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Properties For Sale

at 121 S Wall St

Creative Space AVAILABLE

Size 3,190 SF

Type OFFICE

Lease Type NNN

CREATIVE SPACE FOR LEASE Unique & historic building located downtown Spokane offering a wide range of potential uses LEASE DETAILS - Building Size: ±3,190 SF Rent: $12.00 PSF, NNN Est. NNN Expense: $2.62 PSF AMENITIES - • Balcony patio • Functioning wood fire place • 3 parking spaces in the WTB East Building parking garage available @ $140.00/month • Open floor plan with skylight • Walking distance to restaurants, shopping & entertainment

Contact us

Listing Agency: Kiemle Hagood Show Phone

Listed By: Christian Alfaro · License #24028715 Show Phone

Source: Moodyscre

Added: Sep 16, 2025 Changed: Oct 15 Last Checked: Oct 14 at 11:26PM

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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 / Yr

$45,678

Cap Rate

6.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$913,560 $913.6K

Cap Rate 7%

$652,543 $652.5K

Cap Rate 9%

$507,533 $507.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,190 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $57,611 @ 7.0% cap · market cap 8.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Roen Associates - Spokane Construction Company Chris White's House ... Recording Studio Off the Wall Spokane Restaurant

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Carpet & Flooring Store Tanning Salon Clothing & Fashion Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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.**