42-Unit Apartment
For Sale
$10,500,000
11802 E Main Ave, Spokane Valley, WA 99206
COMMERCIAL - Spokane Valley, WA
Property Size42,000 SF
Lot Size0.95 Acres
Price / SF$250
Days on Market139
Property Features for 11802 E Main Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Lot features
Level, City Bus (w/in 6 blks), Oversized Lot, Common Grounds
View
City
Elementary school
Opportunity
Middle school
North Pines
High school
Central Valley
Elementary school district
Central Valley
Directions
Property is 1 Block North of Sprague. Head East on Sprague, turn L on Perrine, turn L on Main, property on Left.
Standard status
Active
APN
45164.0585
Size
42,000 SF
Lot size
0.95 Acres
Amenities
hard surface countertops
laminate flooring
10' ceilings
walk-in closets
mini-splits/PTAC units
full appliance packages
washer and dryer
private patio/deck
Building Details
Year built
2026
Floors in Building
3
Building materials
Masonite
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Eric Peterson · License #50426
(509) 458-4000
Added: Apr 10
Changed: Aug 18
Last Checked: Aug 26 at 8:06AM
MLS# 202615194
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.
Under-construction apartment property at 11802 E Main Ave in Spokane Valley, Washington, with 42 units across 42,000 square feet on a 0.95-acre site. The planned mix includes 36 two-bedroom, two-bath residences and six one-bedroom, one-bath residences. Completion is identified for 2026.
Interior specifications include hard-surface countertops, laminate flooring, 10-foot ceilings, walk-in closets in primary bedrooms, and individual mini-split or PTAC heating and cooling systems. Every residence is planned with a full appliance package, including a washer and dryer, plus a private patio or deck.
Site improvements include 85 parking spaces, including 12 EV stalls. Asphalt paving is complete and parking striping has been applied, while the parking-area security gate is roughed in. The building is designed with Masonite construction materials and a composition roof.
Interior specifications include hard-surface countertops, laminate flooring, 10-foot ceilings, walk-in closets in primary bedrooms, and individual mini-split or PTAC heating and cooling systems. Every residence is planned with a full appliance package, including a washer and dryer, plus a private patio or deck.
Site improvements include 85 parking spaces, including 12 EV stalls. Asphalt paving is complete and parking striping has been applied, while the parking-area security gate is roughed in. The building is designed with Masonite construction materials and a composition roof.
Key Highlights
- 42 units: 36 two‑bedroom/two‑bath and 6 one‑bedroom/one‑bath residences
- 42,000 square feet on a 0.95‑acre site
- 85 parking spaces, including 12 EV stalls
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
$336,937
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
3.21%
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%
$6,738,740
$6.7M
Cap Rate 7%
$4,813,386
$4.8M
Cap Rate 9%
$3,743,744
$3.7M
Market Conditions
NOI Build-Up for 42,000 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
$655.2K $15.60/SF
− Vacancy
−$42.6K −$1.01/SF
EGI
$612.6K $14.59/SF
− OpEx
−$275.7K −$6.56/SF
NOI
$336.9K $8.02/SF
Area
Spokane Valley, WA
Vacancy
6.50%
Lease Rate
$15.60 /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%
$6,738,740
Cap Rate 7%
$4,813,386
Cap Rate 9%
$3,743,744
Alternative Uses
Best Use
Apartment 5plus
$4.81M
$4.21M – $5.62M
NOI $336,937 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.12M
$7.98M – $10.64M
NOI $638,669 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Explore this area
Business Placement
Demographics for 99206, WA
39,842
Population
17,339
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
23.4 sq mi
ZIP Area
1,703
Density / Sq Mi
$75,538
Median Household Income
$42,018
Median Earnings
$1,174
Median Rent
$362,100
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?
Apartment building - New construction features private outdoor areas, full appliance packages, and parking improvements prepared for access control.
Where is this apartment building located?
The property is located at 11802 E Main Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 42 units: 36 two‑bedroom/two‑bath and 6 one‑bedroom/one‑bath residences; 42,000 square feet on a 0.95‑acre site; 85 parking spaces, including 12 EV stalls
