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    Renovated Two-Unit Ranch Home Title is generated by Realmo AI

    5005 N EVERGREEN Rd, Spokane, WA 99216

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    New
    For Sale
    $425,000

    MULTI_FAMILY - Ranch - Spokane, WA

    Type:Single Family Residence
    Property size:
    1,710 SF
    Lot size:
    0.47 Acres
    Price / SF:
    $248/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 2:06 pm

    Property Features for 5005 N EVERGREEN Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Laundry Room, Utility Room, Bedroom 2, Bedroom 3
    Parking
    4
    Parking features
    Offsite, RV
    Window features
    Vinyl Frames
    Patio and Porch features
    Patio
    Interior features
    Hot Water, High Speed Internet
    Basement
    Crawl Space
    Appliances
    Free-Standing Range, Dishwasher, Refrigerator, Hard Surface Counters
    Standard status
    Active
    APN
    46344.0706
    Size
    1,710 SF
    Lot size
    0.47 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3777

    Utilities

    Heating system
    Ductless (Heating)
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1942
    Floors in Building
    1
    Number of units
    2
    Building materials
    Brick Veneer, Vinyl Siding, Wood Siding
    Roof type
    Composition
    Architectural style
    Ranch

    We can help!

    Listing Contact
    James Cote

    Listing agent James Cote

    Listing office Kelly Right Real Estate of Spokane 140 S ARTHUR ST STE 600, Spokane, WA

    Listing date Jun 5, 2026

    MLS# 202618769 Listing URL

    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.

    HighLights

    • Two 2‑bedroom, 1‑bath units on a nearly half‑acre lot; both units currently rented
    • Units renovated in 2020 with quartz countertops, undermount sinks, and included appliances
    • Each unit includes washer/dryer hookups, garage, fenced backyard, and separate utilities; tenants pay sewer/garbage/power/gas
    • Gross rental income is $2,790; tenant in Unit #1 will vacate June 30, 2026
    • RV/trailer parking available for $50/month on the additional back land (seller renting currently)
    • 1942 ranch‑style structure with ductless heating, wall‑unit cooling, and composition roof; parking includes RV and offsite

    Overview

    This property is a ranch-style, two-unit duplex configured with two separate 2-bedroom, 1-bath residences. Both units were renovated in 2020 and include quartz countertops, undermount sinks, and appliances. Each unit also has washer and dryer hookups, a garage, and a fenced backyard, along with separate utilities to support individual tenant billing and convenience.

    The home sits on a nearly half-acre lot in Spokane, Washington. The layout includes additional land toward the back of the property, where the seller has been renting RV or trailer parking for $50 per month. Buyer should verify any future development or additional improvements since the remarks note potential for building an additional home or shop, subject to confirmation.

    For tenants or owner-occupants, the duplex offers straightforward, unit-by-unit setup with separate utilities and in-unit laundry hookups. For investors, the property is currently fully rented, with Unit #1 scheduled to vacate on June 30, 2026, creating flexibility for a future move-in or repositioning plan. Gross rental income is reported as $2,790 per month, and tenants pay their own sewer/garbage as well as power and gas.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Building Supply Gym & Fitness Center Auto Repair Shop Accounting Firm Big Box & Wholesale Store Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.2187754
    Latitude
    47.7024975

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    FAQs

    What type of property is this?
    Duplex - Two renovated 2-bedroom units with separate utilities and garages, with add-on space on a nearly half-acre lot.
    Where is this duplex located?
    The property is located at 5005 N EVERGREEN Rd Spokane, WA.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Two 2‑bedroom, 1‑bath units on a nearly half‑acre lot; both units currently rented; Units renovated in 2020 with quartz countertops, undermount sinks, and included appliances; Each unit includes washer/dryer hookups, garage, fenced backyard, and separate utilities; tenants pay sewer/garbage/power/gas
    (509) 489-7000
    We can help!
    Listing Contact
    James Cote
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    5005 N EVERGREEN Rd, Spokane, WA 99216
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