417 W 1st Ave Unit 1B, Spokane, WA 99201

Listing Agency: Kiemle Hagood

Listed By: Dominic Dickerson · License WA #25004432 Show Phone

Source: Crexi

Added: Nov 7 Changed: Nov 10 Last Checked: Nov 10 at 2:34PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

The offering is a 1,994-square-foot commercial condominium at 417 W 1st Ave, Unit 1B. Its office-unit classification and downtown setting define the property’s commercial profile. The space is presented for sale, with potential leasing also referenced in the property information.

Interstate 90 and downtown transit are accessible from the property. Restaurants, hotels, and retail are identified among the surrounding amenities, within Spokane’s central business district.

Key Highlights

• 1,994‑square‑foot commercial condominium
• Located at 417 W 1st Ave, Unit 1B, Spokane, WA 99201
• Access to Interstate 90 and downtown transit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,552

Cap Rate

6.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$571,040 $571.0K

Cap Rate 7%

$407,886 $407.9K

Cap Rate 9%

$317,244 $317.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,994 SF

Gross rent

$44.3K $22.20/SF

− Vacancy

−$6.2K −$3.11/SF

EGI

$38.1K $19.09/SF

− OpEx

−$9.5K −$4.77/SF

NOI

$28.6K $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 Rate 5%

$571,040

Cap Rate 7%

$407,886

Cap Rate 9%

$317,244

Alternative Uses

Best Use

Office B

$407.9K

$356.9K – $475.9K (±1% cap)

NOI $28,552 @ 7.0% cap · market cap 6.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$514.5K

$450.2K – $600.2K (±1% cap)

NOI $36,012 @ 7.0% cap · market cap 8.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

prodigy arrow IT Consulting Firm Minnesota - Oakley Condominiums Condominium Complex Career Search International Employment Agency Tina Humphreys Real ... Real Estate Agency Jami Storer, Prime ... Real Estate Agency

Suggested Use

Top Pick Locksmith Pet Grooming Service (Bike/Boat/Book/etc) Store Tanning Salon Carpet & Flooring Store Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

7,537

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

Average Price Trend$/SF for Office Units in Spokane, WA

$242 Jul

$259 Aug

$161 Sep

$175 Oct

Properties on Market for Office Units in Spokane

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - This commercial condo provides a compact footprint in Spokane’s central business district, near transit and Interstate 90.

Where is this office unit located?

The property is located at 417 W 1st Ave Unit 1B Spokane, WA.

What is the asking price?

The asking price for this property is $435,000.

What are key features of this property?

This property features: 1,994‑square‑foot commercial condominium; Located at 417 W 1st Ave, Unit 1B, Spokane, WA 99201; Access to Interstate 90 and downtown transit