Townhouse-Style Duplex
For Sale
$625,000
Pending
922 Evergreen, Spokane Valley, WA 99037
Townhouse-style duplex with gas forced-air heat, central air, fireplaces, patios, and fenced yards for each side.
Property Size2,880 SF
Days on Market39
Property Features for 922 Evergreen
General Information
Standard status
Pending
Size
2,880 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$6,579
Amenities
Garage: Attached, Garage Door Opener, Off Site, Oversized
Garage Spaces: 2
Attached, Garage Door Opener, Off Site, Oversized
2
Building Details
Year Built
2014
Listing Agency:
Windermere Valley
(509) 991-0741
Listed By:
Rebecca Ruark · License #24024536
Source:
Clearwaterproperties
Added: Jul 4
Changed: Aug 11
Last Checked: Aug 11 at 6:59AM
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 Windermere Valley
Investment Insights
Based on property information with market context.
This townhouse-style duplex features two 3-bedroom, 2.5-bath homes, each with gas forced-air heat, central air conditioning, and a gas fireplace. Both sides include private covered back patios, sprinkler systems, and fully fenced backyards, along with parking supported by attached two-car garages and an expansive shared driveway.
The property is in Spokane Valley and is described as being on a bus route with convenient access to area arterials, I-90, and shopping.
Each side is described as having a similar layout and well-maintained, nicely updated condition, supporting either an investor or an owner-occupant approach.
The property is in Spokane Valley and is described as being on a bus route with convenient access to area arterials, I-90, and shopping.
Each side is described as having a similar layout and well-maintained, nicely updated condition, supporting either an investor or an owner-occupant approach.
Key Highlights
- Townhouse‑style duplex built in 2014 with 2‑car attached garages (2 garage spaces).
- Each side offers 3 bedrooms and 2.5 baths with 1,440 SF per unit.
- Gas forced‑air heat plus central air conditioning for each unit.
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
$24,969
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
4.00%
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%
$499,380
$499.4K
Cap Rate 7%
$356,700
$356.7K
Cap Rate 9%
$277,433
$277.4K
Market Conditions
NOI Build-Up for 2,880 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
$38.0K $13.20/SF
− Vacancy
−$2.3K −$0.81/SF
EGI
$35.7K $12.39/SF
− OpEx
−$10.7K −$3.72/SF
NOI
$25.0K $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 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%
$499,380
Cap Rate 7%
$356,700
Cap Rate 9%
$277,433
Alternative Uses
Best Use
Multifamily LT 5
$356.7K
$312.1K – $416.2K
NOI $24,969 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$330.1K
$288.8K – $385.1K
NOI $23,104 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$625.6K
$547.4K – $729.9K
NOI $43,794 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
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 - Townhouse-style duplex with gas forced-air heat, central air, fireplaces, patios, and fenced yards for each side.
Where is this duplex located?
The property is located at 922 Evergreen Spokane Valley, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Townhouse‑style duplex built in 2014 with 2‑car attached garages (2 garage spaces).; Each side offers 3 bedrooms and 2.5 baths with 1,440 SF per unit.; Gas forced‑air heat plus central air conditioning for each unit.
