Pyramid Medical Office
1520 W 3rd Ave, Spokane, WA 99201
For Sale
New
Contact for pricing
Six tenants occupy the property, with clinical practices accounting for 74% of its rentable area.
Property Size23,863 SF
Price / SF$307.59
Days on Market4
Property Features for 1520 W 3rd Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Additional Details
Tenant in Place
Property Use
Building Details
Year Built
Year Renovated
Buildings
Building Size
Tenancy
Listing Agency:
Northmarq - Seattle
Listed By:
RJ Vara · License #135292
Source:
Crexi
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 3:35PM
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 Northmarq - Seattle
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Investment Insights
Based on property information with market context.
Pyramid Medical Center is a 23,863-square-foot medical office property in downtown Spokane. Built in 1976, it was converted into a clinical campus and is now fully leased across six tenants. Clinical practices make up 74% of the rentable area. Northwest Neurological, one of the tenants, administers FDA-approved Alzheimer’s infusion therapies and is the only practice in the Spokane region providing that treatment, according to the property information.
The property is less than one mile from MultiCare Deaconess Hospital and 1.5 miles from Providence Sacred Heart Medical Center. Three medical tenants are scheduled to execute new 10-year leases at closing, which would extend the property’s weighted average lease term to 8.07 years. United Rentals is also a tenant.
The property is less than one mile from MultiCare Deaconess Hospital and 1.5 miles from Providence Sacred Heart Medical Center. Three medical tenants are scheduled to execute new 10-year leases at closing, which would extend the property’s weighted average lease term to 8.07 years. United Rentals is also a tenant.
Key Highlights
- 23,863‑square‑foot medical office property in downtown Spokane
- Fully leased to six tenants; clinical practices account for 74% of rentable area
- Northwest Neurological administers FDA‑approved Alzheimer’s infusion therapies
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$341,694
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,833,880
$6.8M
Cap Rate 7%
$4,881,343
$4.9M
Cap Rate 9%
$3,796,600
$3.8M
Market Conditions
NOI Build-Up for 23,863 SF
Gross rent
$529.8K $22.20/SF
− Vacancy
−$74.2K −$3.11/SF
EGI
$455.6K $19.09/SF
− OpEx
−$113.9K −$4.77/SF
NOI
$341.7K $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%
$6,833,880
Cap Rate 7%
$4,881,343
Cap Rate 9%
$3,796,600
Alternative Uses
Best Use
Office B
$4.88M
$4.27M – $5.69M
NOI $341,694 @ 7.0% cap · market cap 4.66%
Second Best
Healthcare Medical
$4.40M
$3.85M – $5.14M
NOI $308,234 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$6.16M
$5.39M – $7.18M
NOI $430,966 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,376
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Six tenants occupy the property, with clinical practices accounting for 74% of its rentable area.
Where is this medical office space located?
The property is located at 1520 W 3rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $7,340,000.
What are key features of this property?
This property features: 23,863‑square‑foot medical office property in downtown Spokane; Fully leased to six tenants; clinical practices account for 74% of rentable area; Northwest Neurological administers FDA‑approved Alzheimer’s infusion therapies
