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701 S. Felts Road Buildings A&B 701 S Felts Rd 7 Unit Apartment Building $2,950,000 ($421,429/Unit) 5.10% Cap Rate Spokane Valley, WA 99206
Executive Summary
BRAND NEW 7-unit multifamily property in a quiet Spokane Valley neighborhood! One 4-plex and a triplex make up the seven units, with each unit offering 3 bedrooms, 2.5 baths, and 1455 s.f. of living space. The modern design features many upgrades including stainless appliance package, durable LVP flooring, white shaker cabinetry w/ soft close drawers, and granite counters throughout. The excellent location and luxury feel of the units is sure to attract high quality tenants. One unit is fully furnished and grossing $3300/mo as an Airbnb. Each unit has an attached 1-car garage, and there are three additional detached garages for extra income potential.
Financial Summary (Pro Forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$188,580
|
$18.52
|
| Other Income |
$20,640
|
$2.03
|
| Vacancy Loss |
$10,461
|
$1.03
|
| Effective Gross Income |
$198,759
|
$19.51
|
| Taxes |
$15,375
|
$1.51
|
| Operating Expenses |
$32,526
|
$3.19
|
| Total Expenses |
$47,901
|
$4.70
|
| Net Operating Income |
$150,858
|
$14.81
|
Financial Summary (Pro Forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $188,580 |
| Annual Per SF | $18.52 |
| Other Income | |
|---|---|
| Annual | $20,640 |
| Annual Per SF | $2.03 |
| Vacancy Loss | |
|---|---|
| Annual | $10,461 |
| Annual Per SF | $1.03 |
| Effective Gross Income | |
|---|---|
| Annual | $198,759 |
| Annual Per SF | $19.51 |
| Taxes | |
|---|---|
| Annual | $15,375 |
| Annual Per SF | $1.51 |
| Operating Expenses | |
|---|---|
| Annual | $32,526 |
| Annual Per SF | $3.19 |
| Total Expenses | |
|---|---|
| Annual | $47,901 |
| Annual Per SF | $4.70 |
| Net Operating Income | |
|---|---|
| Annual | $150,858 |
| Annual Per SF | $14.81 |
Property Facts
| Price | $2,950,000 | Apartment Style | Townhome |
| Price Per Unit | $421,429 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.65 AC |
| Cap Rate | 5.10% | Building Size | 10,185 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $2,950,000 |
| Price Per Unit | $421,429 |
| Sale Type | Investment |
| Cap Rate | 5.10% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.65 AC |
| Building Size | 10,185 SF |
| No. Stories | 2 |
| Year Built | 2024 |
| Zoning | R-3 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 7 | $2,245 | 1,455 |
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Property Taxes
| Parcel Number | 45201.1326 | Total Assessment | $1,789,800 (2025) |
| Land Assessment | $200,740 (2025) | Annual Taxes | $15,375 ($1.51/SF) |
| Improvements Assessment | $1,589,060 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
45201.1326
Land Assessment
$200,740 (2025)
Improvements Assessment
$1,589,060 (2025)
Total Assessment
$1,789,800 (2025)
Annual Taxes
$15,375 ($1.51/SF)
Tax Year
2024
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701 S. Felts Road Buildings A&B | 701 S Felts Rd
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