Forty-Two-Unit Apartment
For Sale
$10,850,000
11802 E Main Ave, Spokane Valley, WA 99206
COMMERCIAL - Spokane Valley, WA
Property Size42,000 SF
Lot Size0.95 Acres
Price / SF$258.33
Days on Market119
Property Features for 11802 E Main Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Lot features
Level, City Bus (w/in 6 blks), Oversized Lot, Common Grounds
View
City
Elementary school
Opportunity
Middle school
North Pines
High school
Central Valley
Elementary school district
Central Valley
Directions
Property is 1 Block North of Sprague. Head East on Sprague, turn L on Perrine, turn L on Main, property on Left.
Standard status
Active
APN
45164.0585
Size
42,000 SF
Lot size
0.95 Acres
Amenities
Hard Surface Countertops
Laminate Flooring
10' Ceilings
Walk-in Closets
Mini-splits or PTAC units
full appliance packages
washer and dryer
private patio or deck
EV Stalls
Security Gate
Building Details
Year built
2026
Floors in Building
3
Building materials
Masonite
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Eric Peterson · License #50426
(509) 458-4000
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 6 at 3:06PM
MLS# 202615194
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.
New construction 42-unit Mason apartment complex on a 0.95-acre site, currently under construction with an approximate completion date of July 2026. The unit mix includes 36 two-bedroom, two-bath apartments and 6 one-bedroom, one-bath apartments. Interior features are planned to include hard surface countertops, laminate flooring, and 10' ceilings, with primary bedrooms having walk-in closets. Each unit is designed with a private patio or deck and comes with full appliance packages including a washer and dryer. Heating and cooling are planned via mini-splits or PTAC units.
The property is planned with 85 parking spots, including 12 EV stalls, and a roughed-in security gate for the parking lot. Parking lot asphalt is installed and parking lines are painted.
Roofing is planned as composition, with construction materials listed as Masonite.
The property is planned with 85 parking spots, including 12 EV stalls, and a roughed-in security gate for the parking lot. Parking lot asphalt is installed and parking lines are painted.
Roofing is planned as composition, with construction materials listed as Masonite.
Key Highlights
- 0.95‑acre site with a 42‑unit apartment complex under construction
- 36 two‑bedroom, two‑bath units and 6 one‑bedroom, one‑bath units
- Planned 10' ceilings and primary bedrooms with walk‑in closets
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
$336,937
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
3.11%
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%
$6,738,740
$6.7M
Cap Rate 7%
$4,813,386
$4.8M
Cap Rate 9%
$3,743,744
$3.7M
Market Conditions
NOI Build-Up for 42,000 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
$655.2K $15.60/SF
− Vacancy
−$42.6K −$1.01/SF
EGI
$612.6K $14.59/SF
− OpEx
−$275.7K −$6.56/SF
NOI
$336.9K $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%
$6,738,740
Cap Rate 7%
$4,813,386
Cap Rate 9%
$3,743,744
Alternative Uses
Best Use
Apartment 5plus
$4.81M
$4.21M – $5.62M
NOI $336,937 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.12M
$7.98M – $10.64M
NOI $638,669 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
899
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 - Under-construction Mason apartment complex with in-unit washer/dryer, mini-split or PTAC heating and cooling, and private patios.
Where is this apartment building located?
The property is located at 11802 E Main Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $10,850,000.
What are key features of this property?
This property features: 0.95‑acre site with a 42‑unit apartment complex under construction; 36 two‑bedroom, two‑bath units and 6 one‑bedroom, one‑bath units; Planned 10' ceilings and primary bedrooms with walk‑in closets
