Side-by-Side
New
For Sale
$679,900
2715 N Boeing Rd, Millwood, WA 99206
Residential Income, Millwood, WA
Property Size3,006 SF
Lot Size0.34 Acres
Price / SF$226.18
Days on Market3
Property Features for 2715 N Boeing Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 1, Bathroom 6, Bathroom 2
Interior features
Kitchen Island
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Sprinkler - Automatic, Level
High school
West Valley
Elementary school district
West Valley
Standard status
Active
APN
45082.0313
Size
3,006 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
7206
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
fully fenced
HVA/C Gas
mud room/ laundry access from garage
Building Details
Year built
2021
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Other
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Amanda Helm · License #SP38896
(509) 701-2809
Added: Sep 25
Changed: Sep 27
Last Checked: Sep 27 at 4:06PM
MLS# 202624927
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.
Built in 2021, this side-by-side duplex contains 3,006 square feet across two residences on a 0.34-acre lot. Each unit has three bedrooms, three bathrooms, a full-size two-car garage, an open kitchen and living area, and a mudroom with laundry access from the garage. Central air conditioning and natural gas forced-air heat serve the property. Both units are rented, and appliances are included.
The grounds are fully fenced and have a sprinkler system. The property is located in Millwood, within the West Valley School District.
The grounds are fully fenced and have a sprinkler system. The property is located in Millwood, within the West Valley School District.
Key Highlights
- Two side‑by‑side residences, each with 3 bedrooms and 3 bathrooms
- 3,006 square feet of building area on 0.34 acres
- Built in 2021
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
$33,364
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
4.91%
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%
$667,280
$667.3K
Cap Rate 7%
$476,629
$476.6K
Cap Rate 9%
$370,711
$370.7K
Market Conditions
NOI Build-Up for 3,006 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
$51.6K $17.16/SF
− Vacancy
−$3.9K −$1.30/SF
EGI
$47.7K $15.86/SF
− OpEx
−$14.3K −$4.76/SF
NOI
$33.4K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /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%
$667,280
Cap Rate 7%
$476,629
Cap Rate 9%
$370,711
Alternative Uses
Best Use
Multifamily LT 5
$476.6K
$417.1K – $556.1K
NOI $33,364 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$438.1K
$383.3K – $511.1K
NOI $30,664 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$694.6K
$607.8K – $810.4K
NOI $48,622 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
614
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence includes three bedrooms, three bathrooms and a two-car garage.
Where is this duplex located?
The property is located at 2715 N Boeing Rd Millwood, WA.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Two side‑by‑side residences, each with 3 bedrooms and 3 bathrooms; 3,006 square feet of building area on 0.34 acres; Built in 2021
