Medical Office Space with Private
For Sale
$995,000
1210 N Argonne Rd, Spokane Valley, WA 99212
Commercial Sale, Spokane Valley, WA
Property Size5,456 SF
Lot Size0.58 Acres
Price / SF$182.37
Days on Market633
Property Features for 1210 N Argonne Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Basement
Partially Finished, Partial
Lot features
Corner Lot, City Bus (w/in 6 blks)
Elementary school district
West Valley
Standard status
Active
APN
45172.0809
Size
5,456 SF
Lot size
0.58 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1976
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
First Look Real Estate
(509) 928-3413
Listed By:
Ken Lewis · License #12833
(509) 981-7778
Added: Dec 12, 2024
Changed: Aug 19
Last Checked: Sep 6 at 6:06AM
MLS# 202426417
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,456-square-foot medical office property at 1210 N Argonne Rd in Spokane Valley offers a configurable interior arranged for 1 to 4 contractable or expandable spaces. The building includes up to 20 private offices and 4 restrooms, supporting the layout needs identified for dental or physician practices. Two gas furnaces with A/C provide heating and cooling, while the structure features wood siding and a composition roof.
Built in 1976, the property occupies 0.58 acres and includes 20 parking spaces, with additional street parking available. Heating is provided through forced-air, natural-gas equipment. The combination of divisible space, private offices, multiple restrooms, and dedicated parking creates a practical medical-office configuration.
Built in 1976, the property occupies 0.58 acres and includes 20 parking spaces, with additional street parking available. Heating is provided through forced-air, natural-gas equipment. The combination of divisible space, private offices, multiple restrooms, and dedicated parking creates a practical medical-office configuration.
Key Highlights
- 5,456‑square‑foot medical office property on 0.58 acres
- Layout accommodates 1 to 4 contractable or expandable spaces
- Up to 20 private offices and 4 restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,105
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,222,100
$1.2M
Cap Rate 7%
$872,929
$872.9K
Cap Rate 9%
$678,944
$678.9K
Market Conditions
NOI Build-Up for 5,456 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$111.3K $20.40/SF
− Vacancy
−$9.5K −$1.73/SF
EGI
$101.8K $18.67/SF
− OpEx
−$40.7K −$7.47/SF
NOI
$61.1K $11.20/SF
Area
Spokane Valley, WA
Vacancy
8.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,222,100
Cap Rate 7%
$872,929
Cap Rate 9%
$678,944
Alternative Uses
Best Use
Healthcare Medical
$872.9K
$763.8K – $1.02M
NOI $61,105 @ 7.0% cap · market cap 6.14%
Second Best
Office B
$834.8K
$730.4K – $973.9K
NOI $58,434 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $82,966 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,082
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configurable professional layout includes multiple offices, four restrooms, and dedicated on-site parking.
Where is this medical office space located?
The property is located at 1210 N Argonne Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,456‑square‑foot medical office property on 0.58 acres; Layout accommodates 1 to 4 contractable or expandable spaces; Up to 20 private offices and 4 restrooms
