Triplex with Detached
For Sale
$677,500
828 /820 W 11th Ave, Spokane, WA 99204
Three-unit property with varied layouts, individual heating and cooling systems, and separate garage space.
Property Size3,950 SF
Price / SF$171.52
Days on Market41
Property Features for 828 /820 W 11th Ave
General Information
Standard status
Active
Size
3,950 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR, 1 x studio
Multifamily Units
3
Amenities
central gas heat
air conditioning
gas fireplace
in-unit laundry hookups
mini-split heating and cooling systems
shared laundry room
Building Details
Year Built
1949
Listing Agency:
Keller Williams Realty Coeur d
(208) 651-9700
Listed By:
Tanner Williams
Source:
Clemensregroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 11:55PM
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.
Built in 1949, this Spokane triplex combines a 1,500-square-foot three-bedroom, one-bath residence with a roughly 700-square-foot one-bedroom unit and an approximately 475-square-foot studio. The main residence includes central gas heat, air conditioning, a gas fireplace, a large primary bedroom, and laundry hookups. The smaller units use mini-split heating and cooling systems, while all three units have full bathrooms. A shared laundry room is located in the basement utility area.
Two detached garages sit on a separate parcel directly behind the property. Each garage has two bays, and one also provides additional storage. The property is located near shopping, dining, Sacred Heart Hospital, and Deaconess Hospital.
Two detached garages sit on a separate parcel directly behind the property. Each garage has two bays, and one also provides additional storage. The property is located near shopping, dining, Sacred Heart Hospital, and Deaconess Hospital.
Key Highlights
- Three‑unit configuration with 1,500 sq. ft. main residence, ~700 sq. ft. one‑bedroom unit, and ~475 sq. ft. studio
- Main unit offers 3 bedrooms, 1 bath, central gas heat, air conditioning, gas fireplace, and laundry hookups
- 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with varied layouts, individual heating and cooling systems, and separate garage space.
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: Three‑unit configuration with 1,500 sq. ft. main residence, ~700 sq. ft. one‑bedroom unit, and ~475 sq. ft. studio; Main unit offers 3 bedrooms, 1 bath, central gas heat, air conditioning, gas fireplace, and laundry hookups; Two detached garages on a separate parcel directly behind the property
