Two-Unit Duplex with Attached
For Sale
$399,900
3142 E 31st Ave, Spokane, WA 99223
Both residences offer two bedrooms, laundry hookups, informal dining space, and private patio areas.
Property Size1,857 SF
Price / SF$215.35
Days on Market198
Property Features for 3142 E 31st Ave
General Information
Standard status
Active
Size
1,857 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Lincoln Heights
Public Transit
Yes
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,380
Building Details
Building Size
1,857 SF
Year Built
1979
Stories
1
Units
2
Listing Agency:
Coldwell Banker Tomlinson
(509) 535-7400
Listed By:
Melissa Blaine
(509) 879-7858
Source:
Ericksrealty
Added: Apr 9
Changed: Oct 23
Last Checked: Oct 23 at 5:08PM
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 Coldwell Banker Tomlinson
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Investment Insights
Based on property information with market context.
This 1979 duplex contains two residences, each with two bedrooms, one bathroom, laundry hookups, informal dining space, and a private patio. The front unit is vacant and includes an attached two-car garage. The rear unit is leased through August 2027 and has access to a large patio and backyard.
The property is near shopping, a bus line, and schools. The rear residence is occupied under a lease extending through August 2027, while the front residence is vacant.
The property is near shopping, a bus line, and schools. The rear residence is occupied under a lease extending through August 2027, while the front residence is vacant.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- Front residence is vacant and includes an attached 2‑car garage
- Rear residence leased through August 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,243
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$424,860
$424.9K
Cap Rate 7%
$303,471
$303.5K
Cap Rate 9%
$236,033
$236.0K
Market Conditions
NOI Build-Up for 1,857 SF
Gross rent
$32.3K $17.40/SF
− Vacancy
−$2.0K −$1.06/SF
EGI
$30.3K $16.34/SF
− OpEx
−$9.1K −$4.90/SF
NOI
$21.2K $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 Rate 5%
$424,860
Cap Rate 7%
$303,471
Cap Rate 9%
$236,033
Alternative Uses
Best Use
Multifamily LT 5
$303.5K
$265.5K – $354.1K
NOI $21,243 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$263.9K
$230.9K – $307.8K
NOI $18,470 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$479.1K
$419.2K – $559.0K
NOI $33,537 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms, laundry hookups, informal dining space, and private patio areas.
Where is this duplex located?
The property is located at 3142 E 31st Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; Front residence is vacant and includes an attached 2‑car garage; Rear residence leased through August 2027
