Duplex with Two Two-Bed
For Sale
$400,000
16108 Broadway, Spokane Valley, WA 99037
Two 2-bedroom, 1-bath units each feature separate hot water and laundry access on a fully fenced lot.
Property Size1,757 SF
Price / SF$227.66
Days on Market57
Property Features for 16108 Broadway
General Information
Standard status
Active
Size
1,757 SF
Property subtype
Multi Family Home
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,810
Amenities
Garage: Detached
Garage Spaces: 2
Detached
2
Building Details
Year Built
1971
Listing Agency:
Windermere Valley
(509) 928-1991
Listed By:
Steve Jones · License #15029
Source:
Clearwaterproperties
Added: Jun 17
Changed: Aug 11
Last Checked: Aug 12 at 6:42AM
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
Investment Insights
Based on property information with market context.
This duplex includes two separate 2-bedroom, 1-bath units. Each unit has its own hot water tank, along with laundry access, and both units have access to a one-car garage. One unit has been recently refreshed and updated, while the other unit is currently occupied by a long-term tenant. The property sits on a large, fully fenced lot.
The property is described as being on a convenient bus line, with easy walking distance to shopping, restaurants, and major employers. The listing also emphasizes everyday accessibility to local services and employment centers.
For tenants or buyers seeking a residential income property, the unit configuration offers two self-contained living spaces with separate hot water service. The combination of one recently updated unit and one unit with an established long-term tenant may appeal to an owner looking for continuity while maintaining one unit in refreshed condition. The fenced lot and garage access also add practical day-to-day utility for residents.
The property is described as being on a convenient bus line, with easy walking distance to shopping, restaurants, and major employers. The listing also emphasizes everyday accessibility to local services and employment centers.
For tenants or buyers seeking a residential income property, the unit configuration offers two self-contained living spaces with separate hot water service. The combination of one recently updated unit and one unit with an established long-term tenant may appeal to an owner looking for continuity while maintaining one unit in refreshed condition. The fenced lot and garage access also add practical day-to-day utility for residents.
Key Highlights
- Duplex with two 2‑bedroom, 1‑bath units
- Each unit has separate hot water tanks
- Each unit has laundry access and separate access
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
$15,233
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
3.81%
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%
$304,660
$304.7K
Cap Rate 7%
$217,614
$217.6K
Cap Rate 9%
$169,256
$169.3K
Market Conditions
NOI Build-Up for 1,757 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
$23.2K $13.20/SF
− Vacancy
−$1.4K −$0.81/SF
EGI
$21.8K $12.39/SF
− OpEx
−$6.5K −$3.72/SF
NOI
$15.2K $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%
$304,660
Cap Rate 7%
$217,614
Cap Rate 9%
$169,256
Alternative Uses
Best Use
Multifamily LT 5
$217.6K
$190.4K – $253.9K
NOI $15,233 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$201.4K
$176.2K – $234.9K
NOI $14,095 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$381.7K
$334.0K – $445.3K
NOI $26,718 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
711
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?
Duplex - Two 2-bedroom, 1-bath units each feature separate hot water and laundry access on a fully fenced lot.
Where is this duplex located?
The property is located at 16108 Broadway Spokane Valley, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1‑bath units; Each unit has separate hot water tanks; Each unit has laundry access and separate access
