Up/Down Duplex with Detached
For Sale
$245,000
907 Montgomery, Spokane, WA 99205
Tenant-occupied two-unit property with forced-air heat and a detached garage.
Property Size1,879 SF
Lot Size0.14 Acres
Price / SF$130.39
Days on Market12
Property Features for 907 Montgomery
General Information
Standard status
Active
Size
1,879 SF
Lot size
0.14 Acres
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
Garage: Detached
Garage Spaces: 0
Style: Other
Other
Detached
Building Details
Year Built
1905
Buildings
1
Tenancy
Multi
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Matthew Brunner · License #97277
Source:
Clearwaterproperties
Added: Aug 15
Changed: Aug 24
Last Checked: Aug 25 at 8:49AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This 1,879-square-foot up/down duplex includes two separate residences within a 1905-built property. The main-level unit offers 2 bedrooms, 1 bath, and roughly 1,479 sq ft that includes a partially finished basement. The upper residence has 1 bedroom, 1 bath, and an additional bonus room suitable for office or flex use. Both units are currently tenant-occupied. Property improvements include forced-air heating and a 200-amp electrical panel.
The property occupies a fully fenced 6,000 sq ft lot with a detached garage. It is located at 907 Montgomery in Spokane, near the North Monroe corridor, Elliott's Kitchen, downtown Spokane, Emerson-Garfield, Garfield Elementary, and North Central High.
The property occupies a fully fenced 6,000 sq ft lot with a detached garage. It is located at 907 Montgomery in Spokane, near the North Monroe corridor, Elliott's Kitchen, downtown Spokane, Emerson-Garfield, Garfield Elementary, and North Central High.
Key Highlights
- Two‑unit up/down duplex with 1,879 SF of property size
- Main‑floor unit has 2 bedrooms, 1 bath, and roughly 1,479 sq ft including a partially finished basement
- Upper unit includes 1 bedroom, 1 bath, and a bonus room area
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
$21,495
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
8.77%
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%
$429,900
$429.9K
Cap Rate 7%
$307,071
$307.1K
Cap Rate 9%
$238,833
$238.8K
Market Conditions
NOI Build-Up for 1,879 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
$32.7K $17.40/SF
− Vacancy
−$2.0K −$1.06/SF
EGI
$30.7K $16.34/SF
− OpEx
−$9.2K −$4.90/SF
NOI
$21.5K $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%
$429,900
Cap Rate 7%
$307,071
Cap Rate 9%
$238,833
Alternative Uses
Best Use
Multifamily LT 5
$307.1K
$268.7K – $358.3K
NOI $21,495 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$267.0K
$233.6K – $311.5K
NOI $18,688 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,935 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Tenant-occupied two-unit property with forced-air heat and a detached garage.
Where is this duplex located?
The property is located at 907 Montgomery Spokane, WA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit up/down duplex with 1,879 SF of property size; Main‑floor unit has 2 bedrooms, 1 bath, and roughly 1,479 sq ft including a partially finished basement; Upper unit includes 1 bedroom, 1 bath, and a bonus room area
