Ranch Duplex with Two
For Sale
$325,000
864 Sherman, Spokane, WA 99202
Two one-bedroom residences offer a compact rental configuration near hospitals and the Perry District.
Property Size1,050 SF
Price / SF$309.52
Days on Market30
Property Features for 864 Sherman
General Information
Standard status
Active
Size
1,050 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,843
Amenities
Garage: Off Site
Garage Spaces: 0
Style: Ranch
Ranch
Off Site
Building Details
Year Built
1930
Listing Agency:
Keller Williams Spokane - Main
(509) 703-8187
Listed By:
Rich King · License #128097
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 7:21PM
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 ranch-style duplex contains two one-bedroom, one-bath units, each measuring 525 square feet, for 1,050 square feet of total building area. Both residences are in good condition and provide a straightforward configuration for residential income use. The property was built in 1930.
Located at 864 Sherman in Spokane, the duplex is near hospitals and the Perry District. Occupancy has remained almost 100% since December 2021, providing an established rental history for both units.
Located at 864 Sherman in Spokane, the duplex is near hospitals and the Perry District. Occupancy has remained almost 100% since December 2021, providing an established rental history for both units.
Key Highlights
- Two‑unit duplex with 1BR/1BA layouts
- 525 sqft per unit; 1,050 sqft total
- Almost 100% occupied since Dec 2021
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
$12,011
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
3.70%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences offer a compact rental configuration near hospitals and the Perry District.
Where is this duplex located?
The property is located at 864 Sherman 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; 525 sqft per unit; 1,050 sqft total; Almost 100% occupied since Dec 2021
