Brick Quadplex With Detached
New
For Sale
$598,000
609 E EUCLID Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size3,600 SF
Lot Size0.12 Acres
Price / SF$166.11
Days on Market5
Property Features for 609 E EUCLID Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Basement
Finished, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Sprinkler - Automatic, Level
Elementary school district
Spokane Dist 81
Directions
GPS
Standard status
Active
APN
35054.3715
Size
3,600 SF
Lot size
0.12 Acres
Utilities
Heating system
Electric (Heating)
Amenities
in-unit laundry
air conditioning (window units)
Building Details
Year built
1956
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Composition
Listing Agency:
Jerry Vanhook Real Estate
(509) 998-2458
Listed By:
Jerry Vanhook
(509) 927-7733
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 14 at 10:06PM
MLS# 202624097
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 3,600-square-foot quadplex in Spokane includes four residential units, each with its own laundry and window AC unit. The brick building was constructed in 1956 and includes a basement, composition roof, electric heating, free-standing ranges, dishwashers, and refrigerators. Three detached garage units provide additional on-site improvements.
Property updates include the roof, gutters on the building and garages, garage doors and openers, sewer line, electrical panels, heaters, windows, sprinkler system, and stainless steel kitchen appliances. Glass-top stoves and washer-dryer sets are also included. The property occupies 0.1171 acres at 609 E EUCLID Ave in Spokane, WA 99207.
Property updates include the roof, gutters on the building and garages, garage doors and openers, sewer line, electrical panels, heaters, windows, sprinkler system, and stainless steel kitchen appliances. Glass-top stoves and washer-dryer sets are also included. The property occupies 0.1171 acres at 609 E EUCLID Ave in Spokane, WA 99207.
Key Highlights
- Four‑unit quadplex with 3 detached garage units
- 3,600 square feet on 0.1171 acres
- Brick construction with 1956 year built
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
$41,182
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
6.89%
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%
$823,640
$823.6K
Cap Rate 7%
$588,314
$588.3K
Cap Rate 9%
$457,578
$457.6K
Market Conditions
NOI Build-Up for 3,600 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
$62.6K $17.40/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$58.8K $16.34/SF
− OpEx
−$17.6K −$4.90/SF
NOI
$41.2K $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%
$823,640
Cap Rate 7%
$588,314
Cap Rate 9%
$457,578
Alternative Uses
Best Use
Multifamily LT 5
$588.3K
$514.8K – $686.4K
NOI $41,182 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$928.8K
$812.7K – $1.08M
NOI $65,016 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit brick property with private laundry, updated systems, stainless steel appliances, and three detached garage units.
Where is this quadplex located?
The property is located at 609 E EUCLID Ave Spokane, WA.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3 detached garage units; 3,600 square feet on 0.1171 acres; Brick construction with 1956 year built
