Spokane Office Building on
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2919 E Mission Ave, Spokane, WA 99202
Centrally located office building with strong visibility and accessibility.
Property Size18,789 SF
Price / SF$175.63
Days on Market165
Property Features for 2919 E Mission Ave
General Information
Standard status
Active
Size
18,789 SF
Class
B
Total Parking Spaces
60
Property subtype
Office
Zoning
CB-55
Lease Type
Modified Gross
Investment Type
Owner/User
Building Details
Year Built
1986
Buildings
1
Stories
2
Listing Agency:
Kiemle Hagood
(509) 755-7559
Listed By:
Andy Butler, CCIM · License #120029
Source:
Crexi
Added: Mar 10
Changed: Aug 15
Last Checked: Aug 21 at 6:11AM
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.
The property at 2919 E. Mission Avenue is positioned along Spokane’s well-traveled Mission Avenue corridor, offering a centrally located professional environment with strong visibility and excellent accessibility. The property is situated between Downtown Spokane, the University District, and Spokane Valley, providing convenient access to major arterials and Interstate 90. Mission Avenue supports consistent daily traffic and commuter movement, creating dependable exposure and access for employees and visitors. The property is 18789 square feet. With on-site parking, prominent street frontage, and a flexible professional layout, the property is well-suited for a variety of office or service-oriented users seeking a functional and well connected Spokane location.
Key Highlights
- Centrally located between Downtown Spokane, University District, and Spokane Valley.
- Strong visibility and excellent accessibility on well‑traveled Mission Avenue.
- Convenient access to major arterials and Interstate 90.
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
$269,040
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
8.15%
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%
$5,380,800
$5.4M
Cap Rate 7%
$3,843,429
$3.8M
Cap Rate 9%
$2,989,333
$3.0M
Market Conditions
NOI Build-Up for 18,789 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
$417.1K $22.20/SF
− Vacancy
−$58.4K −$3.11/SF
EGI
$358.7K $19.09/SF
− OpEx
−$89.7K −$4.77/SF
NOI
$269.0K $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%
$5,380,800
Cap Rate 7%
$3,843,429
Cap Rate 9%
$2,989,333
Alternative Uses
Best Use
Office B
$3.84M
$3.36M – $4.48M
NOI $269,040 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.85M
$4.24M – $5.66M
NOI $339,329 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
375
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 - Centrally located office building with strong visibility and accessibility.
Where is this office building located?
The property is located at 2919 E Mission Ave Spokane, WA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Centrally located between Downtown Spokane, University District, and Spokane Valley.; Strong visibility and excellent accessibility on well‑traveled Mission Avenue.; Convenient access to major arterials and Interstate 90.
