Medical Center Portfolio with NNN
For Sale
$31,533,925
427 S Bernard St 9651 North Nevada St 31 E Central Avenue 208 West 5th Avenue, Spokane, WA 99204
Four Spokane-area facilities support an established ophthalmology practice with limited landlord obligations.
Property Size72,000 SF
Price / SF$437.97
Days on Market115
Property Features for 427 S Bernard St 9651 North Nevada St 31 E Central Avenue 208 West 5th Avenue
General Information
Standard status
Active
Size
72,000 SF
Property subtype
Commercial
Lease Term
±6.7 YRS
Net Operating Income
$2,097,006
Site & Location
Neighborhood
Cliff-Cannon
Building Details
Units
4
Listed By:
Tyler Swade · License #02238285 (CA)
(630) 854-9717
Source:
Matthews
Added: Jul 3
Changed: Oct 8
Last Checked: Oct 24 at 1:24PM
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 Tyler Swade
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering comprises four medical properties totaling approximately 72,000 square feet across the Spokane metropolitan area. The portfolio is occupied by Spokane Eye Clinic, an ophthalmology practice with 28 physicians, more than 350 staff members, four clinic locations, and an ambulatory surgery center with five operating rooms.
The properties are leased on NNN structures, with landlord responsibilities limited to roof and structural capital expenditures. Each lease includes annual escalations of 2.5%. The portfolio addresses are 427 S Bernard St, 9651 North Nevada St, 31 E. Central Avenue, and 208 West 5th Avenue in Spokane, WA 99204.
The properties are leased on NNN structures, with landlord responsibilities limited to roof and structural capital expenditures. Each lease includes annual escalations of 2.5%. The portfolio addresses are 427 S Bernard St, 9651 North Nevada St, 31 E. Central Avenue, and 208 West 5th Avenue in Spokane, WA 99204.
Key Highlights
- Four‑property medical portfolio totaling approximately 72,000 square feet
- Occupied by Spokane Eye Clinic, a 28‑physician ophthalmology practice
- Five‑operating‑room ambulatory surgery center included across the portfolio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,030,968
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$20,619,360
$20.6M
Cap Rate 7%
$14,728,114
$14.7M
Cap Rate 9%
$11,455,200
$11.5M
Market Conditions
NOI Build-Up for 72,000 SF
Gross rent
$1.60M $22.20/SF
− Vacancy
−$223.8K −$3.11/SF
EGI
$1.37M $19.09/SF
− OpEx
−$343.7K −$4.77/SF
NOI
$1.03M $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%
$20,619,360
Cap Rate 7%
$14,728,114
Cap Rate 9%
$11,455,200
Alternative Uses
Best Use
Office B
$14.73M
$12.89M – $17.18M
NOI $1,030,968 @ 7.0% cap · market cap 3.27%
Second Best
Healthcare Medical
$13.29M
$11.63M – $15.50M
NOI $930,010 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$18.58M
$16.25M – $21.67M
NOI $1,300,320 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,906
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Medical center - Four Spokane-area facilities support an established ophthalmology practice with limited landlord obligations.
Where is this medical center located?
The property is located at 427 S Bernard St 9651 North Nevada St 31 E Central Avenue 208 West 5th Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $31,533,925.
What are key features of this property?
This property features: Four‑property medical portfolio totaling approximately 72,000 square feet; Occupied by Spokane Eye Clinic, a 28‑physician ophthalmology practice; Five‑operating‑room ambulatory surgery center included across the portfolio
