8-Unit Quadplex
New
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 Market4
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
(509) 994-5007
Listed By:
Jeff Hornberger
Source:
Clearwaterproperties
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 9:22PM
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
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 = 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
$95,748
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
7.66%
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%
$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
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
$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 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%
$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.
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
Questions? Ask Rey
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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
