Freestanding Office
For Sale
$1,000,000
25 South Ferrall Street, Spokane, WA 99202
Fully finished office space with on-site parking and building systems reported in good working condition.
Property Size4,723 SF
Days on Market68
Property Features for 25 South Ferrall Street
General Information
Standard status
Active
Size
4,723 SF
Class
B
Total Parking Spaces
49
Property subtype
Office
Building Details
Building Size
4,723 SF
Year Built
1956
Buildings
1
Parking Ratio
10.4 per 1,000 SF
Listing Agency:
SVN | Cornerstone
(509) 499-9229
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 30 at 2:05PM
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
Investment Insights
Based on property information with market context.
The freestanding office building at 25 South Ferrall Street was built in 1956 and is configured as fully finished office space. Interior, exterior, and mechanical systems are reported in good working condition, supporting continued office use without identified system concerns.
The property is positioned one block south of Sprague Avenue along Freya Street in Spokane, Washington. On-site parking includes approximately 49 car parks, representing a parking ratio of 10.4 per thousand square feet of building area.
The property is positioned one block south of Sprague Avenue along Freya Street in Spokane, Washington. On-site parking includes approximately 49 car parks, representing a parking ratio of 10.4 per thousand square feet of building area.
Key Highlights
- Freestanding office building built in 1956
- Fully finished office space
- Approximately 49 on‑site car parks
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
$67,629
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
6.76%
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%
$1,352,580
$1.4M
Cap Rate 7%
$966,129
$966.1K
Cap Rate 9%
$751,433
$751.4K
Market Conditions
NOI Build-Up for 4,723 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
$104.9K $22.20/SF
− Vacancy
−$14.7K −$3.11/SF
EGI
$90.2K $19.09/SF
− OpEx
−$22.5K −$4.77/SF
NOI
$67.6K $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%
$1,352,580
Cap Rate 7%
$966,129
Cap Rate 9%
$751,433
Alternative Uses
Best Use
Office B
$966.1K
$845.4K – $1.13M
NOI $67,629 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,297 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
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
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 - Fully finished office space with on-site parking and building systems reported in good working condition.
Where is this office building located?
The property is located at 25 South Ferrall Street Spokane, WA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Freestanding office building built in 1956; Fully finished office space; Approximately 49 on‑site car parks
