Historic Office
For Sale
Contact for pricing
706 N Maple St & 1520 W College Ave, Spokane, WA 99201
Two-building office property with CC1-NC zoning and character suited to professional or boutique commercial uses.
Property Size3,680 SF
Price / SF$244.29
Days on Market380
Property Features for 706 N Maple St & 1520 W College Ave
General Information
Standard status
Active
Size
3,680 SF
Property subtype
OFFICE
Listing Agency:
Kiemle Hagood
(509) 755-7514
Listed By:
Erik Nelson · License #24825
(509) 755-7514
Source:
Moodyscre
Added: Aug 18, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:51PM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
This office offering comprises two buildings with a combined ±4,760 SF of space on a ±0.34-acre parcel. The Maple Building contains ±3,680 SF, while the College Building contributes ±1,080 SF. Constructed in 1895, the property retains historic character across its office-oriented improvements.
CC1-NC zoning supports a range of commercial uses, including professional office and boutique business applications. The parcels are identified as 25134.0212 and 25134.0206 and are located at 706 N Maple St and 1520 W College Ave in Spokane, Washington.
CC1-NC zoning supports a range of commercial uses, including professional office and boutique business applications. The parcels are identified as 25134.0212 and 25134.0206 and are located at 706 N Maple St and 1520 W College Ave in Spokane, Washington.
Key Highlights
- ±4,760 SF total building area across two office buildings
- Maple Building contains ±3,680 SF
- College Building contains ±1,080 SF
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
$52,694
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
5.86%
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%
$1,053,880
$1.1M
Cap Rate 7%
$752,771
$752.8K
Cap Rate 9%
$585,489
$585.5K
Market Conditions
NOI Build-Up for 3,680 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
$81.7K $22.20/SF
− Vacancy
−$11.4K −$3.11/SF
EGI
$70.3K $19.09/SF
− OpEx
−$17.6K −$4.77/SF
NOI
$52.7K $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%
$1,053,880
Cap Rate 7%
$752,771
Cap Rate 9%
$585,489
Alternative Uses
Best Use
Office B
$752.8K
$658.7K – $878.2K
NOI $52,694 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$949.4K
$830.8K – $1.11M
NOI $66,461 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,762
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 building - Two-building office property with CC1-NC zoning and character suited to professional or boutique commercial uses.
Where is this office building located?
The property is located at 706 N Maple St & 1520 W College Ave Spokane, WA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: ±4,760 SF total building area across two office buildings; Maple Building contains ±3,680 SF; College Building contains ±1,080 SF
