Two-Building Office
107 South Thor Street 3428 East 1st Avenue & 24 South Ferrall Street, Spokane, WA 99203
For Sale
$9,250,000
Single-tenant NNN office property with skybridge connectivity and a lease extending through December 31, 2031.
Property Size47,770 SF
Days on Market53
Property Features for 107 South Thor Street 3428 East 1st Avenue & 24 South Ferrall Street
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Occupancy
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Buildings
Tenancy
Listing Agency:
SVN Cornerstone LLC
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svncornerstone
Added: Sep 18
Changed: Nov 8
Last Checked: Nov 8 at 4:50AM
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 SVN Cornerstone LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office asset comprises two buildings linked by a skybridge, creating a connected campus configuration for a single occupant. The property is leased to Banner Bank under an NNN structure, with the current lease running through December 31, 2031. Both buildings were constructed in 1988.
The campus is located in Spokane, Washington, at 107 South Thor Street, 3428 East 1st Avenue, and 24 South Ferrall Street. On-site parking includes 144 car spaces, supporting the office use across the two-building property.
The campus is located in Spokane, Washington, at 107 South Thor Street, 3428 East 1st Avenue, and 24 South Ferrall Street. On-site parking includes 144 car spaces, supporting the office use across the two-building property.
Key Highlights
- Two office buildings connected by a skybridge
- Single‑tenant NNN lease with Banner Bank
- Current lease runs through December 31, 2031
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$684,019
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,680,380
$13.7M
Cap Rate 7%
$9,771,700
$9.8M
Cap Rate 9%
$7,600,211
$7.6M
Market Conditions
NOI Build-Up for 47,770 SF
Gross rent
$1.06M $22.20/SF
− Vacancy
−$148.5K −$3.11/SF
EGI
$912.0K $19.09/SF
− OpEx
−$228.0K −$4.77/SF
NOI
$684.0K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,680,380
Cap Rate 7%
$9,771,700
Cap Rate 9%
$7,600,211
Alternative Uses
Best Use
Office B
$9.77M
$8.55M – $11.40M
NOI $684,019 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.32M
$10.78M – $14.38M
NOI $862,726 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
Median Home Value
Market
Average Price Trend$/SF for Office buildings in Spokane, WA
Properties on Market for Office buildings in Spokane
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Single-tenant NNN office property with skybridge connectivity and a lease extending through December 31, 2031.
Where is this office building located?
The property is located at 107 South Thor Street 3428 East 1st Avenue & 24 South Ferrall Street Spokane, WA.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Two office buildings connected by a skybridge; Single‑tenant NNN lease with Banner Bank; Current lease runs through December 31, 2031
