Two-Unit Duplex Under
For Sale
$679,500
917 E Providence Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size3,000 SF
Lot Size0.13 Acres
Price / SF$226.50
Days on Market54
Property Features for 917 E Providence Ave
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Property condition
Under Construction
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 4, Bathroom 6, Bathroom 5, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 3
Parking
6
Parking features
Open
Window features
Vinyl Frames
Patio and Porch features
Patio
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Hard Surface Counters
Lot features
Fenced Yard
Elementary school
Longfellow
Middle school
Shaw
High school
Rogers
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35054.0622
Size
3,000 SF
Lot size
0.13 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating), Forced Air, Ductless (Heating)
Cooling system
Ductless, Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick · License #24022549
(509) 262-4178
Added: Aug 1
Changed: Sep 16
Last Checked: Sep 23 at 2:06AM
MLS# 202621988
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 3,000-square-foot duplex is under construction with two matching two-level residences, each offering 1,500 square feet, three bedrooms, and three bathrooms. Interior plans include open great-room living and dining areas, quartz-surface kitchens with stainless appliances, substantial storage, a primary suite with walk-in closet and private bath, two additional bedrooms, a guest bath, and a dedicated laundry closet. Each residence also includes a patio and fenced backyard.
The property occupies 0.1251 acres at 917 E Providence Ave in Spokane, within minutes of Downtown, the University district, and NorthTown Mall shopping. Construction is scheduled for 2026, with electric forced-air and heat-pump heating, ductless and central air conditioning, composition roofing, and Masonite exterior materials.
The property occupies 0.1251 acres at 917 E Providence Ave in Spokane, within minutes of Downtown, the University district, and NorthTown Mall shopping. Construction is scheduled for 2026, with electric forced-air and heat-pump heating, ductless and central air conditioning, composition roofing, and Masonite exterior materials.
Key Highlights
- Two‑unit duplex with 3,000 square feet total
- Each residence offers 1,500 sq ft with a 3‑bed/3‑bath layout
- Two‑level floor plans include primary suites and dedicated laundry closets
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
$34,318
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
5.05%
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%
$686,360
$686.4K
Cap Rate 7%
$490,257
$490.3K
Cap Rate 9%
$381,311
$381.3K
Market Conditions
NOI Build-Up for 3,000 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
$52.2K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.0K $16.34/SF
− OpEx
−$14.7K −$4.90/SF
NOI
$34.3K $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%
$686,360
Cap Rate 7%
$490,257
Cap Rate 9%
$381,311
Alternative Uses
Best Use
Multifamily LT 5
$490.3K
$429.0K – $572.0K
NOI $34,318 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$426.3K
$373.0K – $497.3K
NOI $29,838 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$774.0K
$677.3K – $903.0K
NOI $54,180 @ 7.0% cap · market cap 7.97%
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
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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-level residences feature quartz kitchens, private fenced yards, patios, and dedicated laundry closets.
Where is this duplex located?
The property is located at 917 E Providence Ave Spokane, WA.
What is the asking price?
The asking price for this property is $679,500.
What are key features of this property?
This property features: Two‑unit duplex with 3,000 square feet total; Each residence offers 1,500 sq ft with a 3‑bed/3‑bath layout; Two‑level floor plans include primary suites and dedicated laundry closets
