Updated Residential Income
For Sale
$399,999
942 E BALDWIN Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size2,745 SF
Lot Size0.16 Acres
Price / SF$145.72
Days on Market161
Property Features for 942 E BALDWIN Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Alley
Basement
Finished, Full
Elementary school
Logan
Middle school
Yashura
High school
North Central
Elementary school district
Spokane Dist 81
Directions
GPS works
Standard status
Active
APN
35084.2402
Size
2,745 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3863
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1951
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Todd Bunger
(509) 327-2238
Added: Mar 19
Changed: Aug 19
Last Checked: Aug 26 at 11:06AM
MLS# 202613959
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 fully updated 4-bedroom, 2-bath home features a flexible layout with a finished basement that adds additional living space and bedroom count, including a 1 BR non-conforming bedroom. The current configuration also includes a bedroom (5th) and a fitness room. An open-concept main level with a modern kitchen supports easy tenant use and livability, while recent 2023 renovations help reduce maintenance concerns. A detached garage adds approximately 451 square feet of additional space for hobbies, workspace, or storage, with bonus area that may support additional storage income or future value-add.
Located in Spokane’s Logan neighborhood near Gonzaga University, the home offers convenient proximity to downtown Spokane, schools, and other local amenities.
Recent improvements include a brand-new sewer line, HVAC and AC, and an on-demand hot water tank.
Located in Spokane’s Logan neighborhood near Gonzaga University, the home offers convenient proximity to downtown Spokane, schools, and other local amenities.
Recent improvements include a brand-new sewer line, HVAC and AC, and an on-demand hot water tank.
Key Highlights
- Updated 4‑bedroom, 2‑bath home with finished basement providing extra living space and bedroom count
- Garage includes additional 451 SF of space for hobbies, workspace, or storage
- Brand new sewer line plus HVAC & AC and on‑demand hot water tank
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
$27,302
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
6.83%
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%
$546,040
$546.0K
Cap Rate 7%
$390,029
$390.0K
Cap Rate 9%
$303,356
$303.4K
Market Conditions
NOI Build-Up for 2,745 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
$53.0K $19.32/SF
− Vacancy
−$3.4K −$1.24/SF
EGI
$49.6K $18.08/SF
− OpEx
−$22.3K −$8.14/SF
NOI
$27.3K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$546,040
Cap Rate 7%
$390,029
Cap Rate 9%
$303,356
Alternative Uses
Best Use
Apartment 5plus
$390.0K
$341.3K – $455.0K
NOI $27,302 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,575 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Fully updated 4-bedroom, 2-bath with finished basement and detached garage, plus recent 2023 renovations.
Where is this single family property located?
The property is located at 942 E BALDWIN Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Updated 4‑bedroom, 2‑bath home with finished basement providing extra living space and bedroom count; Garage includes additional 451 SF of space for hobbies, workspace, or storage; Brand new sewer line plus HVAC & AC and on‑demand hot water tank
