Single-Level
New
For Sale
$329,900
904 N Felts Rd, Spokane Valley, WA 99206
MultiFamily, Sgl Level, Spokane Valley, WA
Property Size1,100 SF
Lot Size0.24 Acres
Price / SF$299.91
Days on Market4
Property Features for 904 N Felts Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Patio and Porch features
Deck
Interior features
Main Floor Utilities
Exterior features
Open Deck
Basement
Crawl Space
Lot features
Corner Lot, Level
View
Territorial
Elementary school district
Central Valley - 356
Middle school district
Central Valley - 356
High school district
Central Valley - 356
Directions
GPS is accurate.
Subdivision
Washington Counties
Standard status
Active
APN
45171.1508
Size
1,100 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Exhibit A
Tax Annual Amount
2812
Legal Description
Exhibit A
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
fenced backyard
deck
Building Details
Year built
1955
Number of units
2
Building materials
Wood Siding, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Centennial
(208) 667-7653
Listed By:
Jacob Mack · License #SP58180
(509) 714-4026
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 15 at 1:06AM
MLS# 26-9376
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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 contains two main-level residences, each with one bedroom, one bathroom, and 550 square feet of living area. Both units are occupied by long-term tenants. The property includes separate fenced backyards with decks, along with a detached two-car garage divided to provide one garage space per unit. Additional off-street parking is available.
Set on a 0.24-acre corner lot in Spokane Valley, the property has R-3 zoning, wood-frame construction with wood siding, composition roofing, electric baseboard heat, and public water and sewer. Broadway and Ness Elementary schools are located a few blocks away. Built in 1955, the property also includes main-floor utilities and open deck features.
Set on a 0.24-acre corner lot in Spokane Valley, the property has R-3 zoning, wood-frame construction with wood siding, composition roofing, electric baseboard heat, and public water and sewer. Broadway and Ness Elementary schools are located a few blocks away. Built in 1955, the property also includes main-floor utilities and open deck features.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 bathroom per unit
- Each residence offers 550 square feet of living space
- 0.24‑acre corner lot in Spokane Valley
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
$9,537
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
2.89%
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%
$190,740
$190.7K
Cap Rate 7%
$136,243
$136.2K
Cap Rate 9%
$105,967
$106.0K
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
$14.5K $13.20/SF
− Vacancy
−$896 −$0.81/SF
EGI
$13.6K $12.39/SF
− OpEx
−$4.1K −$3.72/SF
NOI
$9.5K $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%
$190,740
Cap Rate 7%
$136,243
Cap Rate 9%
$105,967
Alternative Uses
Best Use
Multifamily LT 5
$136.2K
$119.2K – $159.0K
NOI $9,537 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$126.1K
$110.3K – $147.1K
NOI $8,825 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$239.0K
$209.1K – $278.8K
NOI $16,727 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
404
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
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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 - Occupied two-unit property with separate fenced yards, decks, and divided garage spaces for each residence.
Where is this duplex located?
The property is located at 904 N Felts Rd Spokane Valley, 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 bedroom and 1 bathroom per unit; Each residence offers 550 square feet of living space; 0.24‑acre corner lot in Spokane Valley
