Class A Office
For Sale
$597,500
621 W Mallon Ave Ste 509, Spokane, WA 99201
Fully built office suite with private offices, conference space, river views, and dedicated parking.
Property Size1,837 SF
Price / SF$325.26
Days on Market8
Property Features for 621 W Mallon Ave Ste 509
General Information
Standard status
Active
Size
1,837 SF
Class
Class A
Total Parking Spaces
4
Property subtype
Mixed-Use
Additional Details
Office Units
1
Listing Agency:
TOK Inland Northwest LLC
(208) 691-6003
Listed By:
Danny Davis · License #AB34364
(208) 691-6003
Source:
Tokcommercial
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 10:33PM
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 TOK Inland Northwest LLC
Investment Insights
Based on property information with market context.
Suite 509 at 621 W Mallon Ave is a 1,837-square-foot office condominium within Spokane’s Flour Mill. The Class A suite includes a completed high-end buildout, premium finishes, multiple private offices, conference space, and four dedicated parking spaces. Its configuration supports an established professional workplace for an owner-user or office occupant.
The property sits along the Spokane River on the north side of Downtown Spokane, adjacent to Riverfront Park and just south of the Spokane Arena. This setting places the office near downtown businesses, dining, entertainment, and other amenities while adding river-facing views and the distinctive character of the Flour Mill complex.
The property sits along the Spokane River on the north side of Downtown Spokane, adjacent to Riverfront Park and just south of the Spokane Arena. This setting places the office near downtown businesses, dining, entertainment, and other amenities while adding river-facing views and the distinctive character of the Flour Mill complex.
Key Highlights
- 1,837 SF Class A office condominium in Spokane’s Flour Mill
- Completed high‑end buildout with premium finishes
- Multiple private offices and dedicated conference space
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
$26,304
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
4.40%
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%
$526,080
$526.1K
Cap Rate 7%
$375,771
$375.8K
Cap Rate 9%
$292,267
$292.3K
Market Conditions
NOI Build-Up for 1,837 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
$40.8K $22.20/SF
− Vacancy
−$5.7K −$3.11/SF
EGI
$35.1K $19.09/SF
− OpEx
−$8.8K −$4.77/SF
NOI
$26.3K $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%
$526,080
Cap Rate 7%
$375,771
Cap Rate 9%
$292,267
Alternative Uses
Best Use
Office B
$375.8K
$328.8K – $438.4K
NOI $26,304 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$473.9K
$414.7K – $552.9K
NOI $33,176 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
5,159
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
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully built office suite with private offices, conference space, river views, and dedicated parking.
Where is this office units located?
The property is located at 621 W Mallon Ave Ste 509 Spokane, WA.
What is the asking price?
The asking price for this property is $597,500.
What are key features of this property?
This property features: 1,837 SF Class A office condominium in Spokane’s Flour Mill; Completed high‑end buildout with premium finishes; Multiple private offices and dedicated conference space
