Exceptional investment and development opportunity on ±4.42 acres of Light Industrial-zoned land in a prime Spokane location with quick, convenient access to I-90. This versatile property offers the rare combination of immediate rental income and outstanding future development potential. Two updated residential homes are currently leased, generating $4,600 per month with the opportunity for immediate rent increases. The homes include a 5-bedroom, 2-bath residence with approximately 1,656 square feet and a 4-bedroom, 2-bath residence with approximately 1,200 square feet. Continue collecting rental income while planning your next commercial or industrial project. The Light Industrial zoning supports a variety of business and development opportunities, making this an ideal investment for developers, owner-users, or investors seeking long-term upside. Rarely does a property offer this combination of income, flexibility, desirable zoning, and a highly accessible location.
Active
$1,200,000
5703 S Thomas Mallen Rd, Spokane, WA 99224
5beds
2baths
--sqft
Single Family Residence
Built in 1948
4.42 Acres Lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
Updated residential homes
- 32 days
- 112
- 0
Zillow last checked:
Listing updated:
Listed by:
Chelsey Graves 509-429-9562,
Avalon 24 Real Estate
Source: SMLS as distributed by MLS GRID,MLS#: 202622726
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 2
Other
- Area: 1200 Square Feet
First floor
- Level: First
- Area: 1656 Square Feet
Heating
- Electric, Heat Pump, Ductless
Cooling
- Wall Unit(s)
Appliances
- Included: Free-Standing Range, Dishwasher, Refrigerator, Disposal, Microwave
Features
- Flooring: Wood
- Windows: Vinyl Frames
- Basement: Crawl Space,Slab
- Has fireplace: No
Property
Parking
- Total spaces: 2
- Parking features: Attached, Open, RV Access/Parking, Off Site
- Garage spaces: 2
Features
- Levels: One
- Stories: 1
- Fencing: Fenced Yard
Lot
- Size: 4.42 Acres
- Features: Level, Corner Lot, Legal Non-Conforming, Horses Allowed
Details
- Additional structures: Hay
- Parcel number: 24053.9031
- Horses can be raised: Yes
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Ranch
- Property subtype: Single Family Residence
Materials
- Vinyl Siding
- Roof: Composition
Condition
- New construction: No
- Year built: 1948
Community & HOA
HOA
- Has HOA: No
Location
- Region: Spokane
Financial & listing details
- Tax assessed value: $553,870
- Annual tax amount: $5,442
- Date on market: 8/17/2026
- Listing terms: Conventional,Cash,Commercial
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 8/17/2026 | Listed for sale | $1,200,000+6.7% |
Source:  SMLS as distributed by MLS GRID #202622726 Report a problem | ||
| 11/8/2022 | Listing removed | -- |
Source: SMLS as distributed by MLS GRID #202219034 Report a problem | ||
| 8/14/2022 | Price change | $1,125,000-6.3% |
Source: SMLS as distributed by MLS GRID #202219034 Report a problem | ||
| 7/8/2022 | Listed for sale | $1,200,000+142.4% |
Source: SMLS as distributed by MLS GRID #202219034 Report a problem | ||
| 10/21/2021 | Sold | $495,000+23.8% |
Source: Public Record Report a problem | ||
| 4/23/2021 | Sold | $400,000-17.5% |
Source: Public Record Report a problem | ||
| 12/10/2020 | Listing removed | $485,000 |
Source: Professional Realty Services #202020228 Report a problem | ||
| 8/9/2020 | Listed for sale | $485,000+193.9% |
Source: Professional Realty Services #202020228 Report a problem | ||
| 5/27/2005 | Sold | $165,000 |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $5,442 +8.4% | $553,870 +8.6% |
| 2024 | $5,021 +10.3% | $509,850 -4.3% |
| 2023 | $4,551 +3.6% | $532,920 +2% |
| 2022 | $4,392 +40.5% | $522,350 +21.2% |
| 2021 | $3,127 +1.4% | $431,140 +64.3% |
| 2020 | $3,083 +15.3% | $262,400 +9% |
| 2019 | $2,672 | $240,800 +21.7% |
| 2018 | $2,672 +3.2% | $197,900 +6.3% |
| 2017 | $2,590 +18% | $186,200 +8.8% |
| 2016 | $2,195 +2.7% | $171,130 +2.8% |
| 2015 | $2,136 | $166,530 |
| 2014 | $2,136 | $166,530 |
| 2013 | $2,136 -0.5% | -- |
| 2011 | $2,147 +2.9% | -- |
| 2010 | $2,086 | -- |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 99224
Nearby schools
Schools provided by the listing agent
- Elementary: Snowden
- Middle: Westwood
- High: Cheney
- District: Cheney
Source: SMLS as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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