Mixed-Use Property with Historic
New
For Sale
$939,000
1625 S Hayford Rd, Spokane, WA 99224
Commercial Sale, Spokane, WA
Property Size6,056 SF
Lot Size4.39 Acres
Price / SF$155.05
Days on Market2
Property Features for 1625 S Hayford Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Basement
Full, Unfinished
Lot features
Level, Open Lot, Horses Allowed
View
Territorial
Elementary school district
Cheney
Directions
GPS works great
Standard status
Active
APN
25302.0109
Size
6,056 SF
Lot size
4.39 Acres
Utilities
Heating system
Oil, Hot Water(Heating), Electric (Heating)
Building Details
Year built
1910
Building materials
Stone Veneer, Fiber Cement
Roof type
Composition
Listing Agency:
Engel & Volkers Western Frontier
(509) 232-3021
Listed By:
Carly Sweet · License #DB55284
(208) 758-8440
Added: Sep 11
Last Checked: Sep 12 at 3:06AM
MLS# 202624128
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property comprises 4.39 acres with a 6,056-square-foot Hazelwood Farms residence built in 1910. The existing structure features stone veneer and fiber cement construction, composition roofing, and oil, hot water, and electric heating systems. Interior spaces include preserved early-century details and updates, while the surrounding grounds provide room for potential parking, outdoor use, storage, expansion, or phased development.
The property is located at 1625 S Hayford Rd in Spokane, Washington, within C2 zoning. The existing improvement and acreage may support an owner-user, live-work arrangement, office conversion, specialty business, or other commercial concept, subject to applicable approvals and buyer verification of permitted uses, utilities, access, and development potential.
The property is located at 1625 S Hayford Rd in Spokane, Washington, within C2 zoning. The existing improvement and acreage may support an owner-user, live-work arrangement, office conversion, specialty business, or other commercial concept, subject to applicable approvals and buyer verification of permitted uses, utilities, access, and development potential.
Key Highlights
- 4.39‑acre C2‑zoned mixed‑use property
- 6,056‑square‑foot Hazelwood Farms residence
- Existing structure built in 1910
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
$72,331
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
7.70%
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%
$1,446,620
$1.4M
Cap Rate 7%
$1,033,300
$1.0M
Cap Rate 9%
$803,678
$803.7K
Market Conditions
NOI Build-Up for 6,056 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
$127.2K $21.00/SF
− Vacancy
−$11.4K −$1.89/SF
EGI
$115.7K $19.11/SF
− OpEx
−$43.4K −$7.17/SF
NOI
$72.3K $11.94/SF
Area
Spokane, WA
Vacancy
9.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,446,620
Cap Rate 7%
$1,033,300
Cap Rate 9%
$803,678
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.45M
NOI $86,716 @ 7.0% cap · market cap 9.23%
Second Best
Mixed Use
$1.03M
$904.1K – $1.21M
NOI $72,331 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,371 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
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
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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?
Mixed-use property - C2-zoned grounds include an existing residence with potential for commercial, live-work, office, or specialty-business use, subject to approvals.
Where is this mixed-use property located?
The property is located at 1625 S Hayford Rd Spokane, WA.
What is the asking price?
The asking price for this property is $939,000.
What are key features of this property?
This property features: 4.39‑acre C2‑zoned mixed‑use property; 6,056‑square‑foot Hazelwood Farms residence; Existing structure built in 1910
