Ranch Duplex on Half
For Sale
$449,900
11406 E 4th Ave, Spokane Valley, WA 99206
Fully leased two-unit property with alley access and room for future improvements.
Property Size2,350 SF
Price / SF$191.45
Days on Market149
Property Features for 11406 E 4th Ave
General Information
Standard status
Active
Size
2,350 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
Garage: Detached, Off Site, Alley Access
Garage Spaces: 1
Style: Ranch, Other
Ranch, Other
Detached, Off Site, Alley Access
1
Building Details
Year Built
1939
Buildings
1
Listing Agency:
Keller Williams Spokane - Main
(509) 458-4000
Listed By:
Daniel Ulyanchuk · License #21024143
Source:
Clearwaterproperties
Added: Apr 4
Changed: Aug 30
Last Checked: Aug 30 at 12:31PM
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 Keller Williams Spokane - Main
Investment Insights
Based on property information with market context.
Built in 1939, this ranch-style duplex contains two residential units and approximately 2,350 square feet of total property size. Both units are currently rented, providing an established income-producing configuration, while the property’s location on more than half an acre adds usable land around the improvements.
The site includes alley access and is positioned near amenities, schools, and major routes in Spokane Valley. Exterior information identifies detached and off-site features, along with the ranch design. The expansive parcel may support additional improvements such as a shop or ADU, subject to buyer verification and applicable requirements.
The site includes alley access and is positioned near amenities, schools, and major routes in Spokane Valley. Exterior information identifies detached and off-site features, along with the ranch design. The expansive parcel may support additional improvements such as a shop or ADU, subject to buyer verification and applicable requirements.
Key Highlights
- Two‑unit duplex with both units currently rented
- Approximately 2,350 square feet of property size
- More than half an acre of land
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
$20,374
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
4.53%
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%
$407,480
$407.5K
Cap Rate 7%
$291,057
$291.1K
Cap Rate 9%
$226,378
$226.4K
Market Conditions
NOI Build-Up for 2,350 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
$31.0K $13.20/SF
− Vacancy
−$1.9K −$0.81/SF
EGI
$29.1K $12.39/SF
− OpEx
−$8.7K −$3.72/SF
NOI
$20.4K $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%
$407,480
Cap Rate 7%
$291,057
Cap Rate 9%
$226,378
Alternative Uses
Best Use
Multifamily LT 5
$291.1K
$254.7K – $339.6K
NOI $20,374 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$269.3K
$235.7K – $314.2K
NOI $18,852 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$510.5K
$446.7K – $595.6K
NOI $35,735 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
812
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with alley access and room for future improvements.
Where is this duplex located?
The property is located at 11406 E 4th Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Two‑unit duplex with both units currently rented; Approximately 2,350 square feet of property size; More than half an acre of land
