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701 S. Felts Road Buildings A&B 701 S Felts Rd 7 Unit Apartment Building $3,138,871 CAD ($448,410 CAD/Unit) 6.56% 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 |
$257,921
|
$25.32
|
| Other Income |
$28,229
|
$2.77
|
| Vacancy Loss |
$14,308
|
$1.40
|
| Effective Gross Income |
$271,843
|
$26.69
|
| Taxes |
$21,028
|
$2.06
|
| Operating Expenses |
$44,486
|
$4.37
|
| Total Expenses |
$65,514
|
$6.43
|
| Net Operating Income |
$206,328
|
$20.26
|
Financial Summary (Pro Forma - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $257,921 |
| Annual Per SF | $25.32 |
| Other Income (CAD) | |
|---|---|
| Annual | $28,229 |
| Annual Per SF | $2.77 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $14,308 |
| Annual Per SF | $1.40 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $271,843 |
| Annual Per SF | $26.69 |
| Taxes (CAD) | |
|---|---|
| Annual | $21,028 |
| Annual Per SF | $2.06 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $44,486 |
| Annual Per SF | $4.37 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $65,514 |
| Annual Per SF | $6.43 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $206,328 |
| Annual Per SF | $20.26 |
Property Facts
| Price | $3,138,871 CAD | Apartment Style | Townhome |
| Price Per Unit | $448,410 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.65 AC |
| Cap Rate | 6.56% | Building Size | 10,185 SF |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | ||
| Zoning | R-3 | ||
| Price | $3,138,871 CAD |
| Price Per Unit | $448,410 CAD |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| 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 | $3,070 CAD | 1,455 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 45201.1326 | Total Assessment | $2,452,026 CAD (2025) |
| Land Assessment | $275,014 CAD (2025) | Annual Taxes | $21,028 CAD ($2.06 CAD/SF) |
| Improvements Assessment | $2,177,012 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
45201.1326
Land Assessment
$275,014 CAD (2025)
Improvements Assessment
$2,177,012 CAD (2025)
Total Assessment
$2,452,026 CAD (2025)
Annual Taxes
$21,028 CAD ($2.06 CAD/SF)
Tax Year
2024
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701 S. Felts Road Buildings A&B | 701 S Felts Rd
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