Furnished Duplex with Separate
New
For Sale
$350,000
407 E 11th Ave, Spokane, WA 99202
Residential Income, Spokane, WA
Property Size1,800 SF
Lot Size0.14 Acres
Price / SF$194.44
Days on Market2
Property Features for 407 E 11th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Utility Room, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Basement, Bathroom 1
Parking
2
Parking features
Driveway, Carport
Window features
Vinyl Frames, Aluminum Frames
Patio and Porch features
Deck
Interior features
High Speed Internet, Pantry, In-Law Floorplan
Fireplace
1
Basement
Unfinished, Partial
Appliances
Free-Standing Range, Refrigerator, Microwave, Washer, Dryer
Lot features
Secluded, Hillside, City Bus (w/in 6 blks)
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
From 5711 N Division, South on Division, East on 5th, South on Cowley becomes Rockwood Blvd, Go a couple blocks up the hill from Rockwood Retirement Center and take a left on 11th, go about a block and a half on the left.
Standard status
Active
APN
35203.2423
Size
1,800 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
2958
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Baseboard, Natural Gas, Forced Air
Cooling system
Window Unit(s)
Amenities
private front deck
carport parking
detached studio/shop
elevated deck
separately metered
gas heat
electric heat
washer/dryer
Building Details
Year built
1901
Floors in Building
2
Number of units
2
Building materials
Steel Frame
Roof type
Composition
Architectural style
Victorian
Additional Structures
Workshop
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Ronald McIntire
(509) 951-7653
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 10:06PM
MLS# 202624213
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.
Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex, built in 1901, includes a two-bedroom main-floor residence and an upstairs one-bedroom apartment. The primary unit has a private front deck, carport parking, a 14x14 detached studio or shop, and access to a washer and dryer. The upper apartment has its own exterior entry and elevated deck. Appliances remain with the property, and the units are separately metered. Heating consists of natural gas and forced air on the main level, with electric baseboard heat upstairs.
The 0.1377-acre property is located at 407 E 11th Ave in Spokane, near Sacred Heart Medical Center, Providence St. Joseph's Care Center, and a dog-friendly park. Zoning allows 2 to 4 units. The property is offered furnished and includes a Victorian architectural style, steel-frame construction, composition roofing, window-unit cooling, and driveway and carport parking.
The 0.1377-acre property is located at 407 E 11th Ave in Spokane, near Sacred Heart Medical Center, Providence St. Joseph's Care Center, and a dog-friendly park. Zoning allows 2 to 4 units. The property is offered furnished and includes a Victorian architectural style, steel-frame construction, composition roofing, window-unit cooling, and driveway and carport parking.
Key Highlights
- 1,800‑square‑foot duplex with a 2‑bedroom main unit and 1‑bedroom upper apartment
- Zoning allows 2 to 4 units
- 14x14 detached studio or shop
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
$20,591
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
5.88%
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%
$411,820
$411.8K
Cap Rate 7%
$294,157
$294.2K
Cap Rate 9%
$228,789
$228.8K
Market Conditions
NOI Build-Up for 1,800 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
$31.3K $17.40/SF
− Vacancy
−$1.9K −$1.06/SF
EGI
$29.4K $16.34/SF
− OpEx
−$8.8K −$4.90/SF
NOI
$20.6K $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%
$411,820
Cap Rate 7%
$294,157
Cap Rate 9%
$228,789
Alternative Uses
Best Use
Multifamily LT 5
$294.2K
$257.4K – $343.2K
NOI $20,591 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,903 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$464.4K
$406.4K – $541.8K
NOI $32,508 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,831
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units include decks, appliances, and distinct heating systems.
Where is this duplex located?
The property is located at 407 E 11th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,800‑square‑foot duplex with a 2‑bedroom main unit and 1‑bedroom upper apartment; Zoning allows 2 to 4 units; 14x14 detached studio or shop
