Duplex with
For Sale
$474,900
721/723 S Felts Rd, Spokane Valley, WA 99206
MULTI_FAMILY - Spokane Valley, WA
Property Size2,080 SF
Lot Size0.33 Acres
Price / SF$228.32
Days on Market50
Property Features for 721/723 S Felts Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 2
Patio and Porch features
Deck
Fireplace
1
Basement
Daylight, Finished, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Corner Lot, City Bus (w/in 6 blks)
Elementary school
Opportunity
Middle school
North Pines
High school
University
Elementary school district
Central Valley
Directions
East on Sprague to Dishman Mica Rd, Turn right and head south to 8th Ave, turn left and proceed to duplex at the corner of Felts and 8th.
Standard status
Active
APN
45201.1349
Size
2,080 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
4129
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1970
Floors in Building
2
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Rick Harter · License #115634
(509) 489-7000
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 6 at 4:06PM
MLS# 202619558
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.
This duplex at 721/723 S Felts Rd offers two levels of living space inside each unit. The upper level includes a living room with a fireplace and a slider to a deck, along with a kitchen and dining area. The lower level provides two bedrooms, a bathroom with laundry, and a storage area. Recent unit upgrades include new paint and flooring, and one unit has a new kitchen. Each unit has its own one-car garage, plus a large backyard.
Built in 1970 with wood siding and a composition roof, the home is heated by baseboard electric heat and cooled with wall units. In-unit appliances include a free-standing range, dishwasher, refrigerator, and microwave.
Set on a 0.33-acre lot, this property is designed for owner-occupants or investors looking for a duplex configuration with outdoor space and individual garages for convenience.
Built in 1970 with wood siding and a composition roof, the home is heated by baseboard electric heat and cooled with wall units. In-unit appliances include a free-standing range, dishwasher, refrigerator, and microwave.
Set on a 0.33-acre lot, this property is designed for owner-occupants or investors looking for a duplex configuration with outdoor space and individual garages for convenience.
Key Highlights
- Built in 1970 duplex on a 0.33‑acre lot
- Fireplace and slider to a deck in each unit’s upper level
- Each unit has two bedrooms, laundry, and dedicated storage area
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
$18,033
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
3.80%
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%
$360,660
$360.7K
Cap Rate 7%
$257,614
$257.6K
Cap Rate 9%
$200,367
$200.4K
Market Conditions
NOI Build-Up for 2,080 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
$27.5K $13.20/SF
− Vacancy
−$1.7K −$0.81/SF
EGI
$25.8K $12.39/SF
− OpEx
−$7.7K −$3.72/SF
NOI
$18.0K $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%
$360,660
Cap Rate 7%
$257,614
Cap Rate 9%
$200,367
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.6K
NOI $18,033 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$238.4K
$208.6K – $278.1K
NOI $16,686 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$451.8K
$395.4K – $527.2K
NOI $31,629 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
545
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?
Duplex - Duplex built in 1970 featuring fireplaces, deck access, two one-car garages, and interior upgrades like paint and flooring.
Where is this duplex located?
The property is located at 721/723 S Felts Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Built in 1970 duplex on a 0.33‑acre lot; Fireplace and slider to a deck in each unit’s upper level; Each unit has two bedrooms, laundry, and dedicated storage area
