Duplex with Unfinished
For Sale
$354,900
816 Gordon, Spokane, WA 99207
Recently refreshed duplex with two units, each having a one-car oversized garage and a full unfinished basement for storage.
Property Size3,174 SF
Price / SF$111.81
Days on Market27
Property Features for 816 Gordon
General Information
Standard status
Active
Size
3,174 SF
Property subtype
Multi Family Home
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,110
Amenities
Garage: Detached, Off Site
Garage Spaces: 2
Style: Traditional
Traditional
Detached, Off Site
2
Building Details
Year Built
1925
Stories
2
Tenancy
Multi
Listing Agency:
REAL Broker LLC
(509) 216-9714
Listed By:
Kristi Kerkuta · License #95892
Source:
Clearwaterproperties
Added: Jul 25
Changed: Aug 20
Last Checked: Aug 19 at 11:17AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This duplex for sale at 816 E Gordon Ave in Spokane, WA 99207 offers two rental units with room to grow. The main-floor unit has three bedrooms and one bath, and the upstairs unit includes one bedroom and one bath. The interior has recently been refreshed with new paint, new flooring, and additional updates throughout. A full unfinished basement provides abundant storage and potential for future expansion.
Each unit is served by its own oversized single-car garage. The property also includes a level, fenced backyard and off-street parking. The owner carry contract is available only under the owner-carry terms.
With multiple income and expansion possibilities, this property is well suited for an investor looking for a refreshed duplex setup with practical on-site storage and existing garage space per unit.
Each unit is served by its own oversized single-car garage. The property also includes a level, fenced backyard and off-street parking. The owner carry contract is available only under the owner-carry terms.
With multiple income and expansion possibilities, this property is well suited for an investor looking for a refreshed duplex setup with practical on-site storage and existing garage space per unit.
Key Highlights
- 2,574‑SF duplex built in 1925 with two units: 3BD/1BA main‑floor unit plus 1BD/1BA upstairs unit
- Recently refreshed interior with new paint and new flooring, plus additional updates throughout
- Full unfinished basement provides storage and potential for future expansion
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
$31,568
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
8.89%
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%
$631,360
$631.4K
Cap Rate 7%
$450,971
$451.0K
Cap Rate 9%
$350,756
$350.8K
Market Conditions
NOI Build-Up for 3,174 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
$61.3K $19.32/SF
− Vacancy
−$3.9K −$1.24/SF
EGI
$57.4K $18.08/SF
− OpEx
−$25.8K −$8.14/SF
NOI
$31.6K $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%
$631,360
Cap Rate 7%
$450,971
Cap Rate 9%
$350,756
Alternative Uses
Best Use
Multifamily LT 5
$518.7K
$453.9K – $605.2K
NOI $36,309 @ 7.0% cap · market cap 10.23%
Second Best
Apartment 5plus
$451.0K
$394.6K – $526.1K
NOI $31,568 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$818.9K
$716.5K – $955.4K
NOI $57,322 @ 7.0% cap · market cap 16.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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 - Recently refreshed duplex with two units, each having a one-car oversized garage and a full unfinished basement for storage.
Where is this duplex located?
The property is located at 816 Gordon Spokane, WA.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: 2,574‑SF duplex built in 1925 with two units: 3BD/1BA main‑floor unit plus 1BD/1BA upstairs unit; Recently refreshed interior with new paint and new flooring, plus additional updates throughout; Full unfinished basement provides storage and potential for future expansion
