North Spokane
New
For Sale
$575,000
9907 Waikiki, Spokane, WA 99218
Income-producing residential property near Whitworth University in North Spokane.
Property Size2,996 SF
Price / SF$191.92
Days on Market5
Property Features for 9907 Waikiki
General Information
Standard status
Active
Size
2,996 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,835
Amenities
Garage: None
Garage Spaces: 0
Style: Traditional
Traditional
Building Details
Year Built
1966
Buildings
1
Listing Agency:
Upward Advisors
(509) 994-6767
Listed By:
John Leland · License #50182
Source:
Clearwaterproperties
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 7:14AM
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 Upward Advisors
Investment Insights
Based on property information with market context.
This duplex at 9907 Waikiki in Spokane, Washington, provides 2,996 square feet of residential space within a two-unit configuration. The property was built in 1966 and features a traditional exterior design.
The property is located in North Spokane near Whitworth University, placing it within an established university-area rental setting. Its duplex format offers separate residential units at a single address.
The property is located in North Spokane near Whitworth University, placing it within an established university-area rental setting. Its duplex format offers separate residential units at a single address.
Key Highlights
- 2,996‑square‑foot duplex
- Built in 1966
- Located near Whitworth University
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
$34,273
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
5.96%
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%
$685,460
$685.5K
Cap Rate 7%
$489,614
$489.6K
Cap Rate 9%
$380,811
$380.8K
Market Conditions
NOI Build-Up for 2,996 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
$52.1K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.0K $16.34/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$34.3K $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%
$685,460
Cap Rate 7%
$489,614
Cap Rate 9%
$380,811
Alternative Uses
Best Use
Multifamily LT 5
$489.6K
$428.4K – $571.2K
NOI $34,273 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$425.7K
$372.5K – $496.6K
NOI $29,798 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$773.0K
$676.4K – $901.8K
NOI $54,108 @ 7.0% cap · market cap 9.41%
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
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 99218, WA
15,591
Population
6,464
Households
2.4
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,293
Density / Sq Mi
$73,723
Median Household Income
$40,854
Median Earnings
$1,147
Median Rent
$404,500
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 - Income-producing residential property near Whitworth University in North Spokane.
Where is this duplex located?
The property is located at 9907 Waikiki Spokane, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,996‑square‑foot duplex; Built in 1966; Located near Whitworth University
