Building Details

Year Built 1945

Buildings 1

Listing Agency: Avalon 24 Real Estate

Listed By: Chelsey Graves · License #SP53613 Show Phone

Source: Clemensregroup

Added: Aug 17 Changed: Oct 8 Last Checked: Oct 12 at 11:28PM

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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.

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 / 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 (±1% cap)

NOI $20,866 @ 7.0% cap · market cap 5.42%

Second Best

Apartment 5plus

$274.0K

$239.7K – $319.6K (±1% cap)

NOI $19,178 @ 7.0% cap · market cap 4.98%

Theoretical Best

Office A

$434.4K

$380.1K – $506.8K (±1% cap)

NOI $30,409 @ 7.0% cap · market cap 7.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Furniture & Home Goods Grocery & Convenience Store Butcher Parking Lot & Garage Cafe & Coffee Shop Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

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Updated Two-Unit Duplex

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$400,000

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Two-Floor Office Building

725 N Stanley St, Medical Lake, WA 99022

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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