Freestanding NNN
For Sale
$1,800,000
2224 N Swing Ln, Liberty Lake, WA 99019
Fee-simple ownership with an absolute NNN lease and scheduled rent increases.
Property Size6,324 SF
Lot Size0.48 Acres
Price / SF$284.63
Days on Market67
Property Features for 2224 N Swing Ln
General Information
Standard status
Active
Size
6,324 SF
Class
A
Lot size
0.48 Acres
Property subtype
Office
Building Details
Building Size
6,324 SF
Year Built
2008
Buildings
1
Tenancy
Single
Listing Agency:
SVN Cornerstone LLC
(509) 601-0695
Listed By:
Omar Sadaoui, CCIM · License #WA #22008121
(509) 601-0695
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 9:24PM
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 LLC
Investment Insights
Based on property information with market context.
Built in 2008, this freestanding commercial building contains 6,324 square feet on a 0.48-acre parcel. The property is held in fee simple and is occupied by a long-standing tenant under an absolute NNN lease, placing landlord responsibilities with the tenant under the stated lease structure.
The current lease runs through 12/31/2028 and provides annual rent increases tied to CPI or a minimum increase of 3%. Located at 2224 N Swing Ln in Liberty Lake, Washington, the asset combines a standalone building with a defined lease term and contractual escalation provisions.
The current lease runs through 12/31/2028 and provides annual rent increases tied to CPI or a minimum increase of 3%. Located at 2224 N Swing Ln in Liberty Lake, Washington, the asset combines a standalone building with a defined lease term and contractual escalation provisions.
Key Highlights
- 6,324‑square‑foot freestanding building on 0.48 acres
- Fee‑simple ownership
- Absolute NNN lease structure
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
$74,643
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
4.15%
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%
$1,492,860
$1.5M
Cap Rate 7%
$1,066,329
$1.1M
Cap Rate 9%
$829,367
$829.4K
Market Conditions
NOI Build-Up for 6,324 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
$126.7K $20.04/SF
− Vacancy
−$27.2K −$4.30/SF
EGI
$99.5K $15.74/SF
− OpEx
−$24.9K −$3.93/SF
NOI
$74.6K $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%
$1,492,860
Cap Rate 7%
$1,066,329
Cap Rate 9%
$829,367
Alternative Uses
Best Use
Office B
$1.07M
$933.0K – $1.24M
NOI $74,643 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,291 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Fee-simple ownership with an absolute NNN lease and scheduled rent increases.
Where is this nnn property located?
The property is located at 2224 N Swing Ln Liberty Lake, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 6,324‑square‑foot freestanding building on 0.48 acres; Fee‑simple ownership; Absolute NNN lease structure
