Updated Triplex with Detached
New
For Sale
$775,000
3415 S Grand Blvd, Spokane, WA 99203
Vacant three-level property offers separate entrances, meters, living areas, and utility rooms for each unit.
Property Size3,174 SF
Price / SF$244.17
Days on Market1
Property Features for 3415 S Grand Blvd
General Information
Standard status
Active
Size
3,174 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Building Details
Year Built
1909
Buildings
1
Stories
3
Listing Agency:
RE/MAX Citibrokers
Listed By:
Ryan Stoker · License #105723
(509) 723-6253
Source:
Clemensregroup
Added: Sep 14
Last Checked: Sep 14 at 2:31PM
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.
This 3,174-square-foot triplex is a three-level historic home built in 1909 and recently updated. The property contains three large units, each with oversized bedrooms, new bathrooms, separate living areas, and a utility room. Dedicated entrances and individual meters provide separation between units, while the building is currently vacant.
The property sits on an oversized lot at 3415 S Grand Blvd in Spokane’s South Hill neighborhood, two blocks from shopping and dining. A detached garage, filled-in pool area, and parking space in both the front and rear add functional site improvements. The lot also includes room identified for a potential ADU addition beside the garage.
The property sits on an oversized lot at 3415 S Grand Blvd in Spokane’s South Hill neighborhood, two blocks from shopping and dining. A detached garage, filled-in pool area, and parking space in both the front and rear add functional site improvements. The lot also includes room identified for a potential ADU addition beside the garage.
Key Highlights
- 3,174 SF triplex with three units across three levels
- Built in 1909 and recently rehabbed and updated
- Each unit has a separate entrance and individual meter
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
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Vacant three-level property offers separate entrances, meters, living areas, and utility rooms for each unit.
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: 3,174 SF triplex with three units across three levels; Built in 1909 and recently rehabbed and updated; Each unit has a separate entrance and individual meter
