Ranch Triplex with Detached
For Sale
$677,500
828/820 W 11th Ave, Spokane, WA 99204
MULTI_FAMILY - Ranch - Spokane, WA
Property Size3,950 SF
Lot Size0.20 Acres
Price / SF$171.52
Days on Market82
Property Features for 828/820 W 11th Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 1, Basement, Bedroom 2, Bathroom 2
Parking features
Offsite, Alley
Basement
Finished, Full, Walk-Out Access
Appliances
Tankless Water Heater, Range, Free-Standing Range, Washer, Dryer
Lot features
Corner Lot
View
Territorial, City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
GPS
Standard status
Active
APN
35193.3609
Size
3,950 SF
Lot size
0.20 Acres
Utilities
Heating system
Natural Gas, Forced Air, Hot Water(Heating), Heat Pump (Heating)
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1949
Floors in Building
2
Number of units
3
Building materials
Brick
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Keller Williams Realty Coeur d
(208) 667-2399
Listed By:
Tanner Williams
(208) 651-9700
Added: May 20
Changed: Jun 26
Last Checked: Aug 9 at 2:06PM
MLS# 202617764
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ranch-style triplex offers three separate residential units under one ownership. The main unit features 3 bedrooms and 1 bathroom, with central gas heat, air conditioning, a gas fireplace, a large primary bedroom, and in-unit laundry hookups. A 1-bedroom unit and a studio unit are also included, each with efficient mini-split heating and cooling. A shared laundry room is located in the basement utility area, supporting the secondary units. All three units include full bathrooms.
The property includes two detached garages located behind the home on a separate parcel. Each garage has 2 bays, and one of the garages includes an additional storage area.
For owner-occupants, the layout supports living in the larger unit while renting the other two. For investors, the configuration provides three distinct rental units, with detached garage space that can support tenant storage needs. The property is conveniently positioned near shopping, dining, and both Sacred Heart and Deaconess Hospitals.
The property includes two detached garages located behind the home on a separate parcel. Each garage has 2 bays, and one of the garages includes an additional storage area.
For owner-occupants, the layout supports living in the larger unit while renting the other two. For investors, the configuration provides three distinct rental units, with detached garage space that can support tenant storage needs. The property is conveniently positioned near shopping, dining, and both Sacred Heart and Deaconess Hospitals.
Key Highlights
- Income‑friendly multi‑unit setup with a main 3‑bedroom, 1‑bath unit plus a 1‑bedroom unit and a studio unit
- Main unit includes central gas heat, central air, a gas fireplace, and in‑unit laundry hookup
- Secondary units: 1‑bedroom (~700 SF) and studio (~475 SF), each with mini‑split heating and cooling
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
Property Profile
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 - Triplex with three separate units, in-unit laundry hookups, and two detached 2-bay garages for additional income or storage.
Where is this triplex located?
The property is located at 828/820 W 11th Ave 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: Income‑friendly multi‑unit setup with a main 3‑bedroom, 1‑bath unit plus a 1‑bedroom unit and a studio unit; Main unit includes central gas heat, central air, a gas fireplace, and in‑unit laundry hookup; Secondary units: 1‑bedroom (~700 SF) and studio (~475 SF), each with mini‑split heating and cooling
