Net-Leased Retail Property with Office
1003 E 3rd Ave Spokane, WA 99202
For Sale
Contact for pricing
Single-tenant net-leased retail building is leased to Office Depot under a newly executed 10-year lease extension.
Property Size22,750 SF
Lot Size2.18 Acres
Price / SF$160.44
Days on Market537
Property Features for 1003 E 3rd Ave
General Information
- Standard status
- Active
- Size
- 22,750 SF
- Lot size
- 2.18 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1990
Listing Agency:
Linc Properties
(425) 455-3131
Listed By:
Brian Leibsohn · License #18848
Source:
Crexi
Added: Feb 1, 2025
Changed: Jul 22
Last Checked: Jul 22 at 11:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Linc Properties
Investment Insights
Based on property information with market context.
The property is a single-tenant, net-leased retail investment leased to Office Depot. The offering is secured by a newly executed, corporately guaranteed 10-year lease extension completed in March 2026, supporting long-term contractual cash flow under a triple-net (NNN) structure with minimal landlord obligations. Office Depot has operated continuously at this location since 1990, providing more than 34 years of established operating history.
The site is located in Spokane, Washington with direct access and visibility to Interstate 90, supported by strong ingress and egress and ample parking. The asset sits on a 2.18-acre site with an efficient building layout designed to support retail and service-based operations, as well as distribution and fulfillment-oriented components of the tenant’s evolving platform.
The property is governed by General Commercial zoning with density-driven flexibility and includes redevelopment optionality, including potential building height up to 150 feet.
The site is located in Spokane, Washington with direct access and visibility to Interstate 90, supported by strong ingress and egress and ample parking. The asset sits on a 2.18-acre site with an efficient building layout designed to support retail and service-based operations, as well as distribution and fulfillment-oriented components of the tenant’s evolving platform.
The property is governed by General Commercial zoning with density-driven flexibility and includes redevelopment optionality, including potential building height up to 150 feet.
Key Highlights
- Single‑tenant net‑leased retail building built in 1990, operating continuously as an Office Depot location since 1990
- Newly executed corporately guaranteed 10‑year lease extension completed March 2026 under a triple‑net (NNN) structure
- Lease extension includes contractual rental increases of 10% (primary) and 27% (option period)
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $368.6k | $16.20 |
| − Vacancy | −$31.3k | −$1.38 |
| EGI | $337.2k | $14.82 |
| − OpEx | −$101.2k | −$4.45 |
| NOI | $236.1k | $10.38 |
22,750 SF · lease $16.20/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.37M
$2.95M – $3.93M
NOI $236,056 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.87M
$5.14M – $6.85M
NOI $410,865 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Depot Tech ...
Tech Support Center
Primo Water Exchange
Big Box & Wholesale Store
Office Depot Print ...
(Bike/Boat/Book/etc) Store
Office Depot
(Bike/Boat/Book/etc) Store
FedEx ShipSite
Postal Service
FAQs
What type of property is this?
NNN property - Single-tenant net-leased retail building is leased to Office Depot under a newly executed 10-year lease extension.
Where is this nnn property located?
The property is located at 1003 E 3rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Single‑tenant net‑leased retail building built in 1990, operating continuously as an Office Depot location since 1990; Newly executed corporately guaranteed 10‑year lease extension completed March 2026 under a triple‑net (NNN) structure; Lease extension includes contractual rental increases of 10% (primary) and 27% (option period)
