8-Unit Quadplex
For Sale
$1,250,000
3222-3224 Madison, Spokane, WA 99205
Two separately parceled fourplexes offer consistent layouts, laundry hookups, and recent equipment updates.
Property Size8,370 SF
Price / SF$149.34
Days on Market51
Property Features for 3222-3224 Madison
General Information
Standard status
Active
Size
8,370 SF
Property subtype
Multi Family Home
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$12,969
Amenities
washer/dryer hookups
Garage: None
Garage Spaces: 0
Style: Traditional
Traditional
Building Details
Year Built
1994
Buildings
2
Listing Agency:
The Hornberger Group, LLC
Listed By:
Jeff Hornberger
(509) 994-5007
Source:
Clearwaterproperties
Added: Aug 28
Changed: Oct 16
Last Checked: Oct 16 at 6:53AM
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 The Hornberger Group, LLC
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Investment Insights
Based on property information with market context.
This residential income property comprises two fourplex buildings on separate residential parcels, totaling 8 units. Each apartment is configured with 2 bedrooms and 1 bathroom across approximately 1000 SF, with washer/dryer hookups. The buildings were constructed in 1994 and have received several practical updates, including multiple newer water heaters and washer/dryer units.
The property is located at 3222-3224 Madison in Spokane, WA 99205. Operations have been self-managed, with a tenant base described as stable and payment history reported as consistent. One apartment is currently vacant, providing flexibility for an owner-occupant or a new lease-up. The remaining units are occupied, and the existing configuration offers a uniform operating profile across both buildings.
The property is located at 3222-3224 Madison in Spokane, WA 99205. Operations have been self-managed, with a tenant base described as stable and payment history reported as consistent. One apartment is currently vacant, providing flexibility for an owner-occupant or a new lease-up. The remaining units are occupied, and the existing configuration offers a uniform operating profile across both buildings.
Key Highlights
- 8‑unit property consisting of two 4‑plexes
- Two separate residential parcels at 3222‑3224 Madison, Spokane, WA 99205
- Each unit offers 2 bed / 1 bath across approximately 1000 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$95,748
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,914,960
$1.9M
Cap Rate 7%
$1,367,829
$1.4M
Cap Rate 9%
$1,063,867
$1.1M
Market Conditions
NOI Build-Up for 8,370 SF
Gross rent
$145.6K $17.40/SF
− Vacancy
−$8.9K −$1.06/SF
EGI
$136.8K $16.34/SF
− OpEx
−$41.0K −$4.90/SF
NOI
$95.7K $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%
$1,914,960
Cap Rate 7%
$1,367,829
Cap Rate 9%
$1,063,867
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $95,748 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,247 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,162 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Two separately parceled fourplexes offer consistent layouts, laundry hookups, and recent equipment updates.
Where is this quadplex located?
The property is located at 3222-3224 Madison Spokane, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8‑unit property consisting of two 4‑plexes; Two separate residential parcels at 3222‑3224 Madison, Spokane, WA 99205; Each unit offers 2 bed / 1 bath across approximately 1000 SF
