New Construction 42-Unit Apartment
For Sale
$10,500,000
11802 E Main Ave, Spokane Valley, WA 99216
New 42-unit apartment complex under construction with 85 parking spaces and private patios or decks for each unit.
Property Size42,000 SF
Price / SF$250
Days on Market202
Property Features for 11802 E Main Ave
General Information
Standard status
Active
Size
42,000 SF
Listing Agency:
Keller Williams Spokane - Main
(509) 458-4000
Listed By:
Eric Peterson · License #50426
(509) 710-3928
Source:
Exprealty
Added: Apr 10
Changed: Oct 25
Last Checked: Oct 26 at 7:11PM
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
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Investment Insights
Based on property information with market context.
New construction apartment complex planned for 42 units on a nearly acre site, with 36 two-bedroom/two-bath units and 6 one-bedroom/one-bath units. Each unit is planned to include hard surface countertops, laminate flooring, and 10-foot ceilings, with primary bedrooms featuring walk-in closets. Heating and cooling will be provided via mini-splits or PTAC units, and every unit will include a full appliance package with washer and dryer, along with a private patio or deck.
Property is located at 11802 E Main Ave in Spokane Valley, Washington. Site work includes 85 parking spots, with 12 EV stalls; the security gate is roughed-in for the parking lot, and asphalt is completed with painted parking lines. Approximate completion is scheduled for July 2026.
Property is located at 11802 E Main Ave in Spokane Valley, Washington. Site work includes 85 parking spots, with 12 EV stalls; the security gate is roughed-in for the parking lot, and asphalt is completed with painted parking lines. Approximate completion is scheduled for July 2026.
Key Highlights
- New construction 42‑unit apartment complex (YearBuilt 2026) with approx. completion date of July 2026
- Unit mix: 36 two‑bedroom/two‑bath and 6 one‑bedroom/one‑bath units
- Each unit includes hard‑surface countertops, laminate flooring, 10' ceilings, and primary bedroom walk‑in closets
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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Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
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Business Placement
Demographics for 99216, WA
28,379
Population
12,703
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,999
Density / Sq Mi
$69,958
Median Household Income
$40,652
Median Earnings
$1,307
Median Rent
$336,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - New 42-unit apartment complex under construction with 85 parking spaces and private patios or decks for each unit.
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: New construction 42‑unit apartment complex (YearBuilt 2026) with approx. completion date of July 2026; Unit mix: 36 two‑bedroom/two‑bath and 6 one‑bedroom/one‑bath units; Each unit includes hard‑surface countertops, laminate flooring, 10' ceilings, and primary bedroom walk‑in closets
