Duplex with Garages and
For Sale
$469,900
721/723 S Felts Rd, Spokane Valley, WA 99206
Residential Income, Spokane Valley, WA
Property Size2,080 SF
Lot Size0.33 Acres
Price / SF$225.91
Days on Market48
Property Features for 721/723 S Felts Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement, Bathroom 1
Patio and Porch features
Deck
Fireplace
1
Basement
Daylight, Finished, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Corner Lot, City Bus (w/in 6 blks)
Elementary school
Opportunity
Middle school
North Pines
High school
University
Elementary school district
Central Valley
Directions
East on Sprague to Dishman Mica Rd, Turn right and head south to 8th Ave, turn left and proceed to duplex at the corner of Felts and 8th.
Standard status
Active
APN
45201.1349
Size
2,080 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
4129
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Wall Unit(s)
Amenities
fireplace
deck
in-unit laundry
Building Details
Year built
1970
Floors in Building
2
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Rick Harter · License #115634
(509) 993-8844
Added: Aug 20
Changed: Sep 16
Last Checked: Oct 6 at 5:06AM
MLS# 202622929
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 duplex at 721/723 S Felts Rd includes two residential units within a 2,080-square-foot building constructed in 1970. Each unit features an upper-level living room with a fireplace, kitchen, dining area, and deck access. The lower level provides two bedrooms, a bathroom with laundry, and storage space. Recent work includes interior paint and flooring, with a new kitchen in one unit.
The property occupies 0.33 acres in Spokane Valley, WA 99206. Each unit has a one-car garage, and the site includes a large backyard. Additional features include wood siding, a composition roof, electric baseboard heating, wall-unit cooling, and appliances including ranges, dishwashers, refrigerators, and microwaves.
The property occupies 0.33 acres in Spokane Valley, WA 99206. Each unit has a one-car garage, and the site includes a large backyard. Additional features include wood siding, a composition roof, electric baseboard heating, wall-unit cooling, and appliances including ranges, dishwashers, refrigerators, and microwaves.
Key Highlights
- Two‑unit duplex with 2,080 square feet of building area
- 0.33‑acre lot in Spokane Valley, WA 99206
- Each unit includes a one‑car garage and access to a large backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,033
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$360,660
$360.7K
Cap Rate 7%
$257,614
$257.6K
Cap Rate 9%
$200,367
$200.4K
Market Conditions
NOI Build-Up for 2,080 SF
Gross rent
$27.5K $13.20/SF
− Vacancy
−$1.7K −$0.81/SF
EGI
$25.8K $12.39/SF
− OpEx
−$7.7K −$3.72/SF
NOI
$18.0K $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 Rate 5%
$360,660
Cap Rate 7%
$257,614
Cap Rate 9%
$200,367
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.6K
NOI $18,033 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$238.4K
$208.6K – $278.1K
NOI $16,686 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$451.8K
$395.4K – $527.2K
NOI $31,629 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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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 offer split-level layouts, fireplaces, laundry areas, and recent interior improvements.
Where is this duplex located?
The property is located at 721/723 S Felts Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,080 square feet of building area; 0.33‑acre lot in Spokane Valley, WA 99206; Each unit includes a one‑car garage and access to a large backyard
