Live-Work Space with Outdoor
For Sale
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223 W 2nd Ave, Spokane, WA 99201
Two-story live-work building offers flexible office or retail space plus an upper apartment and a sizable outdoor patio.
Property Size3,100 SF
Lot Size0.16 Acres
Price / SF$153.23
Days on Market209
Property Features for 223 W 2nd Ave
General Information
Standard status
Active
Size
3,100 SF
Lot size
0.16 Acres
Property subtype
Office, Retail
Amenities
outdoor patio
private deck
Building Details
Year Built
1903
Year Renovated
1999
Buildings
1
Stories
2
Building Size
3,100 SF
Listing Agency:
KIEMLE HAGOOD
Listed By:
Brandon Peterson · License #WA
(509) 838-6541
Source:
Crexi
Added: Feb 17
Changed: Sep 10
Last Checked: Sep 13 at 6:09AM
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 KIEMLE HAGOOD
Investment Insights
Based on property information with market context.
223 W 2nd Avenue is a two-story live-work building originally built in 1903 and remodeled in 1999. The property totals approximately 3,100 square feet on a 17,000 square foot lot, with both on-site and street parking.
The main floor is approximately 1,550 SF and is built out for office or retail use, featuring five private offices, a large conference room, reception area, kitchenette, and an outdoor patio of approximately 1,800 SF. The second floor is approximately 1,550 SF and configured as a 2.5-bedroom, 2-bath apartment with a private deck, supporting owner occupancy or rental use.
Designed for dual-use flexibility, the layout combines a work-from-home style ground floor with residential space above, with outdoor amenities that extend usable space beyond the interior.
The main floor is approximately 1,550 SF and is built out for office or retail use, featuring five private offices, a large conference room, reception area, kitchenette, and an outdoor patio of approximately 1,800 SF. The second floor is approximately 1,550 SF and configured as a 2.5-bedroom, 2-bath apartment with a private deck, supporting owner occupancy or rental use.
Designed for dual-use flexibility, the layout combines a work-from-home style ground floor with residential space above, with outdoor amenities that extend usable space beyond the interior.
Key Highlights
- Built in 1903 and remodeled in 1999
- Two‑story live‑work layout totaling approx. 3,100 SF on a 17,000 SF lot
- Main floor approx. 1,550 SF built out for office or retail use
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
$37,026
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
7.79%
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%
$740,520
$740.5K
Cap Rate 7%
$528,943
$528.9K
Cap Rate 9%
$411,400
$411.4K
Market Conditions
NOI Build-Up for 3,100 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
$65.1K $21.00/SF
− Vacancy
−$5.9K −$1.89/SF
EGI
$59.2K $19.11/SF
− OpEx
−$22.2K −$7.17/SF
NOI
$37.0K $11.94/SF
Area
Spokane, WA
Vacancy
9.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$740,520
Cap Rate 7%
$528,943
Cap Rate 9%
$411,400
Alternative Uses
Best Use
Office B
$634.1K
$554.9K – $739.8K
NOI $44,389 @ 7.0% cap · market cap 9.35%
Second Best
Mixed Use
$528.9K
$462.8K – $617.1K
NOI $37,026 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$799.8K
$699.8K – $933.1K
NOI $55,986 @ 7.0% cap · market cap 11.79%
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
7,820
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story live-work building offers flexible office or retail space plus an upper apartment and a sizable outdoor patio.
Where is this live-work space located?
The property is located at 223 W 2nd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Built in 1903 and remodeled in 1999; Two‑story live‑work layout totaling approx. 3,100 SF on a 17,000 SF lot; Main floor approx. 1,550 SF built out for office or retail use
