Single-Level Office Building Near
For Sale
Contact for pricing
228 W Indiana Ave, Spokane, WA
Stand-alone office building with functional layout and dedicated parking.
Property Size2,000 SF
Lot Size0.16 Acres
Price / SF$199.50
Days on Market256
Property Features for 228 W Indiana Ave
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.16 Acres
Property subtype
OFFICE
Listing Agency:
Clark Pacific Real Estate Co.
(509) 994-7331
Listed By:
Marshall Clark · License #26340
(509) 994-7331
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Jul 6
Last Checked: Jul 22 at 4:21AM
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 Clark Pacific Real Estate Co.
Investment Insights
Based on property information with market context.
This stand-alone, single-level office building, situated approximately two blocks west of Division and one mile from downtown Spokane, offers a professional space of 1,950 square feet, complemented by a 120-square-foot storage area. The functional layout includes nine private offices and a reception area, along with separate restrooms for men and women. The property benefits from 12 dedicated parking stalls, additional street parking, and alley access. Low-maintenance landscaping enhances the exterior. Zoned O-35, the property is move-in ready and suitable for an owner-user seeking convenience and accessibility. The location provides excellent visibility and signage opportunities.
Key Highlights
- Move‑in ready, stand‑alone single‑level office building ideal for owner‑user.
- Prime location: excellent visibility and accessibility, two blocks west of Division and one mile from downtown Spokane.
- Functional layout with 9 private offices, reception area, and separate restrooms.
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
$28,638
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
7.18%
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%
$572,760
$572.8K
Cap Rate 7%
$409,114
$409.1K
Cap Rate 9%
$318,200
$318.2K
Market Conditions
NOI Build-Up for 2,000 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
$44.4K $22.20/SF
− Vacancy
−$6.2K −$3.11/SF
EGI
$38.2K $19.09/SF
− OpEx
−$9.5K −$4.77/SF
NOI
$28.6K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /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%
$572,760
Cap Rate 7%
$409,114
Cap Rate 9%
$318,200
Alternative Uses
Best Use
Office B
$409.1K
$358.0K – $477.3K
NOI $28,638 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$516.0K
$451.5K – $602.0K
NOI $36,120 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,860
Businesses Nearby
Explore this area
Business Placement
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 - Stand-alone office building with functional layout and dedicated parking.
Where is this office building located?
The property is located at 228 W Indiana Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Move‑in ready, stand‑alone single‑level office building ideal for owner‑user.; Prime location: excellent visibility and accessibility, two blocks west of Division and one mile from downtown Spokane.; Functional layout with 9 private offices, reception area, and separate restrooms.
