Flex Space with
For Sale
$320,000
1725 N Park Rd, Spokane Valley, WA 99212
COMMERCIAL - Spokane Valley, WA
Property Size3,683 SF
Lot Size0.27 Acres
Price / SF$86.89
Days on Market158
Property Features for 1725 N Park Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
5
Basement
Unfinished, Partial
Lot features
Fenced Yard, Treed, Level, Corner Lot, City Bus (w/in 6 blks)
Elementary school
Woodard
Middle school
Centennial
High school
West Valley
Elementary school district
West Valley
Standard status
Active
APN
35124.2601
Size
3,683 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
4245
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1932
Floors in Building
2
Building materials
Vinyl Siding, Siding
Roof type
Composition
Additional Structures
Workshop
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Lacey McKenna
(509) 327-2238
Added: Mar 6
Changed: Aug 7
Last Checked: Aug 11 at 6:06PM
MLS# 202613101
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 flex property combines a 3-bedroom, 1.5-bath home or office component with a separate 36' x 44' shop. The main structure includes a full kitchen, large covered patio, and Ethernet wiring throughout, supporting office, employee, or live-work functions. The shop includes power service, gas-fired heat, a half bath, and a newer roof. Motion sensors and cameras secure the interior and exterior of the property.
Situated on a 0.27-acre industrial-zoned site, the property offers extra-wide frontage with off-street parking in front of the shop and warehouse area. Access is available via Broadway, with the property positioned between Trent Avenue and I-90 in Spokane Valley. Built in 1932, the improvements feature vinyl siding, composition roofing, natural gas forced-air heat, and window-unit cooling.
Situated on a 0.27-acre industrial-zoned site, the property offers extra-wide frontage with off-street parking in front of the shop and warehouse area. Access is available via Broadway, with the property positioned between Trent Avenue and I-90 in Spokane Valley. Built in 1932, the improvements feature vinyl siding, composition roofing, natural gas forced-air heat, and window-unit cooling.
Key Highlights
- 3,683‑square‑foot property on a 0.27‑acre lot
- 36' x 44' shop with power, gas heat, half bath, and newer roof
- 3‑bedroom, 1.5‑bath home or office with full kitchen
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
$24,058
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
7.52%
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%
$481,160
$481.2K
Cap Rate 7%
$343,686
$343.7K
Cap Rate 9%
$267,311
$267.3K
Market Conditions
NOI Build-Up for 3,683 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
$31.4K $8.52/SF
− Vacancy
−$3.1K −$0.83/SF
EGI
$28.3K $7.69/SF
− OpEx
−$4.2K −$1.15/SF
NOI
$24.1K $6.53/SF
Area
Spokane Valley, WA
Vacancy
9.80%
Lease Rate
$8.52 /SF/Yr
Expense Ratio
15.00%
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%
$481,160
Cap Rate 7%
$343,686
Cap Rate 9%
$267,311
Alternative Uses
Best Use
Mixed Use
$574.5K
$502.7K – $670.3K
NOI $40,218 @ 7.0% cap · market cap 12.57%
Second Best
Office B
$563.5K
$493.1K – $657.4K
NOI $39,445 @ 7.0% cap · market cap 12.33%
Theoretical Best
Office A
$800.1K
$700.1K – $933.4K
NOI $56,005 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
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.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-zoned property combines a shop, office or residence, covered patio, and frontage for off-street parking.
Where is this flex space located?
The property is located at 1725 N Park Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 3,683‑square‑foot property on a 0.27‑acre lot; 36' x 44' shop with power, gas heat, half bath, and newer roof; 3‑bedroom, 1.5‑bath home or office with full kitchen
