Mixed-Use Live-Work
For Sale
$279,950
2012 N Ruby St, Spokane, WA 99207
COMMERCIAL - Spokane, WA
Property Size2,234 SF
Lot Size0.06 Acres
Price / SF$125.31
Days on Market120
Property Features for 2012 N Ruby St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GC-70
Parking
4
Basement
Finished, Partial
Subdivision
Heaths 3rd Addn
Lot features
Fenced Yard, Level, City Bus (w/in 6 blks)
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From downtown Spokane, go north on Division/Ruby. Property is between Baldwin and Ermina on the east side of Ruby as you head north.
Standard status
Active
APN
35083.3007
Size
2,234 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3444
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1906
Floors in Building
2
Building materials
Brick, Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Timothy Ray · License #21262
(509) 489-7000
Added: Apr 9
Changed: Aug 5
Last Checked: Aug 6 at 5:06PM
MLS# 202615096
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.
2012 N Ruby St in Spokane, WA is an extensively updated mixed-use live-work style property zoned GC-70. The main level includes 1 bedroom, an office, a reception area, a living/conference room, and a full kitchen. Upstairs features 3 additional bedrooms and 1 bathroom, and the finished basement adds a half bath, family/meeting room, and laundry. The home is offered fully furnished, supporting flexible room-rental configurations.
WSDOT reports average traffic counts over 23,000 vehicles per day, contributing to strong visibility. The property is within walking/biking distance of Gonzaga and Great Northern University, close to downtown, and located on a bus route.
Parking includes off-street tandem space for 4 vehicles, along with street parking around the corners on Ermina and Baldwin. With GC-70 zoning, the property is positioned to support a wide array of uses, including retail, general commercial, offices, and residential configurations.
WSDOT reports average traffic counts over 23,000 vehicles per day, contributing to strong visibility. The property is within walking/biking distance of Gonzaga and Great Northern University, close to downtown, and located on a bus route.
Parking includes off-street tandem space for 4 vehicles, along with street parking around the corners on Ermina and Baldwin. With GC-70 zoning, the property is positioned to support a wide array of uses, including retail, general commercial, offices, and residential configurations.
Key Highlights
- GC‑70 zoning allows a wide range of uses, including retail, general commercial, offices, single‑family, short‑term rentals, and room rentals.
- Extensively updated home/business setup: 1BR plus office, reception, living/conference room, and full kitchen on the main level.
- Additional living space includes 3BR and 1BA up, plus a finished basement with half bath, family/meeting room, and laundry.
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
$22,219
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
7.94%
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%
$444,380
$444.4K
Cap Rate 7%
$317,414
$317.4K
Cap Rate 9%
$246,878
$246.9K
Market Conditions
NOI Build-Up for 2,234 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
$43.2K $19.32/SF
− Vacancy
−$2.8K −$1.24/SF
EGI
$40.4K $18.08/SF
− OpEx
−$18.2K −$8.14/SF
NOI
$22.2K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$444,380
Cap Rate 7%
$317,414
Cap Rate 9%
$246,878
Alternative Uses
Best Use
Office B
$457.0K
$399.9K – $533.2K
NOI $31,989 @ 7.0% cap · market cap 11.43%
Second Best
Mixed Use
$381.2K
$333.5K – $444.7K
NOI $26,682 @ 7.0% cap · market cap 9.53%
Theoretical Best
Office A
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,205
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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?
Live-work space - Extensively updated property zoned GC-70 with office and residence space plus tandem off-street parking for four vehicles.
Where is this live-work space located?
The property is located at 2012 N Ruby St Spokane, WA.
What is the asking price?
The asking price for this property is $279,950.
What are key features of this property?
This property features: GC‑70 zoning allows a wide range of uses, including retail, general commercial, offices, single‑family, short‑term rentals, and room rentals.; Extensively updated home/business setup: 1BR plus office, reception, living/conference room, and full kitchen on the main level.; Additional living space includes 3BR and 1BA up, plus a finished basement with half bath, family/meeting room, and laundry.
