Four-Unit Apartment
New
For Sale
$535,000
12224 E Lenora Dr, Spokane Valley, WA 99206
Residential Income, Spokane Valley, WA
Property Size2,400 SF
Lot Size0.31 Acres
Price / SF$222.92
Days on Market3
Property Features for 12224 E Lenora Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 2
Parking
4
Parking features
Offsite
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Level, Corner Lot, Oversized Lot
View
Territorial
Elementary school
South Pines
Middle school
Bowdish
High school
University
Elementary school district
Central Valley
Directions
South on Pines Rd to the corner of Lenora and Pines Rd. Property is on the southwest corner.
Standard status
Active
APN
45284.2020
Size
2,400 SF
Lot size
0.31 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
5306
Utilities
Heating system
Electric (Heating)
Amenities
exterior storage unit
Building Details
Year built
1971
Floors in Building
2
Number of units
4
Building materials
Brick, Vinyl Siding
Roof type
Composition
Listing Agency:
Realty One Group Eclipse
Listed By:
Wendy Shiley
(509) 327-2238
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 10:06AM
MLS# 202626243
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 four-unit residential property contains 2,400 square feet across two one-bedroom, one-bathroom apartments and two two-bedroom, one-bathroom apartments. Each unit has its own exterior storage space. The building was constructed in 1971 and sits on a 0.31-acre corner lot.
Located in south Spokane Valley near 32nd and Pines, the property is close to schools and shopping. All four units are occupied.
Located in south Spokane Valley near 32nd and Pines, the property is close to schools and shopping. All four units are occupied.
Key Highlights
- Four apartments: two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- 2,400 square feet of building area
- 0.31‑acre corner lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,808
Cap Rate
3.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,160
$416.2K
Cap Rate 7%
$297,257
$297.3K
Cap Rate 9%
$231,200
$231.2K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$31.7K $13.20/SF
− Vacancy
−$2.0K −$0.81/SF
EGI
$29.7K $12.39/SF
− OpEx
−$8.9K −$3.72/SF
NOI
$20.8K $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%
$416,160
Cap Rate 7%
$297,257
Cap Rate 9%
$231,200
Alternative Uses
Best Use
Multifamily LT 5
$297.3K
$260.1K – $346.8K
NOI $20,808 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$275.1K
$240.7K – $320.9K
NOI $19,254 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
110
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - The property offers a mix of one- and two-bedroom apartments, with separate exterior storage for each unit.
Where is this quadplex located?
The property is located at 12224 E Lenora Dr Spokane Valley, WA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Four apartments: two 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; 2,400 square feet of building area; 0.31‑acre corner lot
