Office Space with
For Sale
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121 S Wall St, Spokane, WA 99201
Office unit featuring a fireplace, balcony, and parking.
Property Size3,190 SF
Lot Size0.05 Acres
Price / SF$211.60
Days on Market340
Property Features for 121 S Wall St
General Information
Standard status
Active
Size
3,190 SF
Lot size
0.05 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 121 S Wall St Contact us- Size
- 3,190 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
Creative Space
CREATIVE SPACE FOR LEASE
Unique & historic building located downtown Spokane offering...
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Listing Agency:
Kiemle Hagood
(509) 755-7548
Listed By:
Craig Soehren · License #22137
(509) 755-7548
Source:
Moodyscre
Added: Sep 16, 2025
Changed: Aug 13
Last Checked: Aug 20 at 1:57PM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
This office unit offers an open floor plan enhanced by a skylight and a functioning wood fireplace. A balcony patio provides an outdoor space. The property includes 10 parking spaces in the WTB East Building parking garage, with the option to lease them to tenants; currently, 7 spaces are leased. The location is within walking distance of restaurants, shopping, and entertainment.
Key Highlights
- 10 parking spaces in the WTB East Building parking garage with ability to lease out (7 currently leased).
- Walking distance to restaurants, shopping & entertainment.
- Open floor plan with skylight.**
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
$45,678
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
6.77%
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%
$913,560
$913.6K
Cap Rate 7%
$652,543
$652.5K
Cap Rate 9%
$507,533
$507.5K
Market Conditions
NOI Build-Up for 3,190 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
$70.8K $22.20/SF
− Vacancy
−$9.9K −$3.11/SF
EGI
$60.9K $19.09/SF
− OpEx
−$15.2K −$4.77/SF
NOI
$45.7K $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%
$913,560
Cap Rate 7%
$652,543
Cap Rate 9%
$507,533
Alternative Uses
Best Use
Office B
$652.5K
$571.0K – $761.3K
NOI $45,678 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$823.0K
$720.1K – $960.2K
NOI $57,611 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,579
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 units - Office unit featuring a fireplace, balcony, and parking.
Where is this office units located?
The property is located at 121 S Wall St Spokane, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 10 parking spaces in the WTB East Building parking garage with ability to lease out (7 currently leased).; Walking distance to restaurants, shopping & entertainment.; Open floor plan with skylight.**
