Downtown-Adjacent Retail
225 E 3rd Ave, Spokane, WA 99202
For Sale
Contact for pricing
Professionally managed commercial property with available space and GC zoning near downtown Spokane.
Property Size6,941 SF
Lot Size0.33 Acres
Price / SF$165.68
Days on Market580
Property Features for 225 E 3rd Ave
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Financials
Asking Price
Gross Income
Site & Location
Neighborhood
Building Details
Year Built
Building Size
Listing Agency:
Kiemle Hagood
(509) 838-6541
Listed By:
Brandon Peterson
(509) 998-8162
Source:
Moodyscre
Added: Apr 10, 2025
Changed: Nov 3
Last Checked: Nov 10 at 9:28AM
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
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Investment Insights
Based on property information with market context.
This professionally managed retail building contains 6,941 SF on a 14,200-square-foot parcel and was built in 1978. The property includes 2,300 SF currently available for lease or occupancy; the most recent tenant used the space for medical office purposes. GC zoning supports the property’s commercial positioning, while the existing configuration may accommodate an owner-user or investor seeking a mixed-occupancy building.
Located at 225 E 3rd Ave near downtown Spokane, the property offers a storefront-oriented commercial setting with available space for a new occupant. The building’s retail classification and prior medical office use provide a practical basis for evaluating future occupancy within the existing improvements.
Located at 225 E 3rd Ave near downtown Spokane, the property offers a storefront-oriented commercial setting with available space for a new occupant. The building’s retail classification and prior medical office use provide a practical basis for evaluating future occupancy within the existing improvements.
Key Highlights
- 6,941 SF retail building on a 14,200‑square‑foot parcel
- 2,300 SF currently available for lease or occupancy
- Most recent tenant use was medical office
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,021
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,440,420
$1.4M
Cap Rate 7%
$1,028,871
$1.0M
Cap Rate 9%
$800,233
$800.2K
Market Conditions
NOI Build-Up for 6,941 SF
Gross rent
$112.4K $16.20/SF
− Vacancy
−$9.6K −$1.38/SF
EGI
$102.9K $14.82/SF
− OpEx
−$30.9K −$4.45/SF
NOI
$72.0K $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 Rate 5%
$1,440,420
Cap Rate 7%
$1,028,871
Cap Rate 9%
$800,233
Alternative Uses
Best Use
Retail
$1.03M
$900.3K – $1.20M
NOI $72,021 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,354 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,394
Businesses Nearby
Balanced
Demand for This Use
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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
$268,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Storefront properties in Spokane, WA
Properties on Market for Storefront properties in Spokane
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Same Day Flower Delivery Spokane WA - Ci-Fic — 109 W Pacific Ave, Spokane, WA 99201
- Dlux Florist — 109 S Scott St d1, Spokane, WA 99202
- Peters And Sons Flowers & Gift — 314 E Sprague Ave, Spokane, WA 99202
- Adelaide Co. Floral — 213 E Sprague Ave, Spokane, WA 99202
Frequently Asked Questions
What type of property is this?
Storefront property - Professionally managed commercial property with available space and GC zoning near downtown Spokane.
Where is this storefront property located?
The property is located at 225 E 3rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6,941 SF retail building on a 14,200‑square‑foot parcel; 2,300 SF currently available for lease or occupancy; Most recent tenant use was medical office
