Brick Side-by-Side
For Sale
$399,900
4703 Stevens, Spokane, WA 99205
Well-maintained brick duplex on a large corner lot, featuring private garages, central A/C, and fenced backyards with alley access.
Property Size2,562 SF
Price / SF$156.09
Days on Market46
Property Features for 4703 Stevens
General Information
Standard status
Active
Size
2,562 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Site & Location
Road Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,460
Amenities
Garage: Detached, Off Site
Garage Spaces: 2
Style: Ranch
Ranch
Detached, Off Site
2
Building Details
Year Built
1956
Year Renovated
2024
Stories
2
Tenancy
Multi
Listing Agency:
First Look Real Estate
(509) 990-2020
Listed By:
Tom Price
Source:
Clearwaterproperties
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 28 at 8:57AM
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 First Look Real Estate
Investment Insights
Based on property information with market context.
This brick side-by-side duplex offers two separate units with a well-maintained exterior and multiple recent updates. A new roof was installed in 2022, with exterior updates completed in 2024. Interior improvements include painting and some new flooring planned for 2026. Each unit includes a private garage, two driveway parking spaces, central A/C, and a fenced backyard with convenient alley access.
Unit 4707 is a 3-bedroom, 1-bath home with a main level that includes two bedrooms, 1 bath, a living room, and an eat-in kitchen remodeled in 2019 with updated appliances. The finished lower level adds additional living space, including a family room, a third bedroom with egress window(s), a large storage room with potential for a future bath or office, and a dedicated laundry area.
Unit 4703 features a 2-bedroom, 1-bath layout. The property’s configuration provides flexibility for investors or future owner-occupants.
Unit 4707 is a 3-bedroom, 1-bath home with a main level that includes two bedrooms, 1 bath, a living room, and an eat-in kitchen remodeled in 2019 with updated appliances. The finished lower level adds additional living space, including a family room, a third bedroom with egress window(s), a large storage room with potential for a future bath or office, and a dedicated laundry area.
Unit 4703 features a 2-bedroom, 1-bath layout. The property’s configuration provides flexibility for investors or future owner-occupants.
Key Highlights
- Brick side‑by‑side duplex built in 1956 on a large corner lot
- New roof installed in 2022 and exterior updates completed in 2024; painting and some new flooring in 2026
- Each unit includes a private detached/ off‑site garage and two driveway parking spaces
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
$29,308
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
7.33%
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%
$586,160
$586.2K
Cap Rate 7%
$418,686
$418.7K
Cap Rate 9%
$325,644
$325.6K
Market Conditions
NOI Build-Up for 2,562 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
$44.6K $17.40/SF
− Vacancy
−$2.7K −$1.06/SF
EGI
$41.9K $16.34/SF
− OpEx
−$12.6K −$4.90/SF
NOI
$29.3K $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%
$586,160
Cap Rate 7%
$418,686
Cap Rate 9%
$325,644
Alternative Uses
Best Use
Multifamily LT 5
$418.7K
$366.4K – $488.5K
NOI $29,308 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,481 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$661.0K
$578.4K – $771.2K
NOI $46,270 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,076
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 - Well-maintained brick duplex on a large corner lot, featuring private garages, central A/C, and fenced backyards with alley access.
Where is this duplex located?
The property is located at 4703 Stevens Spokane, WA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Brick side‑by‑side duplex built in 1956 on a large corner lot; New roof installed in 2022 and exterior updates completed in 2024; painting and some new flooring in 2026; Each unit includes a private detached/ off‑site garage and two driveway parking spaces
