Two-Unit Duplex with Private
For Sale
$549,000
4518 S Donald Ct, Spokane, WA 99223
Residential Income, Spokane, WA
Property Size2,158 SF
Lot Size0.19 Acres
Price / SF$254.40
Days on Market9
Property Features for 4518 S Donald Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4
Fireplace
1
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Disposal, Microwave, Washer, Dryer
Lot features
Fenced Yard
Elementary school
Hamblen
Middle school
Chase
High school
Ferris
Elementary school district
Spokane Dist 81
Directions
South Regal to 46th. West to Donald Ct. North to property
Standard status
Active
APN
34041.1140
Size
2,158 SF
Lot size
0.19 Acres
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s)
Amenities
balcony
patio
backyard
Building Details
Year built
1978
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Ned Duffy
(509) 230-1706
Added: Sep 19
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 202624552
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 2,158-square-foot duplex contains two residences, each with 2 bedrooms and 1 full bathroom. The upper unit features vaulted ceilings and a balcony, while the remodeled lower unit opens to a patio and landscaped backyard. Each residence has its own 2-car garage. Built in 1978, the property includes a composition roof, Masonite construction, natural gas forced-air heat, wall-unit cooling, and a fireplace. Appliances include ranges, dishwashers, refrigerators, disposals, microwaves, washers, and dryers.
The property occupies 0.1866 acres in Spokane’s South Hill area, near shopping, restaurants, and outdoor activities. Its location is identified as 4518 S Donald Ct, Spokane, WA 99223-4437.
The property occupies 0.1866 acres in Spokane’s South Hill area, near shopping, restaurants, and outdoor activities. Its location is identified as 4518 S Donald Ct, Spokane, WA 99223-4437.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bathroom
- 2,158 square feet on a 0.1866‑acre lot
- Each unit includes its own 2‑car garage
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
$24,686
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
4.50%
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%
$493,720
$493.7K
Cap Rate 7%
$352,657
$352.7K
Cap Rate 9%
$274,289
$274.3K
Market Conditions
NOI Build-Up for 2,158 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
$37.5K $17.40/SF
− Vacancy
−$2.3K −$1.06/SF
EGI
$35.3K $16.34/SF
− OpEx
−$10.6K −$4.90/SF
NOI
$24.7K $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%
$493,720
Cap Rate 7%
$352,657
Cap Rate 9%
$274,289
Alternative Uses
Best Use
Multifamily LT 5
$352.7K
$308.6K – $411.4K
NOI $24,686 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$306.6K
$268.3K – $357.7K
NOI $21,463 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$556.8K
$487.2K – $649.6K
NOI $38,973 @ 7.0% cap · market cap 7.10%
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
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
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 two-bedroom residences offer distinct outdoor spaces, updated lower-level finishes, and individual garage parking.
Where is this duplex located?
The property is located at 4518 S Donald Ct Spokane, WA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 full bathroom; 2,158 square feet on a 0.1866‑acre lot; Each unit includes its own 2‑car garage
