Remodeled Residential Income
For Sale
$425,000
809 W Lincoln Blvd, Spokane, WA 99224
Three-bedroom townhome with updated kitchen, cathedral ceilings, gas fireplace, and a two-car garage.
Property Size2,250 SF
Price / SF$188.89
Days on Market151
Property Features for 809 W Lincoln Blvd
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,196
Amenities
gas fireplace
cathedral ceilings
granite countertops
luxury vinyl plank flooring
Garage: Attached, Underground, Garage Door Opener, Shared Driveway
Garage Spaces: 1
Attached, Underground, Garage Door Opener, Shared Driveway
1
Building Details
Year Built
1999
Listing Agency:
RE/MAX Inland Empire
(509) 844-5843
Listed By:
Keri McCombs · License #124688
Source:
Clearwaterproperties
Added: Apr 4
Changed: Aug 31
Last Checked: Aug 30 at 12:21AM
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 RE/MAX Inland Empire
Investment Insights
Based on property information with market context.
This residential income property is a remodeled townhome at 809 W Lincoln Blvd in Spokane. The interior includes three bedrooms, two bathrooms, an open main living area, cathedral ceilings, abundant windows, and a gas fireplace. The kitchen features granite countertops, white cabinetry, a large island with bar seating, and luxury vinyl plank flooring. A primary suite and two additional bedrooms provide a flexible residential layout.
Property improvements include a new roof in 2025, a newer furnace, and a fully insulated attached two-car garage with a garage door opener. The HOA covers water, sewer, garbage, snow removal, landscaping, and exterior liability insurance. The home is located in Qualchan Hills, just off the main road and minutes from downtown Spokane, with a shared driveway and natural surroundings.
Property improvements include a new roof in 2025, a newer furnace, and a fully insulated attached two-car garage with a garage door opener. The HOA covers water, sewer, garbage, snow removal, landscaping, and exterior liability insurance. The home is located in Qualchan Hills, just off the main road and minutes from downtown Spokane, with a shared driveway and natural surroundings.
Key Highlights
- Three‑bedroom, two‑bathroom townhome in Qualchan Hills
- Updated kitchen with granite countertops, white cabinetry, island, and bar seating
- Cathedral ceilings, abundant windows, and gas fireplace in the main living area
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
$22,378
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
5.27%
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%
$447,560
$447.6K
Cap Rate 7%
$319,686
$319.7K
Cap Rate 9%
$248,644
$248.6K
Market Conditions
NOI Build-Up for 2,250 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
$43.5K $19.32/SF
− Vacancy
−$2.8K −$1.24/SF
EGI
$40.7K $18.08/SF
− OpEx
−$18.3K −$8.14/SF
NOI
$22.4K $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%
$447,560
Cap Rate 7%
$319,686
Cap Rate 9%
$248,644
Alternative Uses
Best Use
Apartment 5plus
$319.7K
$279.7K – $373.0K
NOI $22,378 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$580.5K
$507.9K – $677.3K
NOI $40,635 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom townhome with updated kitchen, cathedral ceilings, gas fireplace, and a two-car garage.
Where is this residential income property located?
The property is located at 809 W Lincoln Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bathroom townhome in Qualchan Hills; Updated kitchen with granite countertops, white cabinetry, island, and bar seating; Cathedral ceilings, abundant windows, and gas fireplace in the main living area
