New Construction 42-Unit Apartment
For Sale
$10,850,000
11802 Main, Spokane Valley, WA 99206
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$258.33
Days on Market38
Property Features for 11802 Main
General Information
Standard status
Active
Size
42,000 SF
Property subtype
Commercial
Building Details
Year Built
2026
Listing Agency:
Keller Williams Spokane - Main
(509) 710-3928
Listed By:
Eric Peterson · License #50426
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 9
Last Checked: Aug 10 at 4:23AM
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.
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 = 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
Current Use
Location Intelligence
Trade Area within ½ mile
847
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 - 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 Main 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: 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
