Flex Space with Retail and
For Sale
$700,000
222 South Washington Street, Spokane, WA 99201
Street-facing commercial space combines retail, storage, office, and breakroom areas with alley access.
Property Size4,023 SF
Price / SF$166.55
Days on Market43
Property Features for 222 South Washington Street
General Information
Standard status
Active
Size
4,023 SF
Total Parking Spaces
7
Property subtype
Retail
Building Details
Building Size
4,023 SF
Buildings
1
Stories
2
Listing Agency:
SVN | Cornerstone
(509) 499-9229
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svn
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 30 at 1:18AM
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 SVN | Cornerstone
Investment Insights
Based on property information with market context.
This approximately 4,203-square-foot flex property combines a street-oriented retail area with warehouse and storage space. The second floor adds office and breakroom facilities, creating a practical configuration for retail, showroom, distribution, or service-oriented operations. The property is currently occupied by Vino Wine Shop.
Located in downtown Spokane at 222 South Washington Street, the building provides visibility along a central commercial street and convenient alley access. Seven dedicated customer parking stalls are included, with the alley also supporting additional parking and loading or unloading activity.
Located in downtown Spokane at 222 South Washington Street, the building provides visibility along a central commercial street and convenient alley access. Seven dedicated customer parking stalls are included, with the alley also supporting additional parking and loading or unloading activity.
Key Highlights
- Approximately 4,203 square feet of flex commercial space
- Street‑facing retail area paired with warehouse and storage space
- Second‑floor office and breakroom facilities
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
$43,611
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
6.23%
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%
$872,220
$872.2K
Cap Rate 7%
$623,014
$623.0K
Cap Rate 9%
$484,567
$484.6K
Market Conditions
NOI Build-Up for 4,203 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
$68.1K $16.20/SF
− Vacancy
−$5.8K −$1.38/SF
EGI
$62.3K $14.82/SF
− OpEx
−$18.7K −$4.45/SF
NOI
$43.6K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$872,220
Cap Rate 7%
$623,014
Cap Rate 9%
$484,567
Alternative Uses
Best Use
Retail
$623.0K
$545.1K – $726.9K
NOI $43,611 @ 7.0% cap · market cap 6.23%
Second Best
Industrial
$349.3K
$305.7K – $407.6K
NOI $24,454 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$1.08M
$948.8K – $1.27M
NOI $75,906 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,337
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Street-facing commercial space combines retail, storage, office, and breakroom areas with alley access.
Where is this flex space located?
The property is located at 222 South Washington Street Spokane, WA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Approximately 4,203 square feet of flex commercial space; Street‑facing retail area paired with warehouse and storage space; Second‑floor office and breakroom facilities
