Triplex with Updated
For Sale
$399,000
613 W Knox Ave, Spokane, WA 99205
Fully occupied three-unit residential property with updated leases and access to downtown Spokane amenities.
Property Size2,444 SF
Price / SF$163.26
Days on Market41
Property Features for 613 W Knox Ave
General Information
Standard status
Active
Size
2,444 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$42,480
Multifamily Units
3
Building Details
Year Built
1905
Listing Agency:
REAL Broker LLC
(509) 570-2482
Listed By:
Haydn Halsted · License #139160
Source:
Clemensregroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 10:52AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This triplex contains 2,444 square feet arranged as three residential units with a combined total of 4 bedrooms and 3 bathrooms. The property was built in 1905 and is fully occupied, with updated leases supporting continued residential use across the building.
Located at 613 W Knox Ave in Spokane, the property is near the North Bank district and downtown Spokane. Residents have access to nearby employment centers, shopping, dining, and entertainment while remaining in a neighborhood setting. The three-unit configuration and current occupancy provide a straightforward income-property profile for an owner seeking a residential asset with established tenancy.
Located at 613 W Knox Ave in Spokane, the property is near the North Bank district and downtown Spokane. Residents have access to nearby employment centers, shopping, dining, and entertainment while remaining in a neighborhood setting. The three-unit configuration and current occupancy provide a straightforward income-property profile for an owner seeking a residential asset with established tenancy.
Key Highlights
- 2,444‑square‑foot triplex with three residential units
- 4 bedrooms and 3 bathrooms across the property
- Fully occupied with updated leases
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
$27,958
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
7.01%
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%
$559,160
$559.2K
Cap Rate 7%
$399,400
$399.4K
Cap Rate 9%
$310,644
$310.6K
Market Conditions
NOI Build-Up for 2,444 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
$42.5K $17.40/SF
− Vacancy
−$2.6K −$1.06/SF
EGI
$39.9K $16.34/SF
− OpEx
−$12.0K −$4.90/SF
NOI
$28.0K $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%
$559,160
Cap Rate 7%
$399,400
Cap Rate 9%
$310,644
Alternative Uses
Best Use
Multifamily LT 5
$399.4K
$349.5K – $466.0K
NOI $27,958 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$347.3K
$303.9K – $405.1K
NOI $24,308 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$630.6K
$551.7K – $735.7K
NOI $44,139 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,348
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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?
Triplex - Fully occupied three-unit residential property with updated leases and access to downtown Spokane amenities.
Where is this triplex located?
The property is located at 613 W Knox Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,444‑square‑foot triplex with three residential units; 4 bedrooms and 3 bathrooms across the property; Fully occupied with updated leases
