For Sale
$279,950
2012 N Ruby St, Spokane, WA 99202
Commercial Sale, Spokane, WA
Property Size2,234 SF
Lot Size0.06 Acres
Price / SF$125.31
Days on Market21
Property Features for 2012 N Ruby St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GC-70
Parking
4
Basement
Partial, Finished
Subdivision
Heaths 3rd Addn
Lot features
Fenced Yard, Level, City Bus (w/in 6 blks), Fencing
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Directions
From downtown Spokane, go north on Division/Ruby. Home is north of Indiana, between Baldwin and Ermina, on the east side of the street. Park in driveway.
Standard status
Active
APN
35083.3007
Size
2,234 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3444
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1906
Floors in Building
2
Building materials
Brick Veneer, Masonite, Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Timothy Ray · License #21262
(509) 217-7823
Added: Sep 3
Changed: Sep 16
Last Checked: Sep 23 at 2:06AM
MLS# 202623665
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.
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
$22,219
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
7.94%
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%
$444,380
$444.4K
Cap Rate 7%
$317,414
$317.4K
Cap Rate 9%
$246,878
$246.9K
Market Conditions
NOI Build-Up for 2,234 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
$43.2K $19.32/SF
− Vacancy
−$2.8K −$1.24/SF
EGI
$40.4K $18.08/SF
− OpEx
−$18.2K −$8.14/SF
NOI
$22.2K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$444,380
Cap Rate 7%
$317,414
Cap Rate 9%
$246,878
Alternative Uses
Best Use
Office B
$457.0K
$399.9K – $533.2K
NOI $31,989 @ 7.0% cap · market cap 11.43%
Second Best
Mixed Use
$381.2K
$333.5K – $444.7K
NOI $26,682 @ 7.0% cap · market cap 9.53%
Theoretical Best
Office A
$576.4K
$504.3K – $672.4K
NOI $40,346 @ 7.0% cap · market cap 14.41%
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
1,205
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
Where is this live-work space located?
The property is located at 2012 N Ruby St Spokane, WA.
What is the asking price?
The asking price for this property is $279,950.
