New Construction 42-Unit Apartment
For Sale
$10,850,000
11802 E Main Ave, 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 Market28
Property Features for 11802 E Main Ave
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: Jul 21
Last Checked: Jul 29 at 9:05AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $655.2k | $15.60 |
| − Vacancy | −$42.6k | −$1.01 |
| EGI | $612.6k | $14.59 |
| − OpEx | −$275.7k | −$6.56 |
| NOI | $336.9k | $8.02 |
42,000 SF · lease $15.60/SF/yr · vacancy 6.50% · expense 45.00%
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
899
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 E Main Ave 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
