Building Details

Tenancy Single

Listing Agency: LT Real Estate

Listed By: Mitch Gillingham · License #26840 Show Phone

Source: Crexi

Added: May 4 Changed: Oct 12 Last Checked: Oct 24 at 2:46PM

Report an Issue

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

Ask AI about this property

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

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This NNN single-tenant medical investment features a dedicated medical office setup within a specialty property configuration. The offering is presented as a for-sale opportunity with an NNN structure.

The property is located at 514 South Washington Street in Spokane, Washington, and is listed for sale as a medical-focused investment asset.

With a compact commercial footprint, this building is positioned for an owner seeking a single-tenant medical income stream.

Key Highlights

• Single‑tenant medical building offered on an NNN basis
• NNN single‑tenant medical investment in Spokane

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$56,832

Cap Rate

2.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,136,640 $1.1M

Cap Rate 7%

$811,886 $811.9K

Cap Rate 9%

$631,467 $631.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,969 SF

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 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 (±1% cap)

NOI $56,832 @ 7.0% cap · market cap 2.84%

Second Best

Healthcare Medical

$732.4K

$640.8K – $854.5K (±1% cap)

NOI $51,267 @ 7.0% cap · market cap 2.56%

Theoretical Best

Office A

$1.02M

$896.0K – $1.19M (±1% cap)

NOI $71,680 @ 7.0% cap · market cap 3.58%

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

Hanger Clinic: Prosthetics ... Orthotics & Prosthetics Service

Suggested Use

Top Pick Locksmith Pet Grooming Service (Bike/Boat/Book/etc) Store Tanning Salon Carpet & Flooring Store Home Appliance 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.

Location Intelligence

Trade Area within ½ mile

6,906

Businesses Nearby

Well-served

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Similar For Sale Nearby

See more

NNN Property with Corporate Lease

259 W Spokane Falls Blvd, Spokane, WA 99201

$2,211,279

View details

Mixed-Use Building in Perry District

907 South Perry Street, Spokane, WA 99202

$3,200,000

11,980 SF

View details

NNN Auto Service Property

103 E Lincoln Rd, Spokane, WA 99208

Contact for pricing

5,014 SF

View details

New Construction Auto Shop

1850 N DIVISION ST, Spokane, WA 99207

Contact for pricing

2,627 SF

View details

Stepping Stones Professional Office Building

1515 Technology Blvd, Spokane, WA 99224

$6,500,000

View details

Two-Building Office Campus

107 South Thor Street, 3428 East 1st Avenue, & 24 South Ferrall Street, Spokane, WA 99203

$9,250,000

View details

Medical Center Portfolio with NNN Leases

427 S Bernard St, 9651 North Nevada St, 31 E. Central Avenue, 208 West 5th Avenue, Spokane, WA 99204

$31,533,925

72,000 SF

View details

Net-Leased Retail Property with Office Depot

1003 E 3rd Ave, Spokane, WA 99202

Contact for pricing

22,750 SF

View details

Single-Tenant Retail Investment

7 E 3rd Avenue, Spokane, WA 99202

Contact for pricing

View details

Renovated Automotive Property

2607 Division, Spokane, WA 99207

$1,600,000

4,500 SF

View details

6-Unit Apartment Building

2808 E EVERETT Ave, Spokane, WA 99217

$835,000

3,888 SF

View details

Renovated 5-Plex Apartment Building

2109 W Pacific Ave, Spokane, WA 99201

$800,000

3,892 SF

View details

Similar Off Market Nearby

• Veterinarian Endoscopy Scopes — 1325 W 1st Ave, Spokane, WA 99201
• Espinosa Animal Hospital — 206 S Post St, Spokane, WA 99201
• Legacy Animal Medical Center: Fosberg Mark DVM — Spokane, WA 99217
• Legacy Animal Medical Center: Yamamoto Karen DVM — Spokane, WA 99217
• Kevin Kaiser, DVM, DACVO — 218 E Spokane Falls Blvd, Spokane, WA 99202

Frequently Asked Questions

What type of property is this?

Medical Office Space - Single-tenant medical building offered on an NNN basis in Spokane.

Where is this medical office space located?

The property is located at 514 South Washington Street 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: Single‑tenant medical building offered on an NNN basis; NNN single‑tenant medical investment in Spokane