Spokane Triplex with Recent
For Sale
$449,000
6408 Normandie, Spokane, WA 99208
Well-maintained Spokane triplex featuring recent updates and leased units.
Property Size1,968 SF
Price / SF$228.15
Days on Market98
Property Features for 6408 Normandie
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,439
Amenities
Garage: Detached, Carport
Garage Spaces: 1
Detached, Carport
1
Building Details
Year Built
1958
Listing Agency:
Avalon 24 Real Estate
(509) 251-5153
Listed By:
Beth Mulligan · License #SP50344
Source:
Clearwaterproperties
Added: May 25
Changed: Aug 28
Last Checked: Aug 28 at 1:51PM
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 Avalon 24 Real Estate
Investment Insights
Based on property information with market context.
This well-maintained triplex is located in Spokane, Washington. The property includes one unit with 1 bedroom and 1 bathroom, and two units with 2 bedrooms and 1 bathroom each. Recent updates include a new water heater in unit 6410 (2022), a new range in unit 6412 (2023), and a new water heater, flooring, and electrical sub-panel in the laundry room (2022). The exterior has been updated with new paint, gutters, and landscaping (beds and shrubs) in 2022. A new washer and dryer were installed in the shared laundry room in 2023. The property also features a carport with three parking spaces and a detached garage/storage area. All units are currently leased, offering upside potential in rents. The property size is 1968 square feet.
Key Highlights
- Triplex investment property in Spokane, WA with all units currently leased.
- Recent updates include new water heaters, range, paint, gutters, landscaping, flooring, and electrical sub‑panel.
- Shared laundry room with new washer and dryer.
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
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 - Well-maintained Spokane triplex featuring recent updates and leased units.
Where is this triplex located?
The property is located at 6408 Normandie 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: Triplex investment property in Spokane, WA with all units currently leased.; Recent updates include new water heaters, range, paint, gutters, landscaping, flooring, and electrical sub‑panel.; Shared laundry room with new washer and dryer.
