Triplex with Detached
For Sale
$677,500
828/820 11th, Spokane, WA 99204
Three-unit property with varied layouts, basement laundry, and separate garage access near shopping, dining, and hospitals.
Property Size3,950 SF
Price / SF$171.52
Days on Market30
Property Features for 828/820 11th
General Information
Standard status
Active
Size
3,950 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/1BA (1,500 sq ft), 1 x 1BR (~700 sq ft), 1 x studio (~475 sq ft)
Multifamily Units
3
Amenities
shared laundry room
Garage: Detached, Off Site, Alley Access
Garage Spaces: 4
Style: Ranch
Ranch
Detached, Off Site, Alley Access
4
Building Details
Year Built
1949
Listing Agency:
Keller Williams Realty Coeur d
(208) 651-9700
Listed By:
Tanner Williams
Source:
Clearwaterproperties
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 31 at 12:40PM
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 Realty Coeur d
Investment Insights
Based on property information with market context.
This Spokane triplex combines three distinct residential units within a 3,950-square-foot property. The primary residence offers 1,500 square feet with three bedrooms, one bathroom, central gas heat, air conditioning, a gas fireplace, a large primary bedroom, and laundry hookups. A separate one-bedroom unit measures approximately 700 square feet, while the studio provides approximately 475 square feet; both use mini-split heating and cooling systems. Each unit includes a full bathroom.
A shared laundry room is positioned in the basement utility area. The property also includes two detached garages on a separate parcel directly behind the building, accessible from the alley. Each garage has two bays, and one includes additional storage space. The 828/820 11th address is near shopping, dining, Sacred Heart Hospital, and Deaconess Hospital.
A shared laundry room is positioned in the basement utility area. The property also includes two detached garages on a separate parcel directly behind the building, accessible from the alley. Each garage has two bays, and one includes additional storage space. The 828/820 11th address is near shopping, dining, Sacred Heart Hospital, and Deaconess Hospital.
Key Highlights
- Three‑unit property with 1,500 SF, approximately 700 SF, and approximately 475 SF residences
- Primary unit includes 3 bedrooms, 1 bathroom, central gas heat, air conditioning, and a gas fireplace
- Two detached garages on a separate parcel directly behind the property
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
$45,186
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%
$903,720
$903.7K
Cap Rate 7%
$645,514
$645.5K
Cap Rate 9%
$502,067
$502.1K
Market Conditions
NOI Build-Up for 3,950 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
$68.7K $17.40/SF
− Vacancy
−$4.2K −$1.06/SF
EGI
$64.6K $16.34/SF
− OpEx
−$19.4K −$4.90/SF
NOI
$45.2K $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%
$903,720
Cap Rate 7%
$645,514
Cap Rate 9%
$502,067
Alternative Uses
Best Use
Multifamily LT 5
$645.5K
$564.8K – $753.1K
NOI $45,186 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$561.2K
$491.1K – $654.8K
NOI $39,286 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.02M
$891.7K – $1.19M
NOI $71,337 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
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?
Triplex - Three-unit property with varied layouts, basement laundry, and separate garage access near shopping, dining, and hospitals.
Where is this triplex located?
The property is located at 828/820 11th Spokane, WA.
What is the asking price?
The asking price for this property is $677,500.
What are key features of this property?
This property features: Three‑unit property with 1,500 SF, approximately 700 SF, and approximately 475 SF residences; Primary unit includes 3 bedrooms, 1 bathroom, central gas heat, air conditioning, and a gas fireplace; Two detached garages on a separate parcel directly behind the property
