Updated Triplex with Shared
New
For Sale
$449,000
6408 N Normandie St, Spokane, WA 99208
Fully leased three-unit property with varied unit mix, dedicated parking, and detached storage.
Property Size1,968 SF
Price / SF$228.15
Days on Market2
Property Features for 6408 N Normandie St
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Amenities
shared laundry room
Listing Agency:
Kiemle Hagood
(208) 770-2590
Listed By:
Mary Kienbaum · License #SP52503
(509) 828-3273
Source:
Brokersinclair
Added: Sep 7
Last Checked: Sep 8 at 9:15AM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
This 1,968-square-foot triplex contains one one-bedroom, one-bath unit and two two-bedroom, one-bath units. All three residences are currently leased. Recent improvements include a 2022 water heater in Unit 6410, a 2023 range in Unit 6412, and a shared laundry room upgraded with a water heater, flooring, and electrical sub-panel in 2022. The laundry room also includes a new washer and dryer installed in 2023.
Exterior work completed in 2022 includes fresh paint, new gutters, and added landscaping with beds and shrubs. The property includes a three-space carport and a detached garage/storage building. Located at 6408 N Normandie St in Spokane, WA 99208. Tenant access is restricted, with property access provided upon an accepted offer.
Exterior work completed in 2022 includes fresh paint, new gutters, and added landscaping with beds and shrubs. The property includes a three-space carport and a detached garage/storage building. Located at 6408 N Normandie St in Spokane, WA 99208. Tenant access is restricted, with property access provided upon an accepted offer.
Key Highlights
- Three‑unit property with one 1‑bed/1‑bath unit and two 2‑bed/1‑bath units
- All units are currently leased
- 1,968 square feet of total property size
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
$22,513
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
5.01%
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%
$450,260
$450.3K
Cap Rate 7%
$321,614
$321.6K
Cap Rate 9%
$250,144
$250.1K
Market Conditions
NOI Build-Up for 1,968 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
$34.2K $17.40/SF
− Vacancy
−$2.1K −$1.06/SF
EGI
$32.2K $16.34/SF
− OpEx
−$9.6K −$4.90/SF
NOI
$22.5K $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%
$450,260
Cap Rate 7%
$321,614
Cap Rate 9%
$250,144
Alternative Uses
Best Use
Multifamily LT 5
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$279.6K
$244.7K – $326.2K
NOI $19,574 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$507.7K
$444.3K – $592.4K
NOI $35,542 @ 7.0% cap · market cap 7.92%
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
1,479
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?
Triplex - Fully leased three-unit property with varied unit mix, dedicated parking, and detached storage.
Where is this triplex located?
The property is located at 6408 N Normandie St Spokane, WA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit property with one 1‑bed/1‑bath unit and two 2‑bed/1‑bath units; All units are currently leased; 1,968 square feet of total property size
