Duplex with
For Sale
$529,000
15010 E 2nd Ave, Spokane Valley, WA 99216
Occupied two-unit property with separate metering, private garages, in-unit laundry hookups, and rear decks.
Property Size2,800 SF
Price / SF$188.93
Days on Market24
Property Features for 15010 E 2nd Ave
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
washer/dryer hookups
wall A/C
dishwasher
range
refrigerator
raised deck
yard
Building Details
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
SDS Realty, Inc.
Listed By:
Jay Overholser · License #43093
Source:
Jonwalker
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 12:17PM
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 SDS Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1977, this 2,800-square-foot duplex contains two occupied units with practical residential features for day-to-day operation. Each unit has a single-car garage, washer and dryer hookups, wall-mounted air conditioning, a dishwasher, range, and refrigerator. Rear decks extend the usable living area outdoors, while the mostly grass-covered yard offers a straightforward exterior layout.
Both units are individually metered, including refuse service, and the property is connected to sewer. Exterior improvements completed in fall 2025 include painting, new gutters, and replacement garage doors. The property is located on a dead-end street in Spokane Valley, just off Sprague, with access to nearby services, retail, transit, and I-90.
Both units are individually metered, including refuse service, and the property is connected to sewer. Exterior improvements completed in fall 2025 include painting, new gutters, and replacement garage doors. The property is located on a dead-end street in Spokane Valley, just off Sprague, with access to nearby services, retail, transit, and I-90.
Key Highlights
- 2,800 SF duplex built in 1977
- Both units occupied and individually metered, including refuse
- Each unit includes a single‑car garage and washer/dryer hookups
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
$24,276
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
4.59%
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%
$485,520
$485.5K
Cap Rate 7%
$346,800
$346.8K
Cap Rate 9%
$269,733
$269.7K
Market Conditions
NOI Build-Up for 2,800 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
$37.0K $13.20/SF
− Vacancy
−$2.3K −$0.81/SF
EGI
$34.7K $12.39/SF
− OpEx
−$10.4K −$3.72/SF
NOI
$24.3K $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%
$485,520
Cap Rate 7%
$346,800
Cap Rate 9%
$269,733
Alternative Uses
Best Use
Multifamily LT 5
$346.8K
$303.5K – $404.6K
NOI $24,276 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$320.9K
$280.8K – $374.4K
NOI $22,462 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$608.3K
$532.2K – $709.6K
NOI $42,578 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Explore this area
Business Placement
Demographics for 99216, WA
28,379
Population
12,703
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,999
Density / Sq Mi
$69,958
Median Household Income
$40,652
Median Earnings
$1,307
Median Rent
$336,700
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 - Occupied two-unit property with separate metering, private garages, in-unit laundry hookups, and rear decks.
Where is this duplex located?
The property is located at 15010 E 2nd Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 2,800 SF duplex built in 1977; Both units occupied and individually metered, including refuse; Each unit includes a single‑car garage and washer/dryer hookups
