Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    15920 E Indiana Ave Spokane Valley, WA 99216

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $7,400,000

    Well-maintained medical office building with freeway signage and flexible zoning.

    Type:Office
    Property size:
    27,668 SF
    Added:
    Nov 21, 2025
    Days on Market:
    132
    Last Refresh:
    Mar 30 at 12:11 am

    Property Features for 15920 E Indiana Ave

    General Information

    Standard status
    Active
    Size
    27,668 SF
    Property subtype
    Office

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Danny Patterson
    Danny Patterson

    Listing agent Danny Patterson License #WA #114652

    Listing office SVN Cornerstone LLC

    Listing date Nov 21, 2025

    Source Svn

    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

    Overview

    Class A Medical Office Building

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Stepping Stones - East Medical Group Brenda S. Houmard, ... Physician Midas Gold Inc Department Store Humanix Employment Agency Seattle Reproductive Medicine ... Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • VetIQ Petcare — 15727 E Broadway Ave, Spokane Valley, WA 99037
    • Petco Vaccination Clinic — 10 N Sullivan Rd, Veradale, WA 99037

    Location Insight

    • Map
    • Local Demand
    City
    Spokane Valley
    County
    Spokane
    State
    Washington
    Longitude
    -117.191
    Latitude
    47.6687

    Nearby Similar for Sale

    • $850,000
      3,328 SF

      High-Traffic Spokane Valley Investment Property

      Income-generating, multi-use property with high visibility and freeway access.
      13604/06 E Nora Ave unit: 13604 & 13606 E Nora Ave, Spokane Valley, WA 99216
      View Details
    • $399,000
      3,683 SF

      Versatile Industrial Corner Lot

      High-visibility Spokane Valley commercial property with live/work potential.
      1725 N Park Rd, Spokane Valley, WA 99212
      View Details
    • $875,000

      Mixed-Use Property in Spokane Valley

      Adaptable mixed-use property with office and warehouse space for sale.
      106 N Hutchinson Rd, Spokane Valley, WA 99212
      View Details
    • $850,000
      3,328 SF

      Spokane Valley Multifamily Investment Opportunity

      High-traffic, income-generating property with multi-use zoning in Spokane Valley.
      13604/06 E Nora Ave, Spokane Valley, WA 99216
      View Details
    • $850,000
      3,328 SF

      Spokane Valley Multi-Use Investment Property

      High-traffic, income-generating property with diverse development potential in Spokane Valley.
      13604/06 E Nora Ave, Spokane Valley, WA 99216
      View Details
    • $499,900
      3,252 SF

      Spokane Valley Duplex with Updates

      Updated Valley duplex with income potential in central location.
      10821 E Mission Ave unit: 10823 E Mission Ave, Spokane Valley, WA 99206
      View Details
    • $850,000

      High-Traffic Spokane Valley Investment Property

      High-visibility, income-generating property with multi-use zoning along I-90.
      13604/06 E Nora Ave, Spokane Valley, WA 99216
      View Details
    • $449,900
      2,350 SF

      Spokane Valley Duplex on Large Lot

      Fully rented duplex with development potential in Spokane Valley.
      11406 E 4th Ave, Spokane Valley, WA 99206
      View Details
    • $1,695,000

      Spokane Valley Commercial Property

      Commercial property with multiple buildings and redevelopment potential in Spokane Valley.
      8814 E Sprague Ave, Spokane Valley, WA 99212
      View Details
    • $439,000

      Spokane Valley Duplex on Corner Lot

      Well-maintained duplex with income potential on a large corner lot.
      7708 E Nora Ave unit: 7710 E Nora Ave, Spokane Valley, WA 99212
      View Details
    • $265,000
      480 SF

      Charming Cottage in Spokane Valley

      Move-in ready cottage with updated features and private yard.
      204 N Bolivar Rd, Spokane Valley, WA 99216
      View Details
    • $800,000
      2,738 SF

      Established Spokane Valley Pub ForSale

      Well-established pub with full kitchen and ample parking.
      11723 E Sprague Ave, Spokane Valley, WA
      View Details

    FAQs

    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
    (509) 209-7455
    We can help!
    Listing Contact
    Danny Patterson
    Danny Patterson
    Real Estate License ID: WA #114652
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!