Skybridge-Connected Office
For Sale
Contact for pricing
107 South Thor Street, Spokane, WA 99202
A skybridge links the office structures, with space arranged across lower, main, and second levels.
Property Size46,950 SF
Price / SF$197.02
Days on Market11
Property Features for 107 South Thor Street
General Information
Standard status
Active
Size
46,950 SF
Property subtype
Office
Building Details
Buildings
2
Listing Agency:
SVN | Cornerstone
Listed By:
Matthew Byrd · License #WA 44400
(509) 499-9229
Source:
Crexi
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 7:07AM
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.
At 107 South Thor Street, the office building contains 31,350 square feet across a lower level, main level, and second level. The lower and main levels each measure 10,050 square feet, while the second level contains 11,250 square feet. The building was constructed in 1988.
The office building at 3428 East 1st Avenue totals 15,600 square feet. Its lower and main levels each offer 4,800 square feet, and the second level contains 6,000 square feet. Built in 1981, it is connected to the other identified building by a skybridge.
The office building at 3428 East 1st Avenue totals 15,600 square feet. Its lower and main levels each offer 4,800 square feet, and the second level contains 6,000 square feet. Built in 1981, it is connected to the other identified building by a skybridge.
Key Highlights
- 31,350‑square‑foot building at 107 South Thor Street
- 15,600‑square‑foot building at 3428 East 1st Avenue
- Skybridge connects the two identified buildings
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
$672,277
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
7.27%
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%
$13,445,540
$13.4M
Cap Rate 7%
$9,603,957
$9.6M
Cap Rate 9%
$7,469,744
$7.5M
Market Conditions
NOI Build-Up for 46,950 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
$1.04M $22.20/SF
− Vacancy
−$145.9K −$3.11/SF
EGI
$896.4K $19.09/SF
− OpEx
−$224.1K −$4.77/SF
NOI
$672.3K $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%
$13,445,540
Cap Rate 7%
$9,603,957
Cap Rate 9%
$7,469,744
Alternative Uses
Best Use
Office B
$9.60M
$8.40M – $11.20M
NOI $672,277 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.11M
$10.60M – $14.13M
NOI $847,917 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - A skybridge links the office structures, with space arranged across lower, main, and second levels.
Where is this office building located?
The property is located at 107 South Thor 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: 31,350‑square‑foot building at 107 South Thor Street; 15,600‑square‑foot building at 3428 East 1st Avenue; Skybridge connects the two identified buildings
