Contemporary Duplex with
For Sale
$659,900
6027 Smith, Spokane, WA 99208
Two updated rental units offer open living areas, private covered patios, and convenient access to dining and grocery services.
Property Size3,080 SF
Price / SF$214.25
Days on Market28
Property Features for 6027 Smith
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Amenities
covered back patios
oversized garages
Garage: Underground, Garage Door Opener
Garage Spaces: 2
Style: Contemporary
Contemporary
Underground, Garage Door Opener
2
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick · License #24022549
Source:
Clearwaterproperties
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 29 at 2:37PM
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 Kelly Right Real Estate of Spokane
Investment Insights
Based on property information with market context.
Built in 2023, this contemporary duplex contains two matching residences with 3 bedrooms, 2.5 baths, and 1,540 square feet of living space per unit. The total property size is 3,080 square feet. Each floor plan opens to a living and kitchen area with durable LVP flooring, abundant cabinetry, granite countertops, and stainless steel appliances. Covered rear patios extend the usable space, while oversized garages provide enclosed parking and storage.
The upper level in each unit includes a primary suite with a walk-in closet and bath featuring a double-sink vanity and tub. Two additional bedrooms, a full bathroom, and a laundry closet complete the second floor. The property is located near dining and grocery options at 6027 Smith, Spokane, WA 99208.
The upper level in each unit includes a primary suite with a walk-in closet and bath featuring a double-sink vanity and tub. Two additional bedrooms, a full bathroom, and a laundry closet complete the second floor. The property is located near dining and grocery options at 6027 Smith, Spokane, WA 99208.
Key Highlights
- Duplex with two 3‑bedroom, 2.5‑bath units
- Each unit contains 1,540 sq ft; total property size is 3,080 sq ft
- Built in 2023 with contemporary exterior design
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
$35,234
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
5.34%
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%
$704,680
$704.7K
Cap Rate 7%
$503,343
$503.3K
Cap Rate 9%
$391,489
$391.5K
Market Conditions
NOI Build-Up for 3,080 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
$53.6K $17.40/SF
− Vacancy
−$3.3K −$1.06/SF
EGI
$50.3K $16.34/SF
− OpEx
−$15.1K −$4.90/SF
NOI
$35.2K $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%
$704,680
Cap Rate 7%
$503,343
Cap Rate 9%
$391,489
Alternative Uses
Best Use
Multifamily LT 5
$503.3K
$440.4K – $587.2K
NOI $35,234 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$437.6K
$382.9K – $510.6K
NOI $30,633 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$794.6K
$695.3K – $927.1K
NOI $55,625 @ 7.0% cap · market cap 8.43%
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
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
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 updated rental units offer open living areas, private covered patios, and convenient access to dining and grocery services.
Where is this duplex located?
The property is located at 6027 Smith Spokane, WA.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 2.5‑bath units; Each unit contains 1,540 sq ft; total property size is 3,080 sq ft; Built in 2023 with contemporary exterior design
