C-2 Mixed-Use Property with
New
For Sale
$939,000
1625 S Hayford Rd, Spokane, WA 99224
Spokane, WA
Property Size6,056 SF
Price / SF$155.05
Days on Market2
Property Features for 1625 S Hayford Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
6,056 SF
Building Details
Year built
1910
Listing Agency:
Engel & Volkers Spokane · Engel & Völkers
(509) 232-3021
Listed By:
Carly Sweet · License #DB55284
(208) 758-8440
Added: Sep 11
Last Checked: Sep 12 at 10:06PM
MLS# 202624128
Copyright © 2026 Engel & Völkers. 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 4.39-acre mixed-use property includes a 6,056-square-foot residence built in 1910. The C-2 commercial zoning and existing improvements provide a distinctive setting for a live-work concept, office conversion, specialty business, or owner-user application, subject to applicable approvals and buyer verification. Interior spaces include preserved early-century details and updates, while the surrounding grounds offer room for parking, outdoor use, storage, expansion, or phased development.
Located at 1625 S Hayford Rd in Spokane, the property occupies a west-side commercial corridor within Spokane County. Potential redevelopment and permitted uses, along with utilities and access, should be independently verified. The property’s acreage, existing residence, and commercial zoning create a combination of land and improvements suited to multiple planning approaches.
Located at 1625 S Hayford Rd in Spokane, the property occupies a west-side commercial corridor within Spokane County. Potential redevelopment and permitted uses, along with utilities and access, should be independently verified. The property’s acreage, existing residence, and commercial zoning create a combination of land and improvements suited to multiple planning approaches.
Key Highlights
- 4.39 acres zoned C‑2 for commercial use
- 6,056‑square‑foot existing residence
- Built in 1910 with preserved early‑century details and updates
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 - Historic residence with commercial zoning and flexible interior space for potential live-work or office use.
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 acres zoned C‑2 for commercial use; 6,056‑square‑foot existing residence; Built in 1910 with preserved early‑century details and updates
