Updated Two-Unit
New
For Sale
$440,000
11515 10th, Spokane Valley, WA 99206
Up/down layout pairs refreshed interiors with private outdoor space and attached garages.
Property Size2,328 SF
Lot Size0.21 Acres
Price / SF$189
Days on Market2
Property Features for 11515 10th
General Information
Standard status
Active
Size
2,328 SF
Total Parking Spaces
2
Lot size
0.21 Acres
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,005
Amenities
covered deck
covered patio
garden shed
Garage: Attached, Garage Door Opener
Garage Spaces: 2
Style: Ranch
Ranch
Attached, Garage Door Opener
2
Building Details
Year Built
1961
Buildings
1
Listing Agency:
Windermere North
(509) 879-3448
Listed By:
Jason Malone · License #30208
Source:
Clearwaterproperties
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 8:45AM
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 Windermere North
Investment Insights
Based on property information with market context.
This 1961 duplex contains two vertically arranged residences, each offering 2 beds, 1 bath, and 1,164 square feet. The 2,328-square-foot property has received practical updates, including LVP flooring, refreshed countertops, vinyl windows, and an updated roof. One residence includes a covered deck, while the other opens to a covered patio. Each unit also has an attached garage, refrigerator, and washer/dryer. A garden shed adds separate storage space.
The duplex sits on a 9,120 sq ft lot with views of Mt. Spokane and is located near Spokane Valley amenities, shopping, and dining. The layout supports occupancy by tenants or an owner-occupant living in one unit while renting the other.
The duplex sits on a 9,120 sq ft lot with views of Mt. Spokane and is located near Spokane Valley amenities, shopping, and dining. The layout supports occupancy by tenants or an owner-occupant living in one unit while renting the other.
Key Highlights
- Two‑unit up/down duplex with 2,328 square feet
- Each unit includes 2 beds, 1 bath, and 1,164 square feet
- Situated on a 9,120 sq ft lot with views of Mt. Spokane
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
$20,184
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
4.59%
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%
$403,680
$403.7K
Cap Rate 7%
$288,343
$288.3K
Cap Rate 9%
$224,267
$224.3K
Market Conditions
NOI Build-Up for 2,328 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
$30.7K $13.20/SF
− Vacancy
−$1.9K −$0.81/SF
EGI
$28.8K $12.39/SF
− OpEx
−$8.7K −$3.72/SF
NOI
$20.2K $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%
$403,680
Cap Rate 7%
$288,343
Cap Rate 9%
$224,267
Alternative Uses
Best Use
Multifamily LT 5
$288.3K
$252.3K – $336.4K
NOI $20,184 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$266.8K
$233.5K – $311.3K
NOI $18,676 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$505.7K
$442.5K – $590.0K
NOI $35,400 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
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 - Up/down layout pairs refreshed interiors with private outdoor space and attached garages.
Where is this duplex located?
The property is located at 11515 10th Spokane Valley, WA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two‑unit up/down duplex with 2,328 square feet; Each unit includes 2 beds, 1 bath, and 1,164 square feet; Situated on a 9,120 sq ft lot with views of Mt. Spokane
