Updated Three-Unit
For Sale
$775,000
3415 S Grand Blvd, Spokane, WA 99203
Vacant multifamily property with refreshed interiors, private entrances, separate meters, and detached garage space.
Property Size3,174 SF
Price / SF$244.17
Days on Market14
Property Features for 3415 S Grand Blvd
General Information
Standard status
Active
Size
3,174 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1909
Buildings
1
Stories
3
Listing Agency:
RE/MAX Citibrokers
(509) 723-6253
Listed By:
Ryan Stoker · License #105723
Source:
Clemensregroup
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:18PM
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 RE/MAX Citibrokers
Investment Insights
Based on property information with market context.
Built in 1909, this three-unit, three-level property has been recently renovated and is currently vacant. Each residence offers generously sized bedrooms, updated bathrooms, a dedicated living area, and utility space. Separate secure entrances and individual meters provide distinct access and utility separation for the units.
The property occupies an oversized lot in Spokane’s South Hill neighborhood, approximately two blocks from shopping and dining. A detached garage, a filled-in pool area, and parking capacity at both the front and rear add functional site improvements. The lot also includes space identified for a potential ADU addition beside the garage.
The property occupies an oversized lot in Spokane’s South Hill neighborhood, approximately two blocks from shopping and dining. A detached garage, a filled-in pool area, and parking capacity at both the front and rear add functional site improvements. The lot also includes space identified for a potential ADU addition beside the garage.
Key Highlights
- Three‑unit, three‑level property built in 1909
- Recently renovated and currently vacant
- Separate secure entrances and individual meters for all three units
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
$36,309
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
4.69%
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%
$726,180
$726.2K
Cap Rate 7%
$518,700
$518.7K
Cap Rate 9%
$403,433
$403.4K
Market Conditions
NOI Build-Up for 3,174 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
$55.2K $17.40/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$51.9K $16.34/SF
− OpEx
−$15.6K −$4.90/SF
NOI
$36.3K $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%
$726,180
Cap Rate 7%
$518,700
Cap Rate 9%
$403,433
Alternative Uses
Best Use
Multifamily LT 5
$518.7K
$453.9K – $605.2K
NOI $36,309 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$451.0K
$394.6K – $526.1K
NOI $31,568 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$818.9K
$716.5K – $955.4K
NOI $57,322 @ 7.0% cap · market cap 7.40%
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
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 - Vacant multifamily property with refreshed interiors, private entrances, separate meters, and detached garage space.
Where is this triplex located?
The property is located at 3415 S Grand Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑unit, three‑level property built in 1909; Recently renovated and currently vacant; Separate secure entrances and individual meters for all three units
