New Multifamily Property in
For Sale
Contact for pricing
Pending
15922 E Valleyway Ave, Spokane Valley, WA 99037
Newly constructed 51-unit multifamily property in Spokane Valley.
Property Size51,546 SF
Days on Market153
Property Features for 15922 E Valleyway Ave
General Information
Standard status
Pending
Size
51,546 SF
Property subtype
Multifamily
Building Details
Year Built
2023
Buildings
2
Units
51
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Jul 24 at 9:58AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
The Nathan Apartments is a newly constructed multifamily property located in Spokane Valley. The property consists of 51 units, including 23 one-bedroom/one-bath, 1 one-bedroom/two-bath, 15 two-bedroom/one-bath, and 12 two-bedroom/two-bath units. The units feature modern finishes including LVP flooring, quartz countertops, in-unit washers and dryers, spacious open floor plans, and private balconies. The property generates approximately $75,721 in monthly rental income. Covered parking is planned for residents. The property is conveniently located near Spokane Valley shopping and restaurants, Central Valley schools, and Interstate 90, benefiting from strong rental demand and excellent accessibility in one of the Valley’s most desirable residential areas. The property size is 51,546 square feet.
Key Highlights
- Newly constructed (2023) multifamily property.
- Generates approximately $75,721 in monthly rental income.
- Modern finishes including LVP flooring, quartz countertops, and in‑unit washers and dryers.**
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
$413,517
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
3.45%
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%
$8,270,340
$8.3M
Cap Rate 7%
$5,907,386
$5.9M
Cap Rate 9%
$4,594,633
$4.6M
Market Conditions
NOI Build-Up for 51,546 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
$804.1K $15.60/SF
− Vacancy
−$52.3K −$1.01/SF
EGI
$751.8K $14.59/SF
− OpEx
−$338.3K −$6.56/SF
NOI
$413.5K $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%
$8,270,340
Cap Rate 7%
$5,907,386
Cap Rate 9%
$4,594,633
Alternative Uses
Best Use
Apartment 5plus
$5.91M
$5.17M – $6.89M
NOI $413,517 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.20M
$9.80M – $13.06M
NOI $783,829 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
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?
Apartment building - Newly constructed 51-unit multifamily property in Spokane Valley.
Where is this apartment building located?
The property is located at 15922 E Valleyway Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $11,985,000.
What are key features of this property?
This property features: Newly constructed (2023) multifamily property.; Generates approximately $75,721 in monthly rental income.; Modern finishes including LVP flooring, quartz countertops, and in‑unit washers and dryers.**
