Updated Three-Unit
New
For Sale
$775,000
3415 S Grand Blvd, Spokane, WA 99203
Residential Income, Spokane, WA
Property Size3,174 SF
Lot Size0.22 Acres
Price / SF$244.17
Days on Market1
Property Features for 3415 S Grand Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Parking features
Offsite
Basement
Walk-Out Access, Finished, Full
Lot features
Fenced Yard, Level
View
City
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35322.1905
Size
3,174 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
3455
Utilities
Heating system
Electric (Heating), Ductless (Heating)
Building Details
Year built
1909
Floors in Building
2
Number of units
3
Building materials
Steel Frame
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Ryan Stoker · License #105723
(509) 953-9539
Added: Sep 1
Last Checked: Sep 1 at 2:06PM
MLS# 202623487
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,174-square-foot Craftsman-style property contains three residential units within a 1909-built structure. The residences have been recently rehabilitated and feature distinct living areas, oversized bedrooms, updated bathrooms, utility rooms, and secure individual entrances. Separate utility meters serve each unit. Electric and ductless heating support the building, which also includes a composition roof and steel-frame construction.
Set on a 0.22-acre lot at 3415 S Grand Blvd in Spokane’s historic South Hill neighborhood, the property is positioned two blocks from shopping and dining. A detached garage and a filled-in pool are located on the parcel, with additional space beside the garage identified for a potential ADU. The property is currently vacant.
Set on a 0.22-acre lot at 3415 S Grand Blvd in Spokane’s historic South Hill neighborhood, the property is positioned two blocks from shopping and dining. A detached garage and a filled-in pool are located on the parcel, with additional space beside the garage identified for a potential ADU. The property is currently vacant.
Key Highlights
- 3,174‑square‑foot triplex on a 0.22‑acre lot
- Three units in a 1909 Craftsman‑style building
- Recently rehabilitated with updated bathrooms and oversized bedrooms
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 residences offer separate entrances, utility meters, living areas, bedrooms, bathrooms, and utility rooms.
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‑square‑foot triplex on a 0.22‑acre lot; Three units in a 1909 Craftsman‑style building; Recently rehabilitated with updated bathrooms and oversized bedrooms
