Institutional Multi-Building
For Sale
$15,000,000
3715 S Grove Rd, Spokane, WA 99224
Campus on 30.75 acres with administrative offices, retail operations, and broadcast facilities, zoned Light Industrial.
Property Size35,910 SF
Lot Size30.75 Acres
Days on Market69
Property Features for 3715 S Grove Rd
General Information
Standard status
Active
Size
35,910 SF
Lot size
30.75 Acres
Property subtype
Church
Zoning
LI
Additional Details
Highway Access
Yes
Building Details
Building Size
35,910 SF
Year Built
2010
Listing Agency:
SVN Cornerstone LLC
Listed By:
Danny Patterson · License #WA #114652
(509) 209-7455
Source:
Svn
Added: Jun 29
Changed: Aug 14
Last Checked: Sep 4 at 5:20AM
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 LLC
Investment Insights
Based on property information with market context.
Located at 3715 S Grove Rd in Spokane, WA, this established institutional campus has served as a regional organizational headquarters for decades. The property includes multiple buildings supporting administrative offices, retail operations, and broadcast facilities, reflecting broad functional versatility across the campus.
The campus is zoned Light Industrial and sits on approximately 30.75 acres, offering meaningful land area for parking expansion or redevelopment. It also benefits from convenient access to major arterials connecting downtown Spokane, the airport, and the Inland Northwest.
The campus is zoned Light Industrial and sits on approximately 30.75 acres, offering meaningful land area for parking expansion or redevelopment. It also benefits from convenient access to major arterials connecting downtown Spokane, the airport, and the Inland Northwest.
Key Highlights
- Institutional campus at 3715 S Grove Rd in Spokane, WA, built in 2010
- Multi‑building property with administrative offices, retail operations, and broadcast facilities
- Zoned Light Industrial (LI) with potential for commercial or adaptive reuse
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
$514,195
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
3.43%
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%
$10,283,900
$10.3M
Cap Rate 7%
$7,345,643
$7.3M
Cap Rate 9%
$5,713,278
$5.7M
Market Conditions
NOI Build-Up for 35,910 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
$797.2K $22.20/SF
− Vacancy
−$111.6K −$3.11/SF
EGI
$685.6K $19.09/SF
− OpEx
−$171.4K −$4.77/SF
NOI
$514.2K $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%
$10,283,900
Cap Rate 7%
$7,345,643
Cap Rate 9%
$5,713,278
Alternative Uses
Best Use
Office B
$7.35M
$6.43M – $8.57M
NOI $514,195 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.26M
$8.11M – $10.81M
NOI $648,535 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
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?
Church & religious facility - Campus on 30.75 acres with administrative offices, retail operations, and broadcast facilities, zoned Light Industrial.
Where is this church & religious facility located?
The property is located at 3715 S Grove Rd Spokane, WA.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Institutional campus at 3715 S Grove Rd in Spokane, WA, built in 2010; Multi‑building property with administrative offices, retail operations, and broadcast facilities; Zoned Light Industrial (LI) with potential for commercial or adaptive reuse
