Four-Suite Office
For Sale
Contact for pricing
31 W Cataldo Avenue, Spokane, WA 99201
Brick construction, surface parking, and air conditioning support professional office use.
Property Size15,500 SF
Price / SF$161.29
Days on Market36
Property Features for 31 W Cataldo Avenue
General Information
Standard status
Active
Size
15,500 SF
Class
B
Total Parking Spaces
32
Property subtype
Office
Zoning
DTG
Occupancy
80%
Lease Type
Gross
Investment Type
Institutional
Additional Details
Public Transit
Yes
Office Units
4
Amenities
monument signage
high ceilings
air conditioning
Building Details
Year Built
2006
Year Renovated
2024
Buildings
1
Units
4
Tenancy
Multi
Construction
brick
Listing Agency:
Windermere Valley Liberty Lake
(509) 263-5645
Listed By:
Haley Busby · License #WA 21015569
Source:
Crexi
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 31 at 7:10AM
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 Windermere Valley Liberty Lake
Investment Insights
Based on property information with market context.
This 15,500 SF office building at 31 W Cataldo Avenue contains four suites, including Suite C with 2,670 SF. Three suites are occupied, while the available space offers flexibility for leasing or an owner-user arrangement. Built in 2006, the property includes a brick exterior, high ceilings, air conditioning, surface parking, and monument signage.
The building sits on the north side of downtown Spokane, with bus access and connections to the downtown core, University District, and regional transportation routes. DTG zoning supports the property’s established office configuration.
The building sits on the north side of downtown Spokane, with bus access and connections to the downtown core, University District, and regional transportation routes. DTG zoning supports the property’s established office configuration.
Key Highlights
- 15,500 SF office building with four suites
- Suite C offers 2,670 SF of available office space
- Three occupied suites provide existing tenancy
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
$221,945
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
8.88%
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%
$4,438,900
$4.4M
Cap Rate 7%
$3,170,643
$3.2M
Cap Rate 9%
$2,466,056
$2.5M
Market Conditions
NOI Build-Up for 15,500 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
$344.1K $22.20/SF
− Vacancy
−$48.2K −$3.11/SF
EGI
$295.9K $19.09/SF
− OpEx
−$74.0K −$4.77/SF
NOI
$221.9K $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%
$4,438,900
Cap Rate 7%
$3,170,643
Cap Rate 9%
$2,466,056
Alternative Uses
Best Use
Office B
$3.17M
$2.77M – $3.70M
NOI $221,945 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $279,930 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
4,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Brick construction, surface parking, and air conditioning support professional office use.
Where is this office building located?
The property is located at 31 W Cataldo Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 15,500 SF office building with four suites; Suite C offers 2,670 SF of available office space; Three occupied suites provide existing tenancy
