Stepping Stones Professional Office
For Sale
$6,500,000
1515 Technology Blvd, Spokane, WA 99224
Well-maintained medical office building with leaseback opportunity in Spokane, WA.
Property Size19,320 SF
Days on Market168
Property Features for 1515 Technology Blvd
General Information
Standard status
Active
Size
19,320 SF
Class
A
Property subtype
Office
Net Operating Income
$456,000
Building Details
Building Size
19,320 SF
Year Built
2005
Listing Agency:
SVN Cornerstone LLC
(509) 209-7455
Listed By:
Danny Patterson · License #WA #114652
Source:
Svn
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 20 at 5:16AM
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 LLC
Investment Insights
Based on property information with market context.
The Stepping Stones Professional Office Building is a well-maintained, owner-occupied professional office property offered for sale with a leaseback to the operating business. The property is home to Stepping Stones, a family-centered pediatric therapy practice providing physical therapy, occupational therapy, speech therapy, and feeding therapy services. The leaseback structure offers investors the opportunity to acquire a stabilized asset supported by a medical tenant with an established operating history and a strong reputation in the community. The building includes multiple physical therapy rooms, offices, an indoor playground, a kitchen, a lobby, a waiting area, long hallways, multiple restrooms, and a staff room. A complete, high-quality remodel was completed between 2022 and 2023. Centrally positioned in Spokane, WA, the area surrounding the Stepping Stones Professional Office Building boasts convenient access to both I-90 and the Spokane International Airport. The property is located in the growing Airway Heights market with direct access off Sunset Highway, within the growing Pacific Northwest Technology Park, positioning it at the forefront of Spokane's evolving technological landscape. This location provides connectivity for business travelers and easy access for commuters, making it an ideal choice for investors seeking to capitalize on the area's expanding technology and business sectors.
Key Highlights
- Leaseback opportunity with established medical tenant
- Recently remodeled (2022‑2023) with high‑quality finishes
- Strategic location in Spokane, WA, with convenient access to I‑90 and Spokane International Airport
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
$276,643
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
4.26%
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%
$5,532,860
$5.5M
Cap Rate 7%
$3,952,043
$4.0M
Cap Rate 9%
$3,073,811
$3.1M
Market Conditions
NOI Build-Up for 19,320 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
$428.9K $22.20/SF
− Vacancy
−$60.0K −$3.11/SF
EGI
$368.9K $19.09/SF
− OpEx
−$92.2K −$4.77/SF
NOI
$276.6K $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%
$5,532,860
Cap Rate 7%
$3,952,043
Cap Rate 9%
$3,073,811
Alternative Uses
Best Use
Office B
$3.95M
$3.46M – $4.61M
NOI $276,643 @ 7.0% cap · market cap 4.26%
Second Best
Healthcare Medical
$3.57M
$3.12M – $4.16M
NOI $249,553 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$4.98M
$4.36M – $5.82M
NOI $348,919 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
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?
Medical Office Space - Well-maintained medical office building with leaseback opportunity in Spokane, WA.
Where is this medical office space located?
The property is located at 1515 Technology Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Leaseback opportunity with established medical tenant; Recently remodeled (2022‑2023) with high‑quality finishes; Strategic location in Spokane, WA, with convenient access to I‑90 and Spokane International Airport
