Renovated Office Space For
For Sale
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2208 N Swing Ln, Liberty Lake, WA 99019
Modern office building with recent renovations available for sale or lease.
Property Size10,820 SF
Lot Size0.76 Acres
Price / SF$258.32
Days on Market727
Property Features for 2208 N Swing Ln
General Information
Standard status
Active
Size
10,820 SF
Class
A
Lot size
0.76 Acres
Property subtype
Office
Building Details
Year Built
2001
Year Renovated
2024
Listing Agency:
NAI Black - Spokane
(509) 622-3554
Listed By:
Mark McLees · License #WA
Source:
Crexi
Added: Aug 26, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:16AM
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 NAI Black - Spokane
Investment Insights
Based on property information with market context.
This office space, located in Liberty Lake, Washington, offers a total of 10,820 square feet across three levels. The property has undergone a recent renovation in 2024, with an investment of $1.3 million. The renovations include a roof with a 20-year warranty, energy-efficient windows, and an updated exterior finish. The site measures approximately 33,017 square feet and includes a parking lot with space for up to 30 vehicles. The property is available for sale or lease.
Key Highlights
- Recently renovated in 2024 with $1.3M investment, offering a modern office space.
- Substantial 10,820± SF office space across three levels.
- Ample parking** with space for up to 30 cars.
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
$127,709
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
4.57%
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%
$2,554,180
$2.6M
Cap Rate 7%
$1,824,414
$1.8M
Cap Rate 9%
$1,418,989
$1.4M
Market Conditions
NOI Build-Up for 10,820 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
$216.8K $20.04/SF
− Vacancy
−$46.6K −$4.30/SF
EGI
$170.3K $15.74/SF
− OpEx
−$42.6K −$3.93/SF
NOI
$127.7K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,554,180
Cap Rate 7%
$1,824,414
Cap Rate 9%
$1,418,989
Alternative Uses
Best Use
Office B
$1.82M
$1.60M – $2.13M
NOI $127,709 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,014 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 99019, WA
12,813
Population
5,202
Households
2.5
Avg Household Size
41
Median Age
48%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
575
Density / Sq Mi
$106,780
Median Household Income
$65,754
Median Earnings
$1,790
Median Rent
$558,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Modern office building with recent renovations available for sale or lease.
Where is this office building located?
The property is located at 2208 N Swing Ln Liberty Lake, WA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Recently renovated in 2024 with $1.3M investment, offering a modern office space.; Substantial **10,820± SF office space** across three levels.; Ample parking** with space for up to 30 cars.
