New Construction Apartment
For Sale
Contact for pricing
13217 E 3rd Ln, Spokane Valley, WA 99016
Two new 12-unit apartment buildings in Spokane Valley.
Property Size24,314 SF
Price / SF$246.77
Days on Market640
Property Features for 13217 E 3rd Ln
General Information
Standard status
Active
Size
24,314 SF
Property subtype
Multifamily
Building Details
Year Built
2025
Buildings
2
Stories
3
Units
24
Listing Agency:
Windermere Valley/Liberty Lake
(509) 928-1991
Listed By:
Steve Jones · License #WA 15029
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 15
Last Checked: Aug 19 at 9:48PM
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 Windermere Valley/Liberty Lake
Investment Insights
Based on property information with market context.
Two apartment buildings are under construction in Spokane Valley, each containing 12 units, for a total of 24 units. The property is located just off the Appleway walking trail, near Safeway and Target. Each unit is designed with two bedrooms and two bathrooms. The total property size is 24314 square feet. Note that photos of the apartment building are artist renderings and may not be exact.
Key Highlights
- New construction (2025) - two, 12‑unit apartment buildings (total of 24 units).
- All units are two‑bedroom, two‑bathroom.
- Prime location in the heart of Spokane Valley.
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
$195,054
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
3.25%
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%
$3,901,080
$3.9M
Cap Rate 7%
$2,786,486
$2.8M
Cap Rate 9%
$2,167,267
$2.2M
Market Conditions
NOI Build-Up for 24,314 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
$379.3K $15.60/SF
− Vacancy
−$24.7K −$1.01/SF
EGI
$354.6K $14.59/SF
− OpEx
−$159.6K −$6.56/SF
NOI
$195.1K $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%
$3,901,080
Cap Rate 7%
$2,786,486
Cap Rate 9%
$2,167,267
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.25M
NOI $195,054 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,728 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 99016, WA
18,496
Population
8,004
Households
2.3
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
24.6 sq mi
ZIP Area
752
Density / Sq Mi
$94,253
Median Household Income
$56,661
Median Earnings
$1,715
Median Rent
$450,000
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 - Two new 12-unit apartment buildings in Spokane Valley.
Where is this apartment building located?
The property is located at 13217 E 3rd Ln Spokane Valley, WA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: New construction (2025) - two, 12‑unit apartment buildings (total of 24 units).; All units are two‑bedroom, two‑bathroom.; Prime location in the heart of Spokane Valley.
