Two-Unit Ranch
For Sale
$325,000
864 S Sherman St, Spokane, WA 99202
Residential Income, Spokane, WA
Property Size1,050 SF
Lot Size0.16 Acres
Price / SF$309.52
Days on Market103
Property Features for 864 S Sherman St
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
LDR
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Parking features
Offsite
Window features
Vinyl Frames
Appliances
Free-Standing Range, Refrigerator, Microwave
Lot features
Treed, Level, Corner Lot, City Bus (w/in 6 blks), Oversized Lot, Fencing
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
Use GPS.
Standard status
Active
APN
35203.1414
Size
1,050 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2843
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Rich King · License #128097
(509) 703-8187
Added: Jul 1
Changed: Oct 7
Last Checked: Oct 11 at 1:06PM
MLS# 202620147
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 1930 ranch-style duplex contains two one-bedroom, one-bath residences, each measuring 525 square feet for a combined 1,050 square feet. Both units are described as being in good condition and include a free-standing range, refrigerator, and microwave. Masonite siding, a composition roof, and natural-gas forced-air heating complete the primary building features.
The property occupies 0.163 acres at 864 S Sherman St in Spokane, with offsite parking and LDR zoning. It is located near Spokane hospitals and the Perry District. Occupancy has remained almost 100% since December 2021, providing an established rental history for the two-unit configuration.
The property occupies 0.163 acres at 864 S Sherman St in Spokane, with offsite parking and LDR zoning. It is located near Spokane hospitals and the Perry District. Occupancy has remained almost 100% since December 2021, providing an established rental history for the two-unit configuration.
Key Highlights
- Two‑unit duplex with 1BR/1BA layouts in each residence
- 525 sqft per unit; 1,050 sqft total property size
- Almost 100% occupied since Dec 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,011
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$240,220
$240.2K
Cap Rate 7%
$171,586
$171.6K
Cap Rate 9%
$133,456
$133.5K
Market Conditions
NOI Build-Up for 1,050 SF
Gross rent
$18.3K $17.40/SF
− Vacancy
−$1.1K −$1.06/SF
EGI
$17.2K $16.34/SF
− OpEx
−$5.1K −$4.90/SF
NOI
$12.0K $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 Rate 5%
$240,220
Cap Rate 7%
$171,586
Cap Rate 9%
$133,456
Alternative Uses
Best Use
Multifamily LT 5
$171.6K
$150.1K – $200.2K
NOI $12,011 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$149.2K
$130.5K – $174.1K
NOI $10,443 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$270.9K
$237.0K – $316.1K
NOI $18,963 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,155
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained rental property with separate one-bedroom residences and convenient access to Spokane’s hospital area and Perry District.
Where is this duplex located?
The property is located at 864 S Sherman St Spokane, WA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex with 1BR/1BA layouts in each residence; 525 sqft per unit; 1,050 sqft total property size; Almost 100% occupied since Dec 2021
