Updated Duplex with Fenced
For Sale
$589,500
12123 E 22nd Ave, Spokane Valley, WA 99206
Two leased residences offer flexible layouts, private outdoor areas, separate garages, and substantial recent improvements.
Property Size4,032 SF
Price / SF$146.21
Days on Market89
Property Features for 12123 E 22nd Ave
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
storage shed
gas fireplace
patios
fire pits
ceiling fans
Building Details
Year Built
1968
Tenancy
Multi
Listing Agency:
MLS4owners.com
Listed By:
Chris Nye · License #13886
(253) 460-1900
Source:
Clemensregroup
Added: Jul 20
Changed: Sep 26
Last Checked: Oct 7 at 1:17PM
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 MLS4owners.com
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Investment Insights
Based on property information with market context.
This Spokane Valley duplex contains 4,032 square feet and was built in 1968. Each residence provides three bedrooms, two bathrooms, and a bonus room that can function as additional living space, a home office, gym, theater, or potential fourth bedroom. Interior improvements include granite, laminate, and marble countertops, porcelain kitchen floors, LVP flooring, updated appliances, vinyl windows, and patio doors. Both units also include gas fireplaces, high-efficiency gas furnaces, upstairs AC, large patios, fire pits, and separate garages.
The property is located at 12123 E 22nd Ave in Spokane Valley, Washington. Each side has a privately fenced backyard, storage shed, perennial landscaping, and a Wi-Fi-controlled sprinkler system and thermostat. The roof was installed in 2023 with an Owens Corning 50-year warranty. Both units are currently occupied under long-term leases.
The property is located at 12123 E 22nd Ave in Spokane Valley, Washington. Each side has a privately fenced backyard, storage shed, perennial landscaping, and a Wi-Fi-controlled sprinkler system and thermostat. The roof was installed in 2023 with an Owens Corning 50-year warranty. Both units are currently occupied under long-term leases.
Key Highlights
- Duplex totals 4,032 SF with 3 beds and 2 baths on each side
- Each unit includes a bonus room with multiple potential configurations
- Privately fenced backyards with patios, fire pits, sheds, and sprinkler system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,957
Cap Rate
5.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$699,140
$699.1K
Cap Rate 7%
$499,386
$499.4K
Cap Rate 9%
$388,411
$388.4K
Market Conditions
NOI Build-Up for 4,032 SF
Gross rent
$53.2K $13.20/SF
− Vacancy
−$3.3K −$0.81/SF
EGI
$49.9K $12.39/SF
− OpEx
−$15.0K −$3.72/SF
NOI
$35.0K $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 Rate 5%
$699,140
Cap Rate 7%
$499,386
Cap Rate 9%
$388,411
Alternative Uses
Best Use
Multifamily LT 5
$499.4K
$437.0K – $582.6K
NOI $34,957 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$462.1K
$404.3K – $539.1K
NOI $32,346 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$875.9K
$766.4K – $1.02M
NOI $61,312 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
151
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
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer flexible layouts, private outdoor areas, separate garages, and substantial recent improvements.
Where is this duplex located?
The property is located at 12123 E 22nd Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $589,500.
What are key features of this property?
This property features: Duplex totals 4,032 SF with 3 beds and 2 baths on each side; Each unit includes a bonus room with multiple potential configurations; Privately fenced backyards with patios, fire pits, sheds, and sprinkler system
