Victorian
For Sale
$389,900
312 E Baldwin Ave, Spokane, WA 99207
Three-unit residential property with individual storage areas and alley access in Spokane’s Gonzaga University District.
Property Size2,112 SF
Price / SF$184.61
Days on Market29
Property Features for 312 E Baldwin Ave
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Amenities
storage shed
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Realty One Group Eclipse
(509) 458-4000
Listed By:
Eric Rogers
Source:
Clemensregroup
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 4:21AM
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 Realty One Group Eclipse
Investment Insights
Based on property information with market context.
This Victorian-style triplex contains three separate units within a 2,112-square-foot, 1 1/2-story home built in 1905. A storage shed provides designated space for each unit, adding practical support for residents and property operations. Alley access is also listed among the exterior features.
The property is situated in Spokane’s Gonzaga University District, with bus routes nearby and downtown Spokane a short distance away. Its central setting places the three-unit configuration within an established urban area while retaining the character of an early twentieth-century residence.
The property is situated in Spokane’s Gonzaga University District, with bus routes nearby and downtown Spokane a short distance away. Its central setting places the three-unit configuration within an established urban area while retaining the character of an early twentieth-century residence.
Key Highlights
- Three separate residential units in a 1 1/2‑story home
- 2,112 square feet; built in 1905
- Victorian architectural style
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
$24,160
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
6.20%
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%
$483,200
$483.2K
Cap Rate 7%
$345,143
$345.1K
Cap Rate 9%
$268,444
$268.4K
Market Conditions
NOI Build-Up for 2,112 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
$36.7K $17.40/SF
− Vacancy
−$2.2K −$1.06/SF
EGI
$34.5K $16.34/SF
− OpEx
−$10.4K −$4.90/SF
NOI
$24.2K $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%
$483,200
Cap Rate 7%
$345,143
Cap Rate 9%
$268,444
Alternative Uses
Best Use
Multifamily LT 5
$345.1K
$302.0K – $402.7K
NOI $24,160 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$300.1K
$262.6K – $350.1K
NOI $21,006 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$544.9K
$476.8K – $635.7K
NOI $38,143 @ 7.0% cap · market cap 9.78%
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
1,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with individual storage areas and alley access in Spokane’s Gonzaga University District.
Where is this triplex located?
The property is located at 312 E Baldwin Ave Spokane, WA.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three separate residential units in a 1 1/2‑story home; 2,112 square feet; built in 1905; Victorian architectural style
