Duplex with Partially Finished
For Sale
$419,000
511 W 14TH Ave, Spokane, WA 99204
MULTI_FAMILY - Spokane, WA
Property Size3,130 SF
Lot Size0.16 Acres
Price / SF$133.87
Days on Market21
Property Features for 511 W 14TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2
Parking
1481
Patio and Porch features
Deck, Patio
Interior features
Kitchen Island, Natural Woodwork
Fireplace
1
Basement
Partially Finished, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Treed, Level
Elementary school
Grant
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35301.0403
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3770
Utilities
Heating system
Forced Air, Electric (Heating), Natural Gas, Baseboard
Building Details
Year built
1908
Number of units
2
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Danny Pontius · License #117555
(509) 953-9539
Added: Jul 17
Changed: Aug 2
Last Checked: Aug 6 at 11:06PM
MLS# 202621084
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.
511 W 14TH Ave in Spokane, WA offers a charming two-unit duplex built in 1908 with 3,130 square feet of classic character. The home features natural woodwork and wood flooring, along with a kitchen island. The ground-floor unit provides access to the full basement, which is partially finished, creating flexibility for additional living space, storage, or future customization.
Tenants can enjoy a shared private backyard and a detached garage with off-street parking. Outdoor living is supported by a deck and patio, and the home includes a fireplace. Heating is provided by forced air and baseboard systems, with natural gas and electric heating.
Situated on a 0.163-acre lot in Spokane’s South Hill area, the property is close to multiple parks and is about half a mile from Manito Park. The duplex is professionally managed by On-Top Realty, and it’s currently presented as a versatile option for rental investment or multigenerational living.
Tenants can enjoy a shared private backyard and a detached garage with off-street parking. Outdoor living is supported by a deck and patio, and the home includes a fireplace. Heating is provided by forced air and baseboard systems, with natural gas and electric heating.
Situated on a 0.163-acre lot in Spokane’s South Hill area, the property is close to multiple parks and is about half a mile from Manito Park. The duplex is professionally managed by On-Top Realty, and it’s currently presented as a versatile option for rental investment or multigenerational living.
Key Highlights
- 3,130 square feet duplex built in 1908 on 0.163 acres
- Ground‑floor unit has access to the full basement, partially finished
- Two spacious units plus a shared private backyard
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
$35,805
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
8.55%
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%
$716,100
$716.1K
Cap Rate 7%
$511,500
$511.5K
Cap Rate 9%
$397,833
$397.8K
Market Conditions
NOI Build-Up for 3,130 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
$54.5K $17.40/SF
− Vacancy
−$3.3K −$1.06/SF
EGI
$51.2K $16.34/SF
− OpEx
−$15.3K −$4.90/SF
NOI
$35.8K $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%
$716,100
Cap Rate 7%
$511,500
Cap Rate 9%
$397,833
Alternative Uses
Best Use
Multifamily LT 5
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 8.55%
Second Best
Apartment 5plus
$444.7K
$389.1K – $518.9K
NOI $31,131 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$807.5K
$706.6K – $942.1K
NOI $56,528 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,870
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
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-unit duplex with shared private backyard, detached garage with off-street parking, and a partially finished basement.
Where is this duplex located?
The property is located at 511 W 14TH Ave Spokane, WA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 3,130 square feet duplex built in 1908 on 0.163 acres; Ground‑floor unit has access to the full basement, partially finished; Two spacious units plus a shared private backyard
