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701 S. Felts Road Buildings A&B 701 S Felts Rd 7 Unit Apartment Building $3,323,645 CAD ($474,806 CAD/Unit) 6.27% 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 (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$261,166
|
$25.64
|
| Other Income |
$28,585
|
$2.81
|
| Vacancy Loss |
$14,488
|
$1.42
|
| Effective Gross Income |
$275,263
|
$27.03
|
| Taxes |
$21,293
|
$2.09
|
| Operating Expenses |
$45,046
|
$4.42
|
| Total Expenses |
$66,339
|
$6.51
|
| Net Operating Income |
$208,925
|
$20.51
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $261,166 |
| Annual Per SF | $25.64 |
| Other Income (CAD) | |
|---|---|
| Annual | $28,585 |
| Annual Per SF | $2.81 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $14,488 |
| Annual Per SF | $1.42 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $275,263 |
| Annual Per SF | $27.03 |
| Taxes (CAD) | |
|---|---|
| Annual | $21,293 |
| Annual Per SF | $2.09 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $45,046 |
| Annual Per SF | $4.42 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $66,339 |
| Annual Per SF | $6.51 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $208,925 |
| Annual Per SF | $20.51 |
PROPERTY FACTS
| Price | $3,323,645 CAD | Apartment Style | Townhome |
| Price Per Unit | $474,806 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.65 AC |
| Cap Rate | 6.27% | Building Size | 10,185 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $3,323,645 CAD |
| Price Per Unit | $474,806 CAD |
| Sale Type | Investment |
| Cap Rate | 6.27% |
| 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 | $3,109 CAD | 1,455 |
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PROPERTY TAXES
| Parcel Number | 45201.1326 | Total Assessment | $2,513,506 CAD (2025) |
| Land Assessment | $281,909 CAD (2025) | Annual Taxes | $21,293 CAD ($2.09 CAD/SF) |
| Improvements Assessment | $2,231,596 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
45201.1326
Land Assessment
$281,909 CAD (2025)
Improvements Assessment
$2,231,596 CAD (2025)
Total Assessment
$2,513,506 CAD (2025)
Annual Taxes
$21,293 CAD ($2.09 CAD/SF)
Tax Year
2024
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701 S. Felts Road Buildings A&B | 701 S Felts Rd
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