42-Unit Apartment
11802 E Main Ave, Spokane Valley, WA 99206
For Sale
$10,500,000
Commercial Sale, Spokane Valley, WA
Property Size42,000 SF
Lot Size0.95 Acres
Price / SF$250
Days on Market214
Property Features for 11802 E Main Ave
General Information
Property type
Property subtype
Property condition
Lot features
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Elementary school
Middle school
High school
Elementary school district
Directions
Standard status
APN
Size
Lot size
Amenities
in-unit washer/dryer
private patio/deck
Building Details
Year built
Floors in Building
Building materials
Roof type
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
Listed By:
Eric Peterson · License #50426
(509) 458-4000
Added: Apr 10
Changed: Oct 7
Last Checked: Nov 9 at 7:06AM
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.
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Investment Insights
Based on property information with market context.
This under-construction apartment property at 11802 E Main Ave includes 42 units within a 42,000-square-foot development on a 0.95-acre site. The planned mix comprises 36 two-bedroom, two-bath units and 6 one-bedroom, one-bath units. Construction is scheduled for 2026, with Masonite construction materials and a composition roof.
Interior specifications include hard surface countertops, laminate flooring, 10-foot ceilings, and walk-in closets in the primary bedrooms. Each unit is designed with a mini-split or PTAC heating and cooling system, a full appliance package with a washer and dryer, and a private patio or deck. The property includes 85 parking spots, including 12 EV stalls. Asphalt paving is complete and parking lines are painted, while the parking-lot security gate is roughed in.
Interior specifications include hard surface countertops, laminate flooring, 10-foot ceilings, and walk-in closets in the primary bedrooms. Each unit is designed with a mini-split or PTAC heating and cooling system, a full appliance package with a washer and dryer, and a private patio or deck. The property includes 85 parking spots, including 12 EV stalls. Asphalt paving is complete and parking lines are painted, while the parking-lot security gate is roughed in.
Key Highlights
- 42‑unit apartment property with 36 two‑bedroom/two‑bath units and 6 one‑bedroom/one‑bath units
- 42,000 square feet on a 0.95‑acre site
- 85 parking spots, including 12 EV stalls
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$336,937
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
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
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 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 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.12M
$7.98M – $10.64M
NOI $638,669 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
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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
$362,100
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Spokane County, WA
Properties on Market for Apartment buildings in Spokane County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Under-construction multifamily property with private outdoor space, appliance packages, and dedicated parking for residents.
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 $10,500,000.
What are key features of this property?
This property features: 42‑unit apartment property with 36 two‑bedroom/two‑bath units and 6 one‑bedroom/one‑bath units; 42,000 square feet on a 0.95‑acre site; 85 parking spots, including 12 EV stalls
