Duplex with Pellet
For Sale
$565,000
3921 S Johnson St, Spokane Valley, WA 99206
MULTI_FAMILY - Spokane Valley, WA
Property Size3,170 SF
Lot Size0.28 Acres
Price / SF$178.23
Days on Market49
Property Features for 3921 S Johnson St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 6, Bathroom 4, Bedroom 1, Basement, Bathroom 3, Bedroom 4, Bathroom 2
Parking features
Driveway, Underground/Basement
Window features
Vinyl Frames
Patio and Porch features
Deck
Fireplace
1
Basement
Full, Daylight, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Level, Corner Lot, Oversized Lot
View
City
Elementary school
Ponderosa
Middle school
Horizon
High school
University
Elementary school district
Spokane Valley
Standard status
Active
APN
45332.2905
Size
3,170 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
5947
Utilities
Heating system
Baseboard, Electric (Heating), Ductless (Heating)
Building Details
Year built
1978
Floors in Building
1
Number of units
2
Building materials
Masonite, Wood Siding
Roof type
Composition
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Riley Price · License #128051
(855) 450-0442
Added: Jul 9
Changed: Aug 4
Last Checked: Aug 26 at 7:06AM
MLS# 202620757
Copyright © 2026 Spokane Association of REALTORS®. 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.
This well-maintained duplex offers owner-occupancy flexibility along with rental income from the second unit. The owner-occupied unit features three bedrooms, two full bathrooms, a pellet fireplace, and an attached garage, along with a private back deck. The second unit is tenant-occupied and includes two recently updated bathrooms.
The property sits on a corner lot with ample parking and includes appliances such as a free-standing range, dishwasher, refrigerator, and microwave. Construction materials include Masonite and wood siding, with electric and ductless heating and baseboard heating. The roof is composition, and the home was built in 1978.
With a driveway and basement/underground parking elements, this duplex is designed for practical day-to-day living while maintaining two separate units under one ownership.
The property sits on a corner lot with ample parking and includes appliances such as a free-standing range, dishwasher, refrigerator, and microwave. Construction materials include Masonite and wood siding, with electric and ductless heating and baseboard heating. The roof is composition, and the home was built in 1978.
With a driveway and basement/underground parking elements, this duplex is designed for practical day-to-day living while maintaining two separate units under one ownership.
Key Highlights
- 0.28‑acre corner lot duplex
- Pellet fireplace in the owner‑occupied unit
- Attached garage and private back deck
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
$27,484
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
4.86%
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%
$549,680
$549.7K
Cap Rate 7%
$392,629
$392.6K
Cap Rate 9%
$305,378
$305.4K
Market Conditions
NOI Build-Up for 3,170 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
$41.8K $13.20/SF
− Vacancy
−$2.6K −$0.81/SF
EGI
$39.3K $12.39/SF
− OpEx
−$11.8K −$3.72/SF
NOI
$27.5K $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%
$549,680
Cap Rate 7%
$392,629
Cap Rate 9%
$305,378
Alternative Uses
Best Use
Multifamily LT 5
$392.6K
$343.6K – $458.1K
NOI $27,484 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$363.3K
$317.9K – $423.9K
NOI $25,431 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$688.6K
$602.6K – $803.4K
NOI $48,204 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
142
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?
Duplex - Well-maintained duplex on a corner lot with a pellet fireplace, attached garage, and a private back deck.
Where is this duplex located?
The property is located at 3921 S Johnson St Spokane Valley, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 0.28‑acre corner lot duplex; Pellet fireplace in the owner‑occupied unit; Attached garage and private back deck
