Duplex with Six-Bed Back
For Sale
$749,900
604 S Ray St, Spokane, WA 99202
MULTI_FAMILY - Spokane, WA
Property Size3,014 SF
Lot Size0.15 Acres
Price / SF$248.81
Days on Market130
Property Features for 604 S Ray St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 3, Bathroom 3, Bedroom 6, Bedroom 7, Bathroom 2, Utility Room, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 8
Parking features
Offsite, Driveway, Alley
Window features
Wood Frames, Vinyl Frames
Interior features
High Speed Internet
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Sprinkler - Automatic, Level
View
Territorial
Elementary school
Frances
Middle school
Chase
High school
Ferris
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35222.4411
Size
3,014 SF
Lot size
0.15 Acres
Utilities
Heating system
Electric (Heating), Ductless (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1946
Number of units
2
Building materials
Fiber Cement
Roof type
Composition
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Kristopher Zarek · License #135095
(509) 327-2238
Added: Mar 30
Changed: Aug 3
Last Checked: Aug 6 at 10:06PM
MLS# 202614419
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 duplex at 604 S Ray St, Spokane, WA 99202 is built as a versatile live/work or group-housing configuration. The back unit features a spacious six-bedroom, two-bath layout with the ability to accommodate up to 12 income-producing beds. It includes a large kitchen, open living space, designated manager’s quarters, and an office loft. The front unit offers two bedrooms and one bath, with a flexible setup suitable for a manager or owner-occupant, including a bedroom plus an additional guest room or office. A side structure of around 198 square feet is plumbed and electrified and could support an intake office, counseling space, or private workspace.
The property is on a 0.15-acre lot and totals 3,014 square feet, with a 1946 build and fiber cement construction. Heating includes ductless systems and electric heat, and cooling is provided via wall units. Parking includes a driveway, offsite parking, and an alley.
Inside, the home includes a utility room and laundry room, and the listing notes high-speed internet service, with appliances including a free-standing range, dishwasher, refrigerator, washer, and dryer.
The property is on a 0.15-acre lot and totals 3,014 square feet, with a 1946 build and fiber cement construction. Heating includes ductless systems and electric heat, and cooling is provided via wall units. Parking includes a driveway, offsite parking, and an alley.
Inside, the home includes a utility room and laundry room, and the listing notes high-speed internet service, with appliances including a free-standing range, dishwasher, refrigerator, washer, and dryer.
Key Highlights
- Back unit is a six‑bedroom, two‑bath layout with ability to accommodate up to 12 income‑producing beds
- Front unit offers two bedrooms and one bath with flexible guest room or office option
- Side structure is around 198 sq ft and is plumbed with plumbing and electrical
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
$34,479
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
4.60%
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%
$689,580
$689.6K
Cap Rate 7%
$492,557
$492.6K
Cap Rate 9%
$383,100
$383.1K
Market Conditions
NOI Build-Up for 3,014 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
$52.4K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.3K $16.34/SF
− OpEx
−$14.8K −$4.90/SF
NOI
$34.5K $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%
$689,580
Cap Rate 7%
$492,557
Cap Rate 9%
$383,100
Alternative Uses
Best Use
Multifamily LT 5
$492.6K
$431.0K – $574.7K
NOI $34,479 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$428.2K
$374.7K – $499.6K
NOI $29,977 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,433 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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 - Duplex in Spokane with ductless electric heating, wall A/C, and high-speed internet plus a 6-bed back unit.
Where is this duplex located?
The property is located at 604 S Ray St Spokane, WA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Back unit is a six‑bedroom, two‑bath layout with ability to accommodate up to 12 income‑producing beds; Front unit offers two bedrooms and one bath with flexible guest room or office option; Side structure is around 198 sq ft and is plumbed with plumbing and electrical
