Two-Story Townhome
For Sale
$3,095,000
303 S Felts Rd, Spokane Valley, WA 99206
MULTI_FAMILY - Spokane Valley, WA
Property Size14,560 SF
Lot Size0.80 Acres
Price / SF$212.57
Days on Market113
Property Features for 303 S Felts Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
CMU
Bedrooms
24
Full bathrooms
12
Rooms
Bedroom 3, Bathroom 1, Bedroom 22, Bathroom 11, Bathroom 2, Bedroom 21, Bedroom 4, Bedroom 13, Bedroom 20, Bedroom 17, Bedroom 12, Bathroom 6, Bedroom 2, Bedroom 7, Bathroom 10, Bedroom 19, Bedroom 6, Bedroom 9, Bedroom 23, Bathroom 3, Bedroom 11, Bedroom 16, Bedroom 10, Bedroom 18, Bedroom 24, Bathroom 4, Bedroom 8, Bedroom 15, Bathroom 5, Bedroom 5, Bathroom 8, Bedroom 14, Bedroom 1, Bathroom 9, Bathroom 7, Bathroom 12
Subdivision
Spokane
Lot features
Level
Directions
From downtown Spokane, head east on I-90 E, take Exit 285 (Sprague Ave / Spokane Valley), turn right onto S Sprague Ave, then left onto S Felts Rd
Standard status
Active
APN
45201.2813
Size
14,560 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
POR LOTS 1-8, BLK 2, VALLEY POINTE, BK 35 PLATS PGS 100-101, NW1/4 NE1/4, W.M. (ROS, AFN 7310738)
Tax Annual Amount
25388
Legal Description
POR LOTS 1-8, BLK 2, VALLEY POINTE, BK 35 PLATS PGS 100-101, NW1/4 NE1/4, W.M. (ROS, AFN 7310738)
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
in unit washer and dryer
on site community garden
private patios
Building Details
Year built
2025
Number of units
12
Building materials
Concrete
Roof type
Concrete
Architectural style
Other
Listing Agency:
SVN Cornerstone Commercial
(509) 321-2000
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Added: Apr 16
Changed: Aug 5
Last Checked: Aug 6 at 3:06PM
MLS# 26-3671
Copyright © 2026 Coeur d'Alene Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
SVN Cornerstone presents the Felts Townhomes, a 12-unit two-story townhome community on 0.8 acres in Spokane Valley. The property is under construction with newer buildout featuring two-bedroom units with one and a half bathrooms. Each unit includes LVP flooring, stainless steel appliances, hard surface countertops, ductless heating and cooling, private patios, and an in-unit washer and dryer. Dedicated covered carports are provided for each unit, along with an on-site community garden for residents.
Construction timing includes eight units built in 2016 and four units completed in 2025, with a stated year built of 2025 for the overall property. The townhomes are built with concrete materials, and utilities include public water and public sewer service.
For tenants, the layout is designed around in-home laundry and private outdoor space, while parking is handled via unit-dedicated covered carports. The property is positioned for convenient access to I-90 and nearby schools, parks, and employment areas.
Construction timing includes eight units built in 2016 and four units completed in 2025, with a stated year built of 2025 for the overall property. The townhomes are built with concrete materials, and utilities include public water and public sewer service.
For tenants, the layout is designed around in-home laundry and private outdoor space, while parking is handled via unit-dedicated covered carports. The property is positioned for convenient access to I-90 and nearby schools, parks, and employment areas.
Key Highlights
- 12 two‑story townhome units on 0.8 acres
- Each unit has dedicated covered carport parking and a private patio
- In‑unit washer and dryer plus ductless heating and cooling
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
$116,805
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
3.77%
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%
$2,336,100
$2.3M
Cap Rate 7%
$1,668,643
$1.7M
Cap Rate 9%
$1,297,833
$1.3M
Market Conditions
NOI Build-Up for 14,560 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
$227.1K $15.60/SF
− Vacancy
−$14.8K −$1.01/SF
EGI
$212.4K $14.59/SF
− OpEx
−$95.6K −$6.56/SF
NOI
$116.8K $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%
$2,336,100
Cap Rate 7%
$1,668,643
Cap Rate 9%
$1,297,833
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,805 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,405 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
545
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 construction 12-unit townhome community with dedicated covered carports and in-unit washer and dryer.
Where is this apartment building located?
The property is located at 303 S Felts Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $3,095,000.
What are key features of this property?
This property features: 12 two‑story townhome units on 0.8 acres; Each unit has dedicated covered carport parking and a private patio; In‑unit washer and dryer plus ductless heating and cooling
