Updated Duplex with Detached
For Sale
$485,000
611 E 23rd Ave, Spokane, WA 99203
Two separate units offer rental-income flexibility, storage, and private outdoor space.
Property Size2,800 SF
Price / SF$173.21
Days on Market114
Property Features for 611 E 23rd Ave
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,996
Amenities
Garage: Detached, Slab, Garage Door Opener
Garage Spaces: 2
Style: Ranch
Ranch
Detached, Slab, Garage Door Opener
2
Building Details
Year Built
1952
Listing Agency:
Keller Williams Realty Coeur d
(509) 922-7355
Listed By:
Seth Maefsky · License #M25177
Source:
Clearwaterproperties
Added: May 9
Changed: Aug 30
Last Checked: Aug 30 at 1:03AM
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 Keller Williams Realty Coeur d
Investment Insights
Based on property information with market context.
This ranch-style duplex at 611 E 23rd Ave includes two distinct residential units with wood flooring throughout. The upper unit has 2 bedrooms, 1 bath, an updated kitchen with new appliances, and a bright living room, while its lower level provides laundry, exterior access, and storage. The second unit contains 1 bedroom, 1 bath, a kitchen, and a living room, with lower-level space that can serve as an additional bedroom or bonus room, along with laundry hookups and a utility/workshop area.
Outdoor improvements include a landscaped backyard with a full sprinkler and drip system, plus a covered patio behind the detached 2-car garage. The property also features a new roof, new gutters, and a lined sewer. Its South Hill setting places the duplex near Manito Park, Rockwood, shopping, dining, healthcare, and schools.
Outdoor improvements include a landscaped backyard with a full sprinkler and drip system, plus a covered patio behind the detached 2-car garage. The property also features a new roof, new gutters, and a lined sewer. Its South Hill setting places the duplex near Manito Park, Rockwood, shopping, dining, healthcare, and schools.
Key Highlights
- Two‑unit duplex with 2‑bedroom and 1‑bedroom layouts
- One unit updated with new appliances and a refreshed kitchen
- Lower‑level storage, laundry, and flexible bonus‑room areas
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
$32,030
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
6.60%
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%
$640,600
$640.6K
Cap Rate 7%
$457,571
$457.6K
Cap Rate 9%
$355,889
$355.9K
Market Conditions
NOI Build-Up for 2,800 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
$48.7K $17.40/SF
− Vacancy
−$3.0K −$1.06/SF
EGI
$45.8K $16.34/SF
− OpEx
−$13.7K −$4.90/SF
NOI
$32.0K $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%
$640,600
Cap Rate 7%
$457,571
Cap Rate 9%
$355,889
Alternative Uses
Best Use
Multifamily LT 5
$457.6K
$400.4K – $533.8K
NOI $32,030 @ 7.0% cap · market cap 6.60%
Second Best
Apartment 5plus
$397.8K
$348.1K – $464.2K
NOI $27,849 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$722.4K
$632.1K – $842.8K
NOI $50,568 @ 7.0% cap · market cap 10.43%
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
176
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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 separate units offer rental-income flexibility, storage, and private outdoor space.
Where is this duplex located?
The property is located at 611 E 23rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two‑unit duplex with 2‑bedroom and 1‑bedroom layouts; One unit updated with new appliances and a refreshed kitchen; Lower‑level storage, laundry, and flexible bonus‑room areas
