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    221 Wall St Spokane, WA 99201

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    For Lease
    Contact for pricing

    Modern medical suites, CBD location.

    Lot size:
    112,000 SF

    Property Features for 221 Wall St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    112,000 SF
    Total Rate
    205333.33

    Building Details

    Year Renovated
    2020

    Spaces For Lease

    at 221 Wall St, Spokane, WA 99201 Contact us
    Unit Suite #402

    $26 /Mo

    Size
    7,995 SF
    Contact us
    Unit 4th Floor Option #2

    $26 /Mo

    Size
    8,416 SF
    Contact us
    Unit Suite 600

    $30 /Mo

    Size
    9,533 SF
    Contact us
    Unit Suite #401

    $26 /Mo

    Size
    7,995 SF
    Contact us
    Unit Suite #403

    $26 /Mo

    Size
    7,995 SF
    Contact us
    Unit Suite #100

    $22 /Mo

    Size
    1,488 SF
    Contact us
    Unit Floors 3-4

    $26 /Mo

    Size
    15,454 SF
    Contact us
    Unit Suite #322

    $26 /Mo

    Size
    7,038 SF
    Contact us
    Unit Suite #344

    $26 /Mo

    Size
    7,038 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jon Jeffreys
    Jon Jeffreys

    Listing Agency: NAI Black Listing Agent: Jon Jeffreys

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    The OCH, located at 221 N Wall St in Spokane, WA 99201, is a prime medical office building offering a variety of suite sizes for lease. This 112,000 square foot building, situated on a 0.46-acre lot in the heart of Spokane's Central Business District (CBD), underwent a complete renovation in 2020. The building currently features 12 suites, with a total of 47,416 square feet of vacant space available. Flexible lease options are available, accommodating spaces ranging from a minimum of 1,298 square feet to a maximum contiguous space of 15,454 square feet. The building is well-equipped with elevators for convenient access to all floors. This multi-tenant property presents a unique opportunity for medical professionals seeking modern, efficient, and centrally located office space in Spokane County. The building's location within the CBD provides excellent visibility and accessibility for patients and staff. Interested parties are encouraged to inquire about available spaces and lease terms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    456 LEND Loan Service Jeffrey Schack, Psychiatrist Counselor US Marine Corps Military Base Rebecca Holland, Counselor Psychotherapist Burke Law Group ... Law Firm

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Spa & Massage Center Hair Salon Auto Parts Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4225931
    Latitude
    47.6598059

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    FAQs

    What type of property is this?
    Medical office - Modern medical suites, CBD location.
    Where is this medical office located?
    The property is located at 221 Wall St Spokane, WA.
    What is the lease rate?
    The lease rate is $22-$30 SF/Yr.
    What are key features of this property?
    This property features: 112,000 SF medical office building with 47,416 SF of available space in Spokane, WA's CBD.; Prime downtown location adjacent to River Park Square and across from Riverfront Park.; Suites ranging from 1,298 SF to 15,454 SF contiguous available.
    (509) 622-3566 Call to check price and availability
    Request Owner's contact information
    221 Wall St Spokane, WA 99201
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    Spokane, WA 99201
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    221 Wall St Spokane, WA 99201
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    Contact for Pricing
    Please call us for current price
    and status of this listing Jon Jeffreys
    Jon Jeffreys
    Real Estate License ID: JEFFRJJ153P
    (509) 622-3566
    Learn more
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