Updated Duplex with Four-Car
For Sale
$550,000
Pending
10906 E 17th Ave, Spokane Valley, WA 99037
Two vacant units combine flexible living space with detached garages and a powered workshop.
Property Size2,704 SF
Days on Market42
Property Features for 10906 E 17th Ave
General Information
Standard status
Pending
Size
2,704 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,582
Listing Agency:
EXIT Real Estate Professionals
(509) 209-6535
Listed By:
Mike Hansen · License #20120710
(509) 209-6535
Source:
Exprealty
Added: Jul 11
Changed: Aug 20
Last Checked: Aug 20 at 10:22AM
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 EXIT Real Estate Professionals
Investment Insights
Based on property information with market context.
This 2,704-square-foot duplex includes two vacant units, each arranged with 2 bedrooms, 2 bathrooms, and an additional non-egress bedroom. Both units have gas forced-air heat, gas water heaters, and new vinyl flooring, while recent interior and exterior painting refreshes the property. Detached one-car garages provide separate parking and storage for the units.
A separate insulated four-car shop adds substantial utility, with water, power, and a small finished loft. The shop can support storage, workshop use, or other flexible space. The property is located near schools, shopping, and everyday amenities in Spokane Valley at 10906 E 17th Ave.
A separate insulated four-car shop adds substantial utility, with water, power, and a small finished loft. The shop can support storage, workshop use, or other flexible space. The property is located near schools, shopping, and everyday amenities in Spokane Valley at 10906 E 17th Ave.
Key Highlights
- 2,704 SF duplex with two vacant units
- Each unit offers 2 bedrooms, 2 bathrooms, and an additional non‑egress bedroom
- Detached one‑car garage for each unit
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
$23,443
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
4.26%
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%
$468,860
$468.9K
Cap Rate 7%
$334,900
$334.9K
Cap Rate 9%
$260,478
$260.5K
Market Conditions
NOI Build-Up for 2,704 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
$35.7K $13.20/SF
− Vacancy
−$2.2K −$0.81/SF
EGI
$33.5K $12.39/SF
− OpEx
−$10.0K −$3.72/SF
NOI
$23.4K $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%
$468,860
Cap Rate 7%
$334,900
Cap Rate 9%
$260,478
Alternative Uses
Best Use
Multifamily LT 5
$334.9K
$293.0K – $390.7K
NOI $23,443 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$309.9K
$271.2K – $361.5K
NOI $21,692 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$587.4K
$514.0K – $685.3K
NOI $41,118 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
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 - Two vacant units combine flexible living space with detached garages and a powered workshop.
Where is this duplex located?
The property is located at 10906 E 17th Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,704 SF duplex with two vacant units; Each unit offers 2 bedrooms, 2 bathrooms, and an additional non‑egress bedroom; Detached one‑car garage for each unit
