Single-Tenant Medical Office
For Sale
Contact for pricing
514 S Washington St, Spokane, WA 99204
Single-tenant medical space with 14 parking stalls, in year two of a five-year lease with options extending through 2035.
Property Size3,969 SF
Price / SF$503.91
Days on Market112
Property Features for 514 S Washington St
General Information
Standard status
Active
Size
3,969 SF
Total Parking Spaces
14
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
LT Real Estate
(509) 590-4681
Listed By:
Mitch Gillingham · License #26840
(509) 590-4681
Source:
Moodyscre
Added: Apr 17
Changed: Jul 30
Last Checked: Aug 6 at 12:35PM
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 LT Real Estate
Investment Insights
Based on property information with market context.
Single-tenant medical investment featuring a national tenant and a current lease in place. The property is 3,969 SF and includes 14 parking stalls. Lease structure provides 2.5% annual rent increases, with the property currently on year two of a five-year lease term.
The building is located on the South Hill at 514 S Washington St, Spokane, WA 99204. Additional options to extend are available for two more periods of three (3) years each, supporting a maximum lease potential through 2035.
Designed for an owner seeking a long-term, occupied medical asset with defined extension options, the current terms outline both the existing lease duration and the potential hold period under the available renewals.
The building is located on the South Hill at 514 S Washington St, Spokane, WA 99204. Additional options to extend are available for two more periods of three (3) years each, supporting a maximum lease potential through 2035.
Designed for an owner seeking a long-term, occupied medical asset with defined extension options, the current terms outline both the existing lease duration and the potential hold period under the available renewals.
Key Highlights
- 3,969 SF single‑tenant medical investment with a national tenant
- 14 parking stalls for patient and staff use
- 2.5% annual rent increases built into the lease
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
$56,832
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
2.84%
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%
$1,136,640
$1.1M
Cap Rate 7%
$811,886
$811.9K
Cap Rate 9%
$631,467
$631.5K
Market Conditions
NOI Build-Up for 3,969 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
$88.1K $22.20/SF
− Vacancy
−$12.3K −$3.11/SF
EGI
$75.8K $19.09/SF
− OpEx
−$18.9K −$4.77/SF
NOI
$56.8K $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%
$1,136,640
Cap Rate 7%
$811,886
Cap Rate 9%
$631,467
Alternative Uses
Best Use
Office B
$811.9K
$710.4K – $947.2K
NOI $56,832 @ 7.0% cap · market cap 2.84%
Second Best
Healthcare Medical
$732.4K
$640.8K – $854.5K
NOI $51,267 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.02M
$896.0K – $1.19M
NOI $71,680 @ 7.0% cap · market cap 3.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,151
Businesses Nearby
Balanced
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Legacy Animal Medical Center: Fosberg Mark DVM — Spokane, WA 99217
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant medical space with 14 parking stalls, in year two of a five-year lease with options extending through 2035.
Where is this medical office space located?
The property is located at 514 S Washington St Spokane, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 3,969 SF single‑tenant medical investment with a national tenant; 14 parking stalls for patient and staff use; 2.5% annual rent increases built into the lease
