Office Suite on Busy
For Sale
Contact for pricing
228 West Indiana Avenue, Spokane, WA 99205
Office space for sale on a busy Indiana Avenue corridor, offering a straightforward setup for professional users.
Property Size1,950 SF
Price / SF$204.62
Days on Market53
Property Features for 228 West Indiana Avenue
General Information
Standard status
Active
Size
1,950 SF
Total Parking Spaces
12
Property subtype
Retail, Office
Zoning
General Office
Building Details
Year Built
1976
Listing Agency:
Clark Pacific
(509) 325-3333
Listed By:
Marshall Clark · License #WA 21028
Source:
Crexi
Added: Jun 29
Changed: Aug 15
Last Checked: Aug 19 at 5:04AM
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
Investment Insights
Based on property information with market context.
This offering is an office space located at 228 West Indiana Avenue. The property is listed for sale and includes approximately 1,950 square feet of office area, suited for professional operations that need dedicated indoor work space.
The location is described as being on a busy Indiana Avenue, which can support high visibility for day-to-day business activity and customer or client access along a well-traveled corridor.
For tenants, buyers, and owner-users seeking a commercially zoned office environment with an address on a busy avenue, this space presents a practical option. It is positioned for organizations that want a dedicated office setting on an established urban thoroughfare, with the flexibility to tailor the interior layout to their specific business needs.
The location is described as being on a busy Indiana Avenue, which can support high visibility for day-to-day business activity and customer or client access along a well-traveled corridor.
For tenants, buyers, and owner-users seeking a commercially zoned office environment with an address on a busy avenue, this space presents a practical option. It is positioned for organizations that want a dedicated office setting on an established urban thoroughfare, with the flexibility to tailor the interior layout to their specific business needs.
Key Highlights
- Office space for sale on a busy Indiana Avenue corridor
- Built in 1976
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
$27,922
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
7.00%
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%
$558,440
$558.4K
Cap Rate 7%
$398,886
$398.9K
Cap Rate 9%
$310,244
$310.2K
Market Conditions
NOI Build-Up for 1,950 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
$43.3K $22.20/SF
− Vacancy
−$6.1K −$3.11/SF
EGI
$37.2K $19.09/SF
− OpEx
−$9.3K −$4.77/SF
NOI
$27.9K $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%
$558,440
Cap Rate 7%
$398,886
Cap Rate 9%
$310,244
Alternative Uses
Best Use
Office B
$398.9K
$349.0K – $465.4K
NOI $27,922 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$503.1K
$440.2K – $587.0K
NOI $35,217 @ 7.0% cap · market cap 8.83%
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
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
Median Home Value
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 units - Office space for sale on a busy Indiana Avenue corridor, offering a straightforward setup for professional users.
Where is this office units located?
The property is located at 228 West Indiana Avenue 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: Office space for sale on a busy Indiana Avenue corridor; Built in 1976
