Updated Duplex with
For Sale
$415,000
420 W Shannon Ave, Spokane, WA 99205
Two independently arranged units include updated kitchens, separate entrances, shared laundry, and flexible living configurations.
Property Size2,624 SF
Price / SF$158.16
Days on Market30
Property Features for 420 W Shannon Ave
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Amenities
shared laundry room
detached garage
Building Details
Year Built
1891
Buildings
1
Listing Agency:
Coldwell Banker Tomlinson
(509) 850-6558
Listed By:
Cody Irons
Source:
Clemensregroup
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 25 at 4:21AM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This 2,624-square-foot duplex contains two separately arranged residences with distinct entrances and practical floorplans. The upper unit includes two bedrooms, a full bathroom, updated appliances, and newer paint, while the main-level residence offers three bedrooms, a full bathroom, an updated kitchen, and a primary bedroom with a walk-in closet. Both units were updated in 2022-23. A shared laundry room has been added, and the unfinished basement provides additional interior space. The property also includes a detached garage with a separate storage room, workshop space, RV access/parking, and alley access. Separate electrical meters serve the units, and both water heaters were replaced in 2022-23.
The 1891-built property is located 1.5 miles from downtown Spokane, Gonzaga, and Spokane’s Sports District. A spacious backyard and unfinished basement add flexibility to the existing residential configuration.
The 1891-built property is located 1.5 miles from downtown Spokane, Gonzaga, and Spokane’s Sports District. A spacious backyard and unfinished basement add flexibility to the existing residential configuration.
Key Highlights
- Two‑unit duplex totaling 2,624 square feet
- Upper unit has 2 bedrooms; main‑level unit has 3 bedrooms
- Both units updated in 2022‑23
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
$30,017
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
7.23%
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%
$600,340
$600.3K
Cap Rate 7%
$428,814
$428.8K
Cap Rate 9%
$333,522
$333.5K
Market Conditions
NOI Build-Up for 2,624 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
$45.7K $17.40/SF
− Vacancy
−$2.8K −$1.06/SF
EGI
$42.9K $16.34/SF
− OpEx
−$12.9K −$4.90/SF
NOI
$30.0K $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%
$600,340
Cap Rate 7%
$428,814
Cap Rate 9%
$333,522
Alternative Uses
Best Use
Multifamily LT 5
$428.8K
$375.2K – $500.3K
NOI $30,017 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$372.8K
$326.2K – $435.0K
NOI $26,098 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$677.0K
$592.4K – $789.8K
NOI $47,389 @ 7.0% cap · market cap 11.42%
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
1,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Two independently arranged units include updated kitchens, separate entrances, shared laundry, and flexible living configurations.
Where is this duplex located?
The property is located at 420 W Shannon Ave Spokane, WA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,624 square feet; Upper unit has 2 bedrooms; main‑level unit has 3 bedrooms; Both units updated in 2022‑23
