property features support both multifamily ownership and owner-occupancy use.
Key Highlights
- Three 2‑bedroom, 1‑bathroom units in a 3,486‑square‑foot triplex
- Built in 1973 with dedicated laundry hookups in each unit
- One unit updated with new kitchen cabinets and quartz countertops
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
$39,878
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
8.58%
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%
$797,560
$797.6K
Cap Rate 7%
$569,686
$569.7K
Cap Rate 9%
$443,089
$443.1K
Market Conditions
NOI Build-Up for 3,486 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
$60.7K $17.40/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$57.0K $16.34/SF
− OpEx
−$17.1K −$4.90/SF
NOI
$39.9K $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%
$797,560
Cap Rate 7%
$569,686
Cap Rate 9%
$443,089
Alternative Uses
Best Use
Multifamily LT 5
$569.7K
$498.5K – $664.6K
NOI $39,878 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$495.3K
$433.4K – $577.9K
NOI $34,672 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$899.4K
$787.0K – $1.05M
NOI $62,957 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
591
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?
Triplex - Three residential units include laundry hookups, storage, and covered parking.
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 $465,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bathroom units in a 3,486‑square‑foot triplex; Built in 1973 with dedicated laundry hookups in each unit; One unit updated with new kitchen cabinets and quartz countertops
