Updated Two-Unit
For Sale
$385,000
404 /406 N Grant Ave, Medical Lake, WA 99022
Both residences feature remodeled kitchens, modern appliances, and refreshed interior finishes.
Property Size1,880 SF
Price / SF$204.79
Days on Market13
Property Features for 404 /406 N Grant Ave
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1945
Buildings
1
Listing Agency:
Avalon 24 Real Estate
(509) 458-4000
Listed By:
Chelsey Graves · License #SP53613
Source:
Clemensregroup
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 8:58PM
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 Avalon 24 Real Estate
Investment Insights
Based on property information with market context.
This 1,880-square-foot duplex, built in 1945, contains two separate residences with the same functional layout: two bedrooms and one bathroom per unit. Improvements include updated windows, fresh paint, newer flooring, remodeled kitchens, and modern appliances. A spacious yard provides additional outdoor area for the property.
The duplex is located at 404 /406 N Grant Ave in Medical Lake, Washington, near Fairchild Air Force Base, Eastern State Hospital, schools, and parks. Spokane is a short drive away. An additional duplex is available directly across the street, creating the option to purchase both properties together.
The duplex is located at 404 /406 N Grant Ave in Medical Lake, Washington, near Fairchild Air Force Base, Eastern State Hospital, schools, and parks. Spokane is a short drive away. An additional duplex is available directly across the street, creating the option to purchase both properties together.
Key Highlights
- Two‑unit duplex with 1,880 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Updated windows, fresh paint, and newer flooring
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
$20,866
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
5.42%
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%
$417,320
$417.3K
Cap Rate 7%
$298,086
$298.1K
Cap Rate 9%
$231,844
$231.8K
Market Conditions
NOI Build-Up for 1,880 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
$32.3K $17.16/SF
− Vacancy
−$2.5K −$1.30/SF
EGI
$29.8K $15.86/SF
− OpEx
−$8.9K −$4.76/SF
NOI
$20.9K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /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%
$417,320
Cap Rate 7%
$298,086
Cap Rate 9%
$231,844
Alternative Uses
Best Use
Multifamily LT 5
$298.1K
$260.8K – $347.8K
NOI $20,866 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$274.0K
$239.7K – $319.6K
NOI $19,178 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$434.4K
$380.1K – $506.8K
NOI $30,409 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 99022, WA
8,867
Population
3,564
Households
2.5
Avg Household Size
43
Median Age
31%
College-Educated
96%
High-School Grad
68.3 sq mi
ZIP Area
130
Density / Sq Mi
$90,814
Median Household Income
$45,469
Median Earnings
$838
Median Rent
$345,600
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 - Both residences feature remodeled kitchens, modern appliances, and refreshed interior finishes.
Where is this duplex located?
The property is located at 404 /406 N Grant Ave Medical Lake, WA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,880 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Updated windows, fresh paint, and newer flooring
