Two-Unit Duplex with
New
For Sale
$450,000
416 / 418 N Skipworth Rd, Spokane Valley, WA 99206
Residential Income, Spokane Valley, WA
Property Size2,070 SF
Lot Size0.22 Acres
Price / SF$217.39
Days on Market5
Property Features for 416 / 418 N Skipworth Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Laundry Room, Bedroom 4, Basement, Bedroom 1, Bedroom 2, Bedroom 3, Utility Room
Parking
4
Parking features
Offsite, Open
Patio and Porch features
Deck
Interior features
Hot Water
Basement
Full, Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Treed, Level, Oversized Lot
Elementary school
Broadway
Middle school
North Pines
High school
Central Valley
Elementary school district
Central Valley
Directions
From E Broadway Ave, head south on University Rd, east on Valleyway Ave, then north on Skipworth Rd. Duplex is located on the east side of Skipworth Rd.
Standard status
Active
APN
45163.0249
Size
2,070 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
4232
Utilities
Heating system
Natural Gas, Forced Air
Amenities
private fenced backyard
deck
Building Details
Year built
1969
Floors in Building
2
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Joyce Lingo
(509) 768-8650
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 22 at 7:06PM
MLS# 202624542
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 2,070-square-foot duplex contains two approximately 1,035-square-foot units, each with two bedrooms, 1.5 baths, an attached one-car garage, gas forced-air heat, gas hot water, a private fenced backyard, and a deck. The property was built in 1969 and has wood siding, a composition roof, and appliances including ranges, dishwashers, refrigerators, washers, and dryers.
Unit 418 is vacant and has fresh paint, granite countertops, LVP flooring, white cabinetry, updated lighting, custom cellular shades, a Bosch stackable washer and ventless dryer, an updated full bath, and a newer electrical panel. Unit 416 has been occupied by the same tenant for 8+ years and is month-to-month. Capital improvements include a 2018 roof replacement, 2021 vinyl backyard fencing, and 2026 TimberTech composite decks with steel railings.
The duplex is in a residential neighborhood within Central Valley School District, near Broadway Elementary, I-90, shopping, and dining. The property sits on 0.2235 acres in Spokane Valley, Washington.
Unit 418 is vacant and has fresh paint, granite countertops, LVP flooring, white cabinetry, updated lighting, custom cellular shades, a Bosch stackable washer and ventless dryer, an updated full bath, and a newer electrical panel. Unit 416 has been occupied by the same tenant for 8+ years and is month-to-month. Capital improvements include a 2018 roof replacement, 2021 vinyl backyard fencing, and 2026 TimberTech composite decks with steel railings.
The duplex is in a residential neighborhood within Central Valley School District, near Broadway Elementary, I-90, shopping, and dining. The property sits on 0.2235 acres in Spokane Valley, Washington.
Key Highlights
- 2,070‑square‑foot duplex with two approximately 1,035‑square‑foot units
- Each unit has 2 bedrooms, 1.5 baths, an attached 1‑car garage, fenced backyard, and deck
- Unit 418 is vacant with updated finishes, appliances, lighting, bath, and electrical panel
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
$17,947
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
3.99%
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%
$358,940
$358.9K
Cap Rate 7%
$256,386
$256.4K
Cap Rate 9%
$199,411
$199.4K
Market Conditions
NOI Build-Up for 2,070 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
$27.3K $13.20/SF
− Vacancy
−$1.7K −$0.81/SF
EGI
$25.6K $12.39/SF
− OpEx
−$7.7K −$3.72/SF
NOI
$17.9K $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%
$358,940
Cap Rate 7%
$256,386
Cap Rate 9%
$199,411
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.3K – $299.1K
NOI $17,947 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$237.2K
$207.6K – $276.8K
NOI $16,606 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$449.7K
$393.5K – $524.6K
NOI $31,477 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
697
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include attached garages, fenced backyards, decks, and separate occupancy profiles.
Where is this duplex located?
The property is located at 416 / 418 N Skipworth Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,070‑square‑foot duplex with two approximately 1,035‑square‑foot units; Each unit has 2 bedrooms, 1.5 baths, an attached 1‑car garage, fenced backyard, and deck; Unit 418 is vacant with updated finishes, appliances, lighting, bath, and electrical panel
