Single-Story Duplex with
New
For Sale
$329,900
904 Felts, Spokane, WA 99206
Two separately fenced residences offer private outdoor space, individual garage bays, and off-street parking.
Property Size1,100 SF
Price / SF$299.91
Days on Market1
Property Features for 904 Felts
General Information
Standard status
Active
Size
1,100 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Gross Income
$27,480
Taxes and HOA fees
Annual Taxes
$2,812
Amenities
fenced backyard
deck
Garage: Detached, Slab, Off Site
Garage Spaces: 2
Style: Ranch
Ranch
Detached, Slab, Off Site
2
Building Details
Year Built
1955
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
RE/MAX Centennial
Listed By:
Jacob Mack · License #SP58180
(509) 714-4026
Source:
Clearwaterproperties
Added: Sep 14
Last Checked: Sep 14 at 2:24PM
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 RE/MAX Centennial
Investment Insights
Based on property information with market context.
Built in 1955, this single-story duplex contains two one-bedroom, one-bath residences with 550 square feet per unit, totaling 1,100 square feet. Both homes are occupied by long-term tenants and feature ranch-style layouts. Each residence includes a separately fenced backyard with a deck, creating distinct outdoor areas for the occupants.
A detached two-car garage has been partitioned to provide one dedicated garage space for each unit. Additional off-street parking is available on the corner-lot property. The duplex is located a few blocks from Broadway and Ness Elementary schools in Spokane Valley.
A detached two-car garage has been partitioned to provide one dedicated garage space for each unit. Additional off-street parking is available on the corner-lot property. The duplex is located a few blocks from Broadway and Ness Elementary schools in Spokane Valley.
Key Highlights
- Two‑unit duplex with 1,100 square feet total
- Each unit offers 1 bedroom, 1 bathroom, and 550 square feet
- Single‑story ranch‑style layout built in 1955
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
$12,583
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
3.81%
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%
$251,660
$251.7K
Cap Rate 7%
$179,757
$179.8K
Cap Rate 9%
$139,811
$139.8K
Market Conditions
NOI Build-Up for 1,100 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
$19.1K $17.40/SF
− Vacancy
−$1.2K −$1.06/SF
EGI
$18.0K $16.34/SF
− OpEx
−$5.4K −$4.90/SF
NOI
$12.6K $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%
$251,660
Cap Rate 7%
$179,757
Cap Rate 9%
$139,811
Alternative Uses
Best Use
Multifamily LT 5
$179.8K
$157.3K – $209.7K
NOI $12,583 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$156.3K
$136.8K – $182.4K
NOI $10,941 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$283.8K
$248.3K – $331.1K
NOI $19,866 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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?
Duplex - Two separately fenced residences offer private outdoor space, individual garage bays, and off-street parking.
Where is this duplex located?
The property is located at 904 Felts Spokane, WA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,100 square feet total; Each unit offers 1 bedroom, 1 bathroom, and 550 square feet; Single‑story ranch‑style layout built in 1955
