Updated Side-by-Side
For Sale
$435,000
Pending
820 E Rowan Ave, Spokane, WA 99207
Two refreshed residences offer private outdoor space and individual driveways in a straightforward income-property configuration.
Property Size3,328 SF
Days on Market106
Property Features for 820 E Rowan Ave
General Information
Standard status
Pending
Size
3,328 SF
Property subtype
Multi Family Home
Additional Details
Cap Rate
10%
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,678
Amenities
private yard
separate driveway
Garage: None
Garage Spaces: 0
Style: Ranch
Ranch
Building Details
Year Built
1976
Listing Agency:
Keller Williams Spokane - Main
(509) 703-0558
Listed By:
Shane Bangle · License #115104
Source:
Clearwaterproperties
Added: May 18
Changed: Aug 30
Last Checked: Aug 30 at 2:38PM
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 Keller Williams Spokane - Main
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 3,328 square feet across two residences and was built in 1976. Recent improvements include a new roof, interior and exterior paint, LVP flooring, carpet, bathroom vanities, and quartz countertops. Each unit also has a private yard and its own driveway, providing distinct outdoor areas and separate vehicle access.
The property is located at 820 E Rowan Ave in Spokane, WA 99207. Existing updates and the two-unit layout create a clearly defined residential income property with separate living spaces and individual exterior access. The source information reports a 10% cap rate.
The property is located at 820 E Rowan Ave in Spokane, WA 99207. Existing updates and the two-unit layout create a clearly defined residential income property with separate living spaces and individual exterior access. The source information reports a 10% cap rate.
Key Highlights
- 3,328‑square‑foot side‑by‑side duplex built in 1976
- Reported 10% cap rate
- New roof plus refreshed interior and exterior paint
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
$38,071
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
8.75%
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%
$761,420
$761.4K
Cap Rate 7%
$543,871
$543.9K
Cap Rate 9%
$423,011
$423.0K
Market Conditions
NOI Build-Up for 3,328 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
$57.9K $17.40/SF
− Vacancy
−$3.5K −$1.06/SF
EGI
$54.4K $16.34/SF
− OpEx
−$16.3K −$4.90/SF
NOI
$38.1K $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%
$761,420
Cap Rate 7%
$543,871
Cap Rate 9%
$423,011
Alternative Uses
Best Use
Multifamily LT 5
$543.9K
$475.9K – $634.5K
NOI $38,071 @ 7.0% cap · market cap 8.75%
Second Best
Apartment 5plus
$472.9K
$413.8K – $551.7K
NOI $33,100 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$858.6K
$751.3K – $1.00M
NOI $60,104 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,047
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed residences offer private outdoor space and individual driveways in a straightforward income-property configuration.
Where is this duplex located?
The property is located at 820 E Rowan Ave Spokane, WA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 3,328‑square‑foot side‑by‑side duplex built in 1976; Reported 10% cap rate; New roof plus refreshed interior and exterior paint
