Centrally Located Fourplex with
For Sale
$755,000
803 Knox, Spokane, WA 99205
Fourplex with modern finishes, strong rental history, and income potential.
Property Size4,400 SF
Price / SF$171.59
Days on Market82
Property Features for 803 Knox
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi Family Home
Amenities
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
2009
Listing Agency:
LT Real Estate
(360) 518-9381
Listed By:
Derek Raivio · License #21030903
Source:
Clearwaterproperties
Added: May 23
Changed: Aug 11
Last Checked: Aug 11 at 5:35AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This centrally located fourplex presents an opportunity for investors or owner-occupants, featuring a strong rental history and modern finishes throughout. Each unit offers approximately 1,100 square feet of living space, designed with an open-concept layout and 9-foot ceilings. Each unit includes 2 bedrooms and 1.5 bathrooms. Interior finishes consist of LVP flooring, updated cabinetry, stainless steel appliances, modern fixtures, in-unit laundry, and updated windows. Off-street parking is available. The property's consistent rental performance and attractive floor plans enhance its appeal. The gross monthly income is $5,650, with a net operating income of $52,654.70 and a cap rate of 7%. There is potential to package this property with 1511-1517 W Euclid Ave and 8705 N Colton St for an expanded investment opportunity.
Key Highlights
- Strong Income Potential: Gross Monthly Income $5,650, NOI $52,654.70, and a 7% Cap Rate.
- Centrally Located Fourplex with Consistent Rental Performance.
- Modern Finishes Throughout: LVP flooring, updated cabinetry, stainless steel appliances, modern fixtures, in‑unit laundry, and updated windows.
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
$50,334
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
6.67%
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%
$1,006,680
$1.0M
Cap Rate 7%
$719,057
$719.1K
Cap Rate 9%
$559,267
$559.3K
Market Conditions
NOI Build-Up for 4,400 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
$76.6K $17.40/SF
− Vacancy
−$4.7K −$1.06/SF
EGI
$71.9K $16.34/SF
− OpEx
−$21.6K −$4.90/SF
NOI
$50.3K $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%
$1,006,680
Cap Rate 7%
$719,057
Cap Rate 9%
$559,267
Alternative Uses
Best Use
Multifamily LT 5
$719.1K
$629.2K – $838.9K
NOI $50,334 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$625.2K
$547.0K – $729.4K
NOI $43,762 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.14M
$993.3K – $1.32M
NOI $79,464 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
902
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?
Quadplex - Fourplex with modern finishes, strong rental history, and income potential.
Where is this quadplex located?
The property is located at 803 Knox Spokane, WA.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Strong Income Potential: Gross Monthly Income $5,650, NOI $52,654.70, and a 7% Cap Rate.; Centrally Located Fourplex with Consistent Rental Performance.; Modern Finishes Throughout: LVP flooring, updated cabinetry, stainless steel appliances, modern fixtures, in‑unit laundry, and updated windows.
