Triplex with Covered
New
For Sale
$475,000
3112 E 29th Ave, Spokane, WA 99223
Residential Income, Spokane, WA
Property Size3,486 SF
Lot Size0.14 Acres
Price / SF$136.26
Days on Market1
Property Features for 3112 E 29th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1
Parking
3779
Parking features
Carport, Alley, Offsite
Window features
Aluminum Frames
Patio and Porch features
Deck
Basement
Finished, Partial
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Fenced Yard
Elementary school
Adams
Middle school
Peperzak
High school
Ferris
Elementary school district
Spokane Dist 81
Directions
From I-90 go south on S Thor, which turns into S Ray, turn right onto E 27th, then left onto S Fiske. The property is on e 29th, but drive past 29th and turn left into the alley to access the building from the rear.
Standard status
Active
APN
35342.0303
Size
3,486 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
5513
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Wall Unit(s)
Amenities
laundry hookups
private storage locker
fenced yard
Building Details
Year built
1973
Floors in Building
2
Number of units
3
Building materials
Masonite
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
John L Scott, Inc.
(509) 455-8600
Listed By:
David Jones · License #120730
(509) 990-8552
Added: Sep 8
Last Checked: Sep 8 at 8:06PM
MLS# 202623907
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 triplex contains 3,486 square feet on a 0.14-acre lot. Built in 1973, the property includes three two-bedroom, one-bathroom units, with dedicated laundry hookups for each residence. One unit features refreshed kitchen cabinetry and quartz countertops, while other improvements include exterior paint, updated light fixtures, and landscaping. Covered carport parking, additional off-street parking, private storage lockers, a fenced yard, and a deck add practical amenities. Appliances include free-standing ranges, dishwashers, and refrigerators. Heating is provided by electric baseboard systems, with wall-unit cooling.
The property is located at 3112 E 29th Ave in Spokane, near Lincoln Heights Village and Trader Joe’s. Shopping, restaurants, and public transportation are located nearby. The site also benefits from alley access and a composition roof.
The property is located at 3112 E 29th Ave in Spokane, near Lincoln Heights Village and Trader Joe’s. Shopping, restaurants, and public transportation are located nearby. The site also benefits from alley access and a composition roof.
Key Highlights
- Triplex with 3,486 square feet on a 0.14‑acre lot
- Three units, each with 2 bedrooms and 1 bathroom
- One unit updated with 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
8.40%
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 8.40%
Second Best
Apartment 5plus
$495.3K
$433.4K – $577.9K
NOI $34,672 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$899.4K
$787.0K – $1.05M
NOI $62,957 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom units with laundry hookups, storage lockers, a fenced yard, and covered carport 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 $475,000.
What are key features of this property?
This property features: Triplex with 3,486 square feet on a 0.14‑acre lot; Three units, each with 2 bedrooms and 1 bathroom; One unit updated with kitchen cabinets and quartz countertops
