Multifamily Property with
For Sale
$2,288,000
Pending
701 Felts, Spokane, WA 99206
Seven contemporary rental units feature three-bedroom layouts, upgraded finishes, and individual garages.
Property Size10,185 SF
Days on Market30
Property Features for 701 Felts
General Information
Standard status
Pending
Size
10,185 SF
Total Parking Spaces
10
Property subtype
Multi Family Home
Financials
Gross Income
$194,280
Average Monthly Rent
$2,275
Units
Unit Mix
7 x 3BR/2.5BA
Multifamily Units
7
Amenities
Garage: Attached, Garage Door Opener, Off Site
Garage Spaces: 10
Style: Contemporary
Contemporary
Attached, Garage Door Opener, Off Site
10
Building Details
Year Built
2023
Buildings
2
Listing Agency:
Keller Williams Realty Coeur d
(509) 922-7355
Listed By:
Seth Maefsky · License #M25177
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 11:18PM
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 Keller Williams Realty Coeur d
Investment Insights
Based on property information with market context.
Completed in 2023, this seven-unit multifamily property combines a fourplex and a triplex at 701 Felts in Spokane, WA. Each residence provides three bedrooms, two-and-a-half baths, and 1,455 square feet of living space. Interiors feature contemporary styling with stainless appliance packages, durable LVP flooring, and granite countertops. Every unit includes a one-car garage, while three additional detached garages provide supplemental storage or leasing flexibility.
The property is situated in a Spokane Valley neighborhood and contains approximately 10,185 square feet based on the stated property size. The unit configuration, consistent floor plans, and attached garage access create a uniform residential income asset with modern finishes throughout.
The property is situated in a Spokane Valley neighborhood and contains approximately 10,185 square feet based on the stated property size. The unit configuration, consistent floor plans, and attached garage access create a uniform residential income asset with modern finishes throughout.
Key Highlights
- Seven‑unit multifamily property completed in 2023
- One 4‑plex and one triplex comprise the property
- Each unit includes 3 bedrooms, 2.5 baths, and 1455 s.f. of living space
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
$116,511
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
5.09%
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%
$2,330,220
$2.3M
Cap Rate 7%
$1,664,443
$1.7M
Cap Rate 9%
$1,294,567
$1.3M
Market Conditions
NOI Build-Up for 10,185 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
$177.2K $17.40/SF
− Vacancy
−$10.8K −$1.06/SF
EGI
$166.4K $16.34/SF
− OpEx
−$49.9K −$4.90/SF
NOI
$116.5K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /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%
$2,330,220
Cap Rate 7%
$1,664,443
Cap Rate 9%
$1,294,567
Alternative Uses
Best Use
Multifamily LT 5
$1.66M
$1.46M – $1.94M
NOI $116,511 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,299 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $183,941 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
6
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?
Multifamily property - Seven contemporary rental units feature three-bedroom layouts, upgraded finishes, and individual garages.
Where is this multifamily property located?
The property is located at 701 Felts Spokane, WA.
What is the asking price?
The asking price for this property is $2,288,000.
What are key features of this property?
This property features: Seven‑unit multifamily property completed in 2023; One 4‑plex and one triplex comprise the property; Each unit includes 3 bedrooms, 2.5 baths, and 1455 s.f. of living space
