Two-Building Office
New
For Sale
$9,250,000
107 South Thor Street 3428 East 1st Avenue & 24 South Ferrall Street, Spokane, WA 99203
Single-tenant NNN office property with skybridge connectivity and a lease extending through December 31, 2031.
Property Size47,770 SF
Days on Market6
Property Features for 107 South Thor Street 3428 East 1st Avenue & 24 South Ferrall Street
General Information
Standard status
Active
Size
47,770 SF
Class
A
Total Parking Spaces
144
Property subtype
Office
Occupancy
100%
Building Details
Building Size
47,770 SF
Year Built
1988
Buildings
2
Tenancy
Single
Listing Agency:
SVN | Cornerstone
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svncornerstone
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 1:51PM
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
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 = 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
$684,019
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
7.39%
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%
$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
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
$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 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%
$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.
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
Vacancy Rate% for Office in West region
Questions? Ask Rey
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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
