Up-Down
38/40 E Rich Ave, Spokane, WA 99207
For Sale
New
$300,000
Residential Income, Spokane, WA
Property Size1,656 SF
Lot Size0.12 Acres
Price / SF$181.16
Days on Market1
Property Features for 38/40 E Rich Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Window features
Interior features
Basement
Appliances
Lot features
Elementary school
Middle school
High school
Elementary school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
EXIT Real Estate Professionals · EXIT Realty
Listed By:
Sabrina Jones-Schroeder · License #2098
(509) 535-8400
Added: Nov 7
Last Checked: Nov 7 at 4:06PM
MLS# 202626823
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.
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Investment Insights
Based on property information with market context.
This 1,656-square-foot duplex is arranged as an upper and lower apartment, each with two bedrooms and one bathroom. The upper unit has a remodeled kitchen, updated bathroom vanity, fresh interior paint, and tile in the kitchen and bathroom. The lower unit has vinyl plank flooring, with tile in the kitchen, bathroom, and hallway. Both apartments have laundry hookups, and the building is heated by a forced-air natural gas furnace. The property was built in 1950 and sits on a 0.1171-acre lot.
Long-term tenants occupy the units. Shopping, services, and major public transit routes are nearby.
Long-term tenants occupy the units. Shopping, services, and major public transit routes are nearby.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- 1,656 square feet on a 0.1171‑acre lot
- Built in 1950
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,944
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$378,880
$378.9K
Cap Rate 7%
$270,629
$270.6K
Cap Rate 9%
$210,489
$210.5K
Market Conditions
NOI Build-Up for 1,656 SF
Gross rent
$28.8K $17.40/SF
− Vacancy
−$1.8K −$1.06/SF
EGI
$27.1K $16.34/SF
− OpEx
−$8.1K −$4.90/SF
NOI
$18.9K $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 Rate 5%
$378,880
Cap Rate 7%
$270,629
Cap Rate 9%
$210,489
Alternative Uses
Best Use
Multifamily LT 5
$270.6K
$236.8K – $315.7K
NOI $18,944 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$235.3K
$205.9K – $274.5K
NOI $16,470 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$427.2K
$373.8K – $498.5K
NOI $29,907 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
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Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Spokane, WA
Properties on Market for Duplexes in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments include washer and dryer hookups, with long-term tenants already in place.
Where is this duplex located?
The property is located at 38/40 E Rich Ave Spokane, WA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; 1,656 square feet on a 0.1171‑acre lot; Built in 1950
