Three-Unit Triplex with Detached
For Sale
$450,000
Pending
716 15th, Spokane, WA 99203
Occupied multifamily property with two-bedroom and one-bedroom unit layouts.
Property Size3,280 SF
Days on Market15
Property Features for 716 15th
General Information
Standard status
Pending
Size
3,280 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,239
Amenities
patio
garden area
basement storage
Garage: Detached, Garage Door Opener
Garage Spaces: 2
Style: Craftsman
Craftsman
Detached, Garage Door Opener
2
Building Details
Year Built
1951
Listing Agency:
Windermere Valley
(509) 324-6285
Listed By:
Brenda McKinley · License #129183
Source:
Clearwaterproperties
Added: Aug 16
Changed: Aug 30
Last Checked: Aug 30 at 1:29AM
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 Windermere Valley
Investment Insights
Based on property information with market context.
Located at 716 15th in Spokane’s South Hill, this 3,280-square-foot triplex contains three occupied units: two with two bedrooms and one with a single bedroom. Built in 1951, the Craftsman-style property includes hardwood flooring in the upper units and vinyl siding across the exterior.
A detached two-car garage, opener, storage areas, and a sizable lower-level basement provide practical support space. The property also features a front patio and garden area. Neighborhood parks, shopping, restaurants, schools, and daily conveniences are identified as nearby, adding to the surrounding residential context.
A detached two-car garage, opener, storage areas, and a sizable lower-level basement provide practical support space. The property also features a front patio and garden area. Neighborhood parks, shopping, restaurants, schools, and daily conveniences are identified as nearby, adding to the surrounding residential context.
Key Highlights
- Three occupied units: two 2‑bedroom units and one 1‑bedroom unit
- 3,280‑square‑foot triplex built in 1951
- Detached 2‑car garage with garage door opener
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
$37,521
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
8.34%
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%
$750,420
$750.4K
Cap Rate 7%
$536,014
$536.0K
Cap Rate 9%
$416,900
$416.9K
Market Conditions
NOI Build-Up for 3,280 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
$57.1K $17.40/SF
− Vacancy
−$3.5K −$1.06/SF
EGI
$53.6K $16.34/SF
− OpEx
−$16.1K −$4.90/SF
NOI
$37.5K $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%
$750,420
Cap Rate 7%
$536,014
Cap Rate 9%
$416,900
Alternative Uses
Best Use
Multifamily LT 5
$536.0K
$469.0K – $625.4K
NOI $37,521 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$466.0K
$407.8K – $543.7K
NOI $32,623 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$846.2K
$740.5K – $987.3K
NOI $59,237 @ 7.0% cap · market cap 13.16%
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
1,704
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?
Triplex - Occupied multifamily property with two-bedroom and one-bedroom unit layouts.
Where is this triplex located?
The property is located at 716 15th Spokane, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three occupied units: two 2‑bedroom units and one 1‑bedroom unit; 3,280‑square‑foot triplex built in 1951; Detached 2‑car garage with garage door opener
