Mixed-Use Building in Perry
For Sale
Contact for pricing
907 S Perry St, Spokane, WA 99202
Two-story building with medical, office, and retail potential.
Property Size11,980 SF
Price / SF$267.11
Days on Market191
Property Features for 907 S Perry St
General Information
Standard status
Active
Size
11,980 SF
Property subtype
Mixed Use, Office, Retail
Zoning
CC1-NC
Building Details
Year Built
2015
Stories
2
Listing Agency:
NAI Black
(509) 622-3566
Listed By:
Jon Jeffreys · License #WA JEFFRJJ153P
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 11 at 6:54PM
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 NAI Black
Investment Insights
Based on property information with market context.
This two-story mixed-use building, with a size of 11,980 square feet, offers potential for medical office, professional office, and retail uses. The second floor is partially configured as an Ambulatory Surgery Center. The property is located in the Perry District, offering excellent visibility and accessibility within a walkable community setting. The zoning is CC1-NC, and the parcel number is 35213.2411.
Key Highlights
- Highly desirable Perry District location with excellent visibility and accessibility.
- Mixed‑use building with medical office, professional office, and retail potential.
- Building size: 11,980 +/- 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
$171,542
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
5.36%
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%
$3,430,840
$3.4M
Cap Rate 7%
$2,450,600
$2.5M
Cap Rate 9%
$1,906,022
$1.9M
Market Conditions
NOI Build-Up for 11,980 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
$266.0K $22.20/SF
− Vacancy
−$37.2K −$3.11/SF
EGI
$228.7K $19.09/SF
− OpEx
−$57.2K −$4.77/SF
NOI
$171.5K $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%
$3,430,840
Cap Rate 7%
$2,450,600
Cap Rate 9%
$1,906,022
Alternative Uses
Best Use
Office B
$2.45M
$2.14M – $2.86M
NOI $171,542 @ 7.0% cap · market cap 5.36%
Second Best
Healthcare Medical
$2.21M
$1.93M – $2.58M
NOI $154,743 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$3.09M
$2.70M – $3.61M
NOI $216,359 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Mixed-use property - Two-story building with medical, office, and retail potential.
Where is this mixed-use property located?
The property is located at 907 S Perry St Spokane, WA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Highly desirable Perry District location with excellent visibility and accessibility.; Mixed‑use building with medical office, professional office, and retail potential.; Building size: 11,980 +/- SF.
