2608 N Madelia Street, Spokane, WA 99207
- $430,000
- 3,456
- SqFt
Listing Broker: The Paragon Group; Peter Clark; 509-943-0400; peter@multifamilymason.com
- List Price
- $430,000
- Status
- ACTIVE
- MLS#
- 2586041
- Style
- 52 - Duplex
- Building Condition
- Average
- Finished SqFt
- 3,456
- Area Total SqFt
- 3456
- Annual Tax Ammount
- 3494
- Lot Size (sq ft)
- 6,600
- Sewer
- Sewer Connected
Property Description
Fantastic opportunity to own a spacious North Spokane duplex with approximately 1,700 SF per unit. This property offers the size, comfort, and functionality of a single-family home with the income potential of multifamily ownership. One unit has been recently updated and is currently vacant, creating an immediate opportunity for an owner-occupant to move in while continuing to generate rental income from the neighboring unit. The setup may also provide access to multiple owner-occupied financing options. For investors, the property offers an approachable entry point into the Spokane multifamily market with just two highly manageable units and potential for continued rent growth. Located in an established North Spokane neighborhood just blocks from a brand-new middle school and other recent area improvements, the property also provides convenient access to retail, services, employment centers, and major transportation corridors. An excellent opportunity for a first-time investor, portfolio expansion, or buyer looking to offset housing costs through rental income.
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Additional Information
- Community
- Spokane
- Net Operating Income
- $30,253
- Gross Adjusted Income
- $38,880
- Gross Scheduled Income
- $38,880
- Total Monthly Income
- $1,620
- Insurance Expenses
- $670
- Gross Rent Multiplier
- 11.06
- Total Expenses
- $8,627
- Cap Rate
- 7.03
- Total Number of Units
- 2
- Unit Name
- 2608
- Potential Terms
- Cash, Conventional, FHA
- Year Built
- 1977
- Roof
- Composition
- Other Expenses
- 4463
- Energy Source
- Electric
- School District
- Spokane
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $1,620
- Gross Scheduled Income
- $38,880
- Gross Adjusted Income
- $38,880
- Tax Year
- 2026
- Insurance Expense
- $670
- Total Expenses
- $8,627
- Net Operating Income
- $30,253
- Gross Rent Multiplier
- 11.06
- Cap Rate
- 7.03
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.