Updated Two-Unit
For Sale
$385,000
404/406 N Grant, Medical Lake, WA 99022
Ranch-style duplex with refreshed interiors, remodeled kitchens, and a spacious yard for tenants or owner-occupants.
Property Size1,880 SF
Price / SF$204.79
Days on Market53
Property Features for 404/406 N Grant
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
spacious yard
Garage: Slab, Off Site
Garage Spaces: 0
Style: Ranch
Ranch
Slab, Off Site
Building Details
Year Built
1945
Listing Agency:
Avalon 24 Real Estate
Listed By:
Chelsey Graves · License #SP53613
(509) 458-4000
Source:
Clearwaterproperties
Added: Aug 15
Changed: Oct 6
Last Checked: Oct 5 at 2:56PM
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.
Built in 1945, this 1,880-square-foot ranch-style duplex contains two residential units, each arranged with 2 bedrooms and 1 bathroom. Interior 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 near Fairchild Air Force Base, Eastern State Hospital, schools, and parks, with Spokane within a short drive. An additional duplex is available directly across the street, creating the option to consider both properties together.
The duplex is located near Fairchild Air Force Base, Eastern State Hospital, schools, and parks, with Spokane within a short drive. An additional duplex is available directly across the street, creating the option to consider both properties together.
Key Highlights
- Two‑unit duplex with 1,880 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Updated windows, fresh paint, and newer flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,866
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
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
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 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
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 - Ranch-style duplex with refreshed interiors, remodeled kitchens, and a spacious yard for tenants or owner-occupants.
Where is this duplex located?
The property is located at 404/406 N Grant 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; Each unit includes 2 bedrooms and 1 bathroom; Updated windows, fresh paint, and newer flooring
