Garden-Style Apartment
For Sale
$5,950,000
10101 East Main Avenue, Spokane Valley, WA 99206
Four garden-style apartment buildings on a large corner lot with private decks or patios and a community pool.
Property Size35,902 SF
Lot Size2.00 Acres
Price / SF$165.73
Days on Market97
Property Features for 10101 East Main Avenue
General Information
Standard status
Active
Size
35,902 SF
Lot size
2.00 Acres
Property subtype
Multifamily
Amenities
community swimming pool
barbecue area
Listing Agency:
CBRE - Seattle
Listed By:
Spencer Clark · License #110024
(206) 442-2764
Source:
Cbre
Added: Jun 4
Changed: Sep 5
Last Checked: Sep 8 at 6:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Seattle
Investment Insights
Based on property information with market context.
This garden-style apartment complex consists of four buildings spread across a large two-acre corner lot. The property offers a mix of large 1-bedroom and 2-bedroom units, and each unit includes a private deck or patio. Community amenities include a swimming pool and a barbecue area, supporting everyday outdoor use.
The buildings are positioned on a corner lot directly across from Balfour Park and the Spokane Valley Library. The location is described as being within the heart of fast-growing Spokane Valley, with a 15-minute drive to Downtown Spokane. Additional nearby amenities noted include WinCo Foods and various shops and restaurants, with walking distance access.
For prospective buyers, the unit mix is highlighted as a desirable blend of larger one- and two-bedroom apartments. The listing also references future development potential tied to the large corner lot.
The buildings are positioned on a corner lot directly across from Balfour Park and the Spokane Valley Library. The location is described as being within the heart of fast-growing Spokane Valley, with a 15-minute drive to Downtown Spokane. Additional nearby amenities noted include WinCo Foods and various shops and restaurants, with walking distance access.
For prospective buyers, the unit mix is highlighted as a desirable blend of larger one- and two-bedroom apartments. The listing also references future development potential tied to the large corner lot.
Key Highlights
- Four garden‑style apartment buildings on a large 2‑acre corner lot
- Unit mix includes large 1‑bedroom and 2‑bedroom apartments (963 SF avg) with private deck or patio
- Community swimming pool plus a BBQ 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
$288,017
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
4.84%
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%
$5,760,340
$5.8M
Cap Rate 7%
$4,114,529
$4.1M
Cap Rate 9%
$3,200,189
$3.2M
Market Conditions
NOI Build-Up for 35,902 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
$560.1K $15.60/SF
− Vacancy
−$36.4K −$1.01/SF
EGI
$523.7K $14.59/SF
− OpEx
−$235.6K −$6.56/SF
NOI
$288.0K $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%
$5,760,340
Cap Rate 7%
$4,114,529
Cap Rate 9%
$3,200,189
Alternative Uses
Best Use
Apartment 5plus
$4.11M
$3.60M – $4.80M
NOI $288,017 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.80M
$6.82M – $9.10M
NOI $545,940 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
546
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 - Four garden-style apartment buildings on a large corner lot with private decks or patios and a community pool.
Where is this apartment building located?
The property is located at 10101 East Main Avenue Spokane Valley, WA.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Four garden‑style apartment buildings on a large 2‑acre corner lot; Unit mix includes large 1‑bedroom and 2‑bedroom apartments (963 SF avg) with private deck or patio; Community swimming pool plus a BBQ area
