Ranch Duplex with Attached
For Sale
$520,000
Pending
12003 E 23rd Ave, Spokane Valley, WA 99206
MULTI_FAMILY - Ranch - Spokane Valley, WA
Property Size2,944 SF
Lot Size0.31 Acres
Days on Market53
Property Features for 12003 E 23rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 8, Basement, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 7, Bedroom 4
Window features
Vinyl Frames
Patio and Porch features
Patio
Basement
Full, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Disposal
Lot features
Fenced Yard, Level, Oversized Lot
Elementary school district
Central Valley
Standard status
Pending
APN
45281.1636
Size
2,944 SF
Lot size
0.31 Acres
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Amber Leigh
(855) 450-0442
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 6 at 3:06PM
MLS# 202619292
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.
This ranch-style duplex provides two income-producing units configured with two bedrooms and one bathroom on the main floor, plus a full basement. The basement level includes a spacious family room and two non-conforming bedrooms per unit, creating additional flexible living space. The property was extensively updated in 2024 with luxury vinyl plank flooring, fresh interior paint, modern lighting fixtures, and a new roof. Each unit also includes an attached one-car garage and a fully fenced backyard.
The home is heated with natural gas forced air and cooled with window unit(s). Construction includes Masonite, and the roof is composition. The duplex is positioned on a 0.31-acre lot and totals 2,944 square feet, built in 1969.
Interior features include a kitchen with a free-standing range, dishwasher, refrigerator, and disposal, along with a patio for outdoor use. The property includes a variety of room spaces spanning bedrooms, bathrooms, and basement areas.
The home is heated with natural gas forced air and cooled with window unit(s). Construction includes Masonite, and the roof is composition. The duplex is positioned on a 0.31-acre lot and totals 2,944 square feet, built in 1969.
Interior features include a kitchen with a free-standing range, dishwasher, refrigerator, and disposal, along with a patio for outdoor use. The property includes a variety of room spaces spanning bedrooms, bathrooms, and basement areas.
Key Highlights
- 0.31‑acre lot totaling 2,944 SF duplex
- Extensively updated in 2024: LVP flooring, fresh paint, modern lighting, and a new roof
- Each unit has 2 bedrooms and 1 bathroom on the main floor
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
$25,524
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
4.91%
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%
$510,480
$510.5K
Cap Rate 7%
$364,629
$364.6K
Cap Rate 9%
$283,600
$283.6K
Market Conditions
NOI Build-Up for 2,944 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
$38.9K $13.20/SF
− Vacancy
−$2.4K −$0.81/SF
EGI
$36.5K $12.39/SF
− OpEx
−$10.9K −$3.72/SF
NOI
$25.5K $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%
$510,480
Cap Rate 7%
$364,629
Cap Rate 9%
$283,600
Alternative Uses
Best Use
Multifamily LT 5
$364.6K
$319.1K – $425.4K
NOI $25,524 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$337.4K
$295.2K – $393.6K
NOI $23,618 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$639.5K
$559.6K – $746.1K
NOI $44,768 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
128
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 - Ranch-style duplex with attached one-car garages and fully fenced backyards, each unit featuring two bedrooms and one bathroom.
Where is this duplex located?
The property is located at 12003 E 23rd Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 0.31‑acre lot totaling 2,944 SF duplex; Extensively updated in 2024: LVP flooring, fresh paint, modern lighting, and a new roof; Each unit has 2 bedrooms and 1 bathroom on the main floor
