New Construction
For Sale
$499,000
3613 E 8th Ave, Spokane, WA 99202
Single-level duplex with two distinct units, central heating and cooling, and contemporary interior finishes.
Property Size1,524 SF
Price / SF$327.43
Days on Market98
Property Features for 3613 E 8th Ave
General Information
Standard status
Active
Size
1,524 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Stories
1
Listing Agency:
Windermere City Group
(509) 939-7647
Listed By:
Erik Dordal
Source:
Clemensregroup
Added: May 25
Changed: Aug 29
Last Checked: Aug 25 at 4:21AM
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 Windermere City Group
Investment Insights
Based on property information with market context.
Completed in 2025, this 1,524-square-foot, single-level duplex contains two separate residences and is fully leased. The front unit is described as a 3-bedroom, 2-bath layout with one bedroom serving as den/flex space, while the rear unit offers 1 bedroom and 1 bath. Both units feature LVP flooring, quartz countertops, hardboard siding, and central heat and A/C.
The property is positioned on a quiet street near the base of the South Hill, with access to shopping, bus service, the freeway, and downtown Spokane. A 2-year builder warranty is included. The adjoining duplex is also available and fully rented, creating an option to acquire four units across both properties.
The property is positioned on a quiet street near the base of the South Hill, with access to shopping, bus service, the freeway, and downtown Spokane. A 2-year builder warranty is included. The adjoining duplex is also available and fully rented, creating an option to acquire four units across both properties.
Key Highlights
- Fully leased 2‑unit duplex completed in 2025
- 1524 square feet with a 3 bed/2 bath front unit and 1 bed/1 bath rear unit
- Single‑level design with LVP floors and quartz countertops
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
$17,434
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
3.49%
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%
$348,680
$348.7K
Cap Rate 7%
$249,057
$249.1K
Cap Rate 9%
$193,711
$193.7K
Market Conditions
NOI Build-Up for 1,524 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
$26.5K $17.40/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$24.9K $16.34/SF
− OpEx
−$7.5K −$4.90/SF
NOI
$17.4K $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%
$348,680
Cap Rate 7%
$249,057
Cap Rate 9%
$193,711
Alternative Uses
Best Use
Multifamily LT 5
$249.1K
$217.9K – $290.6K
NOI $17,434 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$216.5K
$189.5K – $252.6K
NOI $15,158 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$393.2K
$344.0K – $458.7K
NOI $27,523 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Duplex - Single-level duplex with two distinct units, central heating and cooling, and contemporary interior finishes.
Where is this duplex located?
The property is located at 3613 E 8th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Fully leased 2‑unit duplex completed in 2025; 1524 square feet with a 3 bed/2 bath front unit and 1 bed/1 bath rear unit; Single‑level design with LVP floors and quartz countertops
