Ranch-Style Duplex Under
New
For Sale
$679,500
917 E Providence Ave, Spokane, WA 99207
MULTI_FAMILY - Ranch - Spokane, WA
Property Size3,000 SF
Lot Size0.13 Acres
Price / SF$226.50
Days on Market6
Property Features for 917 E Providence Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Property condition
Under Construction
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 6, Bedroom 2, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Parking
6
Parking features
Open
Window features
Vinyl Frames
Patio and Porch features
Patio
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Hard Surface Counters
Lot features
Fenced Yard
Elementary school
Longfellow
Middle school
Shaw
High school
Rogers
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35054.0622
Size
3,000 SF
Lot size
0.13 Acres
Utilities
Heating system
Forced Air, Heat Pump (Heating), Ductless (Heating), Electric (Heating)
Cooling system
Central Air, Ductless
Amenities
private fenced backyards
quartz surfaces
stainless appliances
walk-in closet
double-sink vanity
laundry closet
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick
(509) 489-7000
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 6 at 5:06PM
MLS# 202621988
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.
Ranch-style duplex under construction offering two two-level units designed for comfortable owner-occupant living or long-term rental demand. Each unit is laid out with a 3-bed, 3-bath configuration, plus its own garage and a private fenced backyard. The plan includes a light-filled great room on the main level, with dining that opens to a backyard patio. Kitchens feature quartz surfaces, plenty of storage, and stainless appliances.
Upstairs, each unit provides a convenient primary suite with a walk-in closet and en-suite bath, along with two additional guest rooms and a full guest bath. A dedicated laundry closet supports everyday living. Heating is provided by a heat pump/forced air system with ductless heating noted, and the property includes both ductless cooling and central air.
The duplex is listed on a 0.1251-acre lot, with 1,500 sq ft per unit and an estimated 3,000 sq ft total building size. Year built is 2026. Roof is composition, and construction materials include Masonite. The property is located at 917 E Providence Ave in Spokane, near Downtown, the University district, and NorthTown Mall shopping.
Upstairs, each unit provides a convenient primary suite with a walk-in closet and en-suite bath, along with two additional guest rooms and a full guest bath. A dedicated laundry closet supports everyday living. Heating is provided by a heat pump/forced air system with ductless heating noted, and the property includes both ductless cooling and central air.
The duplex is listed on a 0.1251-acre lot, with 1,500 sq ft per unit and an estimated 3,000 sq ft total building size. Year built is 2026. Roof is composition, and construction materials include Masonite. The property is located at 917 E Providence Ave in Spokane, near Downtown, the University district, and NorthTown Mall shopping.
Key Highlights
- Ranch‑style duplex under construction, year built 2026
- Two two‑level units, each with 3 bedrooms and 3 bathrooms
- 1,500 sq ft per unit (3,000 sq ft total)
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
$34,318
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
5.05%
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%
$686,360
$686.4K
Cap Rate 7%
$490,257
$490.3K
Cap Rate 9%
$381,311
$381.3K
Market Conditions
NOI Build-Up for 3,000 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
$52.2K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.0K $16.34/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$34.3K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /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%
$686,360
Cap Rate 7%
$490,257
Cap Rate 9%
$381,311
Alternative Uses
Best Use
Multifamily LT 5
$490.3K
$429.0K – $572.0K
NOI $34,318 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$426.3K
$373.0K – $497.3K
NOI $29,838 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$774.0K
$677.3K – $903.0K
NOI $54,180 @ 7.0% cap · market cap 7.97%
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
427
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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 - Under-construction duplex with two two-level units, each featuring three bedrooms, three baths, and private outdoor space.
Where is this duplex located?
The property is located at 917 E Providence Ave Spokane, WA.
What is the asking price?
The asking price for this property is $679,500.
What are key features of this property?
This property features: Ranch‑style duplex under construction, year built 2026; Two two‑level units, each with 3 bedrooms and 3 bathrooms; 1,500 sq ft per unit (3,000 sq ft total)
