Class A Medical Office
For Sale
$7,400,000
15920 E Indiana Ave, Spokane Valley, WA 99216
Well-maintained medical office building with freeway signage and flexible zoning.
Property Size27,668 SF
Price / SF$267.46
Days on Market272
Property Features for 15920 E Indiana Ave
General Information
Standard status
Active
Size
27,668 SF
Class
A
Property subtype
Office
Building Details
Building Size
27,668 SF
Year Built
2005
Listing Agency:
SVN Cornerstone LLC
(509) 209-7455
Listed By:
Danny Patterson · License #WA #114652
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: May 8 at 10:20PM
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.
This Class A medical office building, constructed and owned by a premier builder, presents a strong investment opportunity. The property is situated with prominent freeway signage, offering convenient access to Spokane, Spokane Valley, and Liberty Lake. The building has been meticulously maintained, with brand-new interior and exterior paint completed in 2024. The construction type is steel frame with concrete docks and a brick and ground face stone exterior. A pylon sign is present. The property has flexible mixed-use zoning. An anchor tenant has invested over $2 million into this property. The building has 131 parking stalls, a ratio of 5.6 per 1000 square feet. The building is 92.5% occupied. Suite 201 offers 1,927 SF and Suite 103 offers 7,374 SF. The property is a two-story building with a total size of 27,668 square feet.
Key Highlights
- 92.5% Occupied with available suites for lease
- Class A Medical Office building, meticulously maintained with recent 2024 interior and exterior paint**
- Anchor tenant has invested over $2 million into the property
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
$309,871
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
4.19%
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%
$6,197,420
$6.2M
Cap Rate 7%
$4,426,729
$4.4M
Cap Rate 9%
$3,443,011
$3.4M
Market Conditions
NOI Build-Up for 27,668 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
$564.4K $20.40/SF
− Vacancy
−$48.0K −$1.73/SF
EGI
$516.5K $18.67/SF
− OpEx
−$206.6K −$7.47/SF
NOI
$309.9K $11.20/SF
Area
Spokane Valley, WA
Vacancy
8.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$6,197,420
Cap Rate 7%
$4,426,729
Cap Rate 9%
$3,443,011
Alternative Uses
Best Use
Healthcare Medical
$4.43M
$3.87M – $5.16M
NOI $309,871 @ 7.0% cap · market cap 4.19%
Second Best
Office B
$4.23M
$3.70M – $4.94M
NOI $296,324 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$6.01M
$5.26M – $7.01M
NOI $420,731 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99216, WA
28,379
Population
12,703
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,999
Density / Sq Mi
$69,958
Median Household Income
$40,652
Median Earnings
$1,307
Median Rent
$336,700
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained medical office building with freeway signage and flexible zoning.
Where is this medical office space located?
The property is located at 15920 E Indiana Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $7,400,000.
What are key features of this property?
This property features: 92.5% Occupied with available suites for lease; Class A Medical Office building, meticulously maintained with recent 2024 interior and exterior paint**; Anchor tenant has invested over $2 million into the property
