Ranch-Style Duplex with Finished
For Sale
$400,000
734 E Baldwin Ave #2, Spokane, WA 99201
Each residence includes a garage and adaptable finished lower-level space.
Property Size3,360 SF
Days on Market198
Property Features for 734 E Baldwin Ave #2
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Multi-Family
Amenities
Natural Gas
Forced Air
Wall Unit(s)
Free-Standing Range
Dishwasher
Refrigerator
Composition
Building Details
Building Size
3,360 SF
Year Built
1987
Listing Agency:
John L Scott
(509) 703-0385
Listed By:
Phone: (509) 703-0385
(509) 703-0385
Source:
Kw
Added: Feb 13
Changed: Aug 30
Last Checked: Aug 30 at 12:00PM
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 John L Scott
Investment Insights
Based on property information with market context.
Built in 1987, this ranch-style duplex contains two residences, each measuring 1,680 square feet with three bedrooms and two bathrooms. The main level provides two bedrooms, a full bath, living room, and kitchen, while the finished basement adds a bedroom, second bath, laundry area, and bonus room. Each unit also has a one-car garage with storage and off-street parking. Interior features include natural gas, forced-air heating, wall units, a free-standing range, dishwasher, and refrigerator. Composition exteriors complete the property.
The duplex is located at 734 E Baldwin Ave #2 in Spokane, near Gonzaga University. Shopping, dining, and everyday amenities are identified in the surrounding area. The layout supports separate residential living spaces with additional basement flexibility for storage, hobbies, home office use, or other needs.
The duplex is located at 734 E Baldwin Ave #2 in Spokane, near Gonzaga University. Shopping, dining, and everyday amenities are identified in the surrounding area. The layout supports separate residential living spaces with additional basement flexibility for storage, hobbies, home office use, or other needs.
Key Highlights
- Two‑unit duplex with 1,680 SF per residence
- Each unit offers 3 bedrooms and 2 bathrooms
- Finished basement includes a bedroom, second bath, laundry area, and bonus room
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
$33,418
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
8.35%
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%
$668,360
$668.4K
Cap Rate 7%
$477,400
$477.4K
Cap Rate 9%
$371,311
$371.3K
Market Conditions
NOI Build-Up for 3,360 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
$64.9K $19.32/SF
− Vacancy
−$4.2K −$1.24/SF
EGI
$60.8K $18.08/SF
− OpEx
−$27.3K −$8.14/SF
NOI
$33.4K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$668,360
Cap Rate 7%
$477,400
Cap Rate 9%
$371,311
Alternative Uses
Best Use
Multifamily LT 5
$549.1K
$480.5K – $640.6K
NOI $38,437 @ 7.0% cap · market cap 9.61%
Second Best
Apartment 5plus
$477.4K
$417.7K – $557.0K
NOI $33,418 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$866.9K
$758.5K – $1.01M
NOI $60,682 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Each residence includes a garage and adaptable finished lower-level space.
Where is this duplex located?
The property is located at 734 E Baldwin Ave #2 Spokane, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,680 SF per residence; Each unit offers 3 bedrooms and 2 bathrooms; Finished basement includes a bedroom, second bath, laundry area, and bonus room
