Net-Leased Retail Property with Office
For Sale
Contact for pricing
1003 E 3rd Ave, Spokane, WA 99202
Single-tenant net-leased retail building is leased to Office Depot under a newly executed 10-year lease extension.
Property Size22,750 SF
Lot Size2.18 Acres
Price / SF$160.44
Days on Market631
Property Features for 1003 E 3rd Ave
General Information
Standard status
Active
Size
22,750 SF
Class
B
Lot size
2.18 Acres
Property subtype
Retail
Zoning
General Commercial with 150 Ft. Height Limit
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$250,250
Site & Location
Neighborhood
East Central
Traffic Count
100,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
1990
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Linc Properties
Listed By:
Brian Leibsohn · License #18848
(425) 455-3131
Source:
Crexi
Added: Feb 1, 2025
Changed: Oct 14
Last Checked: Oct 24 at 5:58PM
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 Linc Properties
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property is a single-tenant, net-leased retail investment leased to Office Depot. The offering is secured by a newly executed, corporately guaranteed 10-year lease extension completed in March 2026, supporting long-term contractual cash flow under a triple-net (NNN) structure with minimal landlord obligations. Office Depot has operated continuously at this location since 1990, providing more than 34 years of established operating history.
The site is located in Spokane, Washington with direct access and visibility to Interstate 90, supported by strong ingress and egress and ample parking. The asset sits on a 2.18-acre site with an efficient building layout designed to support retail and service-based operations, as well as distribution and fulfillment-oriented components of the tenant’s evolving platform.
The property is governed by General Commercial zoning with density-driven flexibility and includes redevelopment optionality, including potential building height up to 150 feet.
The site is located in Spokane, Washington with direct access and visibility to Interstate 90, supported by strong ingress and egress and ample parking. The asset sits on a 2.18-acre site with an efficient building layout designed to support retail and service-based operations, as well as distribution and fulfillment-oriented components of the tenant’s evolving platform.
The property is governed by General Commercial zoning with density-driven flexibility and includes redevelopment optionality, including potential building height up to 150 feet.
Key Highlights
- Single‑tenant net‑leased retail building built in 1990, operating continuously as an Office Depot location since 1990
- Newly executed corporately guaranteed 10‑year lease extension completed March 2026 under a triple‑net (NNN) structure
- Lease extension includes contractual rental increases of 10% (primary) and 27% (option period)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$236,056
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,721,120
$4.7M
Cap Rate 7%
$3,372,229
$3.4M
Cap Rate 9%
$2,622,844
$2.6M
Market Conditions
NOI Build-Up for 22,750 SF
Gross rent
$368.6K $16.20/SF
− Vacancy
−$31.3K −$1.38/SF
EGI
$337.2K $14.82/SF
− OpEx
−$101.2K −$4.45/SF
NOI
$236.1K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,721,120
Cap Rate 7%
$3,372,229
Cap Rate 9%
$2,622,844
Alternative Uses
Best Use
Retail
$3.37M
$2.95M – $3.93M
NOI $236,056 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.87M
$5.14M – $6.85M
NOI $410,865 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,251
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant net-leased retail building is leased to Office Depot under a newly executed 10-year lease extension.
Where is this nnn property located?
The property is located at 1003 E 3rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Single‑tenant net‑leased retail building built in 1990, operating continuously as an Office Depot location since 1990; Newly executed corporately guaranteed 10‑year lease extension completed March 2026 under a triple‑net (NNN) structure; Lease extension includes contractual rental increases of 10% (primary) and 27% (option period)
