701 S. Felts Road Buildings A&B | 701 S Felts Rd
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701 S. Felts Road Buildings A&B 701 S Felts Rd
7 Unit Block of Flats £2,035,544 (£290,792/Unit) 5.80% Net Initial Yield 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/moas 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 |
£147,924
|
£14.52
|
| Other Income |
£16,190
|
£1.59
|
| Vacancy Loss |
£8,206
|
£0.81
|
| Effective Gross Income |
£155,909
|
£15.31
|
| Taxes |
£12,060
|
£1.18
|
| Operating Expenses |
£25,514
|
£2.51
|
| Total Expenses |
£37,574
|
£3.69
|
| Net Operating Income |
£118,335
|
£11.62
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £147,924 |
| Annual Per SF | £14.52 |
| Other Income | |
|---|---|
| Annual | £16,190 |
| Annual Per SF | £1.59 |
| Vacancy Loss | |
|---|---|
| Annual | £8,206 |
| Annual Per SF | £0.81 |
| Effective Gross Income | |
|---|---|
| Annual | £155,909 |
| Annual Per SF | £15.31 |
| Taxes | |
|---|---|
| Annual | £12,060 |
| Annual Per SF | £1.18 |
| Operating Expenses | |
|---|---|
| Annual | £25,514 |
| Annual Per SF | £2.51 |
| Total Expenses | |
|---|---|
| Annual | £37,574 |
| Annual Per SF | £3.69 |
| Net Operating Income | |
|---|---|
| Annual | £118,335 |
| Annual Per SF | £11.62 |
Property Facts
| Price | £2,035,544 | Property Subtype | Apartment |
| Price Per Unit | £290,792 | Apartment Style | Townhome |
| Sale Type | Investment | Lot Size | 0.65 AC |
| Net Initial Yield | 5.80% | Building Size | 10,185 SF |
| No. Units | 7 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 2024 |
| Price | £2,035,544 |
| Price Per Unit | £290,792 |
| Sale Type | Investment |
| Net Initial Yield | 5.80% |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Lot Size | 0.65 AC |
| Building Size | 10,185 SF |
| Number of Floors | 2 |
| Year Built | 2024 |
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 | £1,761 | 1,455 |
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Seth Maefsky -
Keller Williams Realty Inc
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701 S. Felts Road Buildings A&B | 701 S Felts Rd
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