Class A Office Space
For Sale
Contact for pricing
1322 N Whitman Ln, Liberty Lake, WA 99019
Class A office building centrally located with ample parking.
Property Size42,551 SF
Price / SF$223.26
Days on Market547
Property Features for 1322 N Whitman Ln
General Information
Standard status
Active
Size
42,551 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
2001
Year Renovated
2007
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
NAI Black
(509) 622-3566
Listed By:
Jon Jeffreys · License #WA JEFFRJJ153P
Source:
Crexi
Added: Feb 11, 2025
Changed: Aug 8
Last Checked: May 13 at 8:07PM
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 NAI Black
Investment Insights
Based on property information with market context.
This Class A office space, remodeled in 2007, offers between 20,000 and 42,551 square feet. Constructed in 2001, the property features separate entries at each end of the building. It is centrally located between Spokane, WA, and Post Falls/Coeur d'Alene, ID, and is surrounded by new development. Ample on-site parking is available, and the property benefits from great visibility from I-90.
Key Highlights
- 20,000 - 42,551 SF +/- Class A Office Space
- Centrally located between Spokane, WA and Post Falls/Coeur d'Alene, ID
- Great Visibility from I‑90
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
$502,232
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
5.29%
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%
$10,044,640
$10.0M
Cap Rate 7%
$7,174,743
$7.2M
Cap Rate 9%
$5,580,356
$5.6M
Market Conditions
NOI Build-Up for 42,551 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
$852.7K $20.04/SF
− Vacancy
−$183.1K −$4.30/SF
EGI
$669.6K $15.74/SF
− OpEx
−$167.4K −$3.93/SF
NOI
$502.2K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /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%
$10,044,640
Cap Rate 7%
$7,174,743
Cap Rate 9%
$5,580,356
Alternative Uses
Best Use
Office B
$7.17M
$6.28M – $8.37M
NOI $502,232 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.83M
$8.60M – $11.47M
NOI $688,264 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
Explore this area
Business Placement
Demographics for 99019, WA
12,813
Population
5,202
Households
2.5
Avg Household Size
41
Median Age
48%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
575
Density / Sq Mi
$106,780
Median Household Income
$65,754
Median Earnings
$1,790
Median Rent
$558,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Class A office building centrally located with ample parking.
Where is this office building located?
The property is located at 1322 N Whitman Ln Liberty Lake, WA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 20,000 - 42,551 SF +/- Class A Office Space; Centrally located between Spokane, WA and Post Falls/Coeur d'Alene, ID; Great Visibility from I‑90
