Duplex with
For Sale
$649,000
1428 N Michigan Ln, Greenacres, WA 99016
MULTI_FAMILY - Greenacres, WA
Property Size2,920 SF
Lot Size0.13 Acres
Price / SF$222.26
Days on Market75
Property Features for 1428 N Michigan Ln
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MFR
Bedrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 6, Bedroom 6, Bathroom 4
Patio and Porch features
Patio
Fencing
Cross Fenced
Basement
None
Lot features
Level
View
Territorial
Elementary school district
Central Valley - 356
Middle school district
Central Valley - 356
High school district
Central Valley - 356
Directions
From I90, Barker exit, N on Barker, R on Mission Ave, R on Michigan Ln
Subdivision
Washington Counties
Standard status
Active
APN
55172.3806
Size
2,920 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SHORT PLAT SHP-2018-0007 LOT 6
Tax Annual Amount
6898
Legal Description
SHORT PLAT SHP-2018-0007 LOT 6
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2020
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Avalon 24 Real Estate
(208) 215-2044
Listed By:
Andrew Graham · License #SP48557
(509) 899-1774
Added: May 27
Changed: Aug 5
Last Checked: Aug 9 at 12:06PM
MLS# 26-5391
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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.
Built in 2020, this frame duplex offers 2 units with an open main-floor layout and modern finishes. Each unit includes quartz countertops, LVP flooring, included appliances, a convenient half bathroom for guests, and an upstairs level with 3 bedrooms, 2 full bathrooms, and in-unit laundry.
One unit has been recently remodeled and is currently vacant. The property features central air, natural gas forced-air heating, electric heating, and a composition roof. Utilities include public water and public sewer. Outside, there is a patio and cross-fenced yard.
The duplex is located in Greenacres, WA near the River District, Orchard Park, the Centennial Trail, and the Spokane River, with parks, dining, and outdoor activities nearby.
One unit has been recently remodeled and is currently vacant. The property features central air, natural gas forced-air heating, electric heating, and a composition roof. Utilities include public water and public sewer. Outside, there is a patio and cross-fenced yard.
The duplex is located in Greenacres, WA near the River District, Orchard Park, the Centennial Trail, and the Spokane River, with parks, dining, and outdoor activities nearby.
Key Highlights
- 2020‑built frame duplex with central air
- Each unit features an open main‑floor layout with quartz countertops and LVP flooring
- Upstairs in each unit: 3 bedrooms, 2 full bathrooms, and laundry
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
$25,316
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
3.90%
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%
$506,320
$506.3K
Cap Rate 7%
$361,657
$361.7K
Cap Rate 9%
$281,289
$281.3K
Market Conditions
NOI Build-Up for 2,920 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
$38.5K $13.20/SF
− Vacancy
−$2.4K −$0.81/SF
EGI
$36.2K $12.39/SF
− OpEx
−$10.8K −$3.72/SF
NOI
$25.3K $8.67/SF
Area
Spokane Valley, WA
Vacancy
6.17%
Lease Rate
$13.20 /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%
$506,320
Cap Rate 7%
$361,657
Cap Rate 9%
$281,289
Alternative Uses
Best Use
Multifamily LT 5
$361.7K
$316.5K – $421.9K
NOI $25,316 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$334.6K
$292.8K – $390.4K
NOI $23,425 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$634.3K
$555.0K – $740.1K
NOI $44,403 @ 7.0% cap · market cap 6.84%
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
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 99016, WA
18,496
Population
8,004
Households
2.3
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
24.6 sq mi
ZIP Area
752
Density / Sq Mi
$94,253
Median Household Income
$56,661
Median Earnings
$1,715
Median Rent
$450,000
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 - 2020-built duplex in MFR zoning with central air, natural gas forced-air heat, and a patio.
Where is this duplex located?
The property is located at 1428 N Michigan Ln Greenacres, WA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2020‑built frame duplex with central air; Each unit features an open main‑floor layout with quartz countertops and LVP flooring; Upstairs in each unit: 3 bedrooms, 2 full bathrooms, and laundry
