Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    121 Wall St Spokane, WA 99201

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    3,190 SF Office, Historic Building

    Lot size:
    3,190 SF

    Property Features for 121 Wall St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,190 SF

    Building Details

    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 121 Wall St, Spokane, WA 99201 Contact us
    Unit

    $12 /Mo

    Size
    3,190 SF
    Contact us

    We can help!

    Listing Contact
    Craig Soehren
    Craig Soehren

    Listing Agency: Kiemle HaGood Listing Agent: Craig Soehren

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

    Learn more

    Property Insight Report

    Overview

    This unique, historic two-story building at 121 S Wall St in Spokane, WA 99201 offers 3,190 square feet of versatile office space ideal for a variety of creative businesses. The single-tenant space features an open floor plan enhanced by a skylight, creating a bright and inspiring work environment. Adding to its charm is a functioning wood-burning fireplace and a private balcony patio. The property's prime downtown location provides easy access to Spokane's vibrant restaurant, shopping, and entertainment scene. Three parking spaces are available for lease in the nearby WTB East Building parking garage at a monthly rate of $140. This adaptable space is perfect for law firms, architectural firms, design firms, digital marketing agencies, sales teams, call centers, art studios, music studios, or any creative hub seeking a unique and inspiring workspace. The building's character and central location make it an exceptional opportunity for a business seeking a distinctive presence in the heart of Spokane. The property is vacant and ready for immediate occupancy.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Roen Associates - Spokane Construction Company Chris White's House ... Recording Studio Off the Wall Spokane Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4221051567
    Latitude
    47.655984044162

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Spokane Washington Trust

      All-inclusive access to workspace, virtual office and meeting rooms in 505 Montgomery
      601 1St Ave, Spokane, WA 99201
      View Details
    • $1.00 SF/Yr
      43,200 SF

      High-Clearance Warehouse with Freeway Access

      Functional warehouse near I-90, suitable for various industrial uses.
      8579 W Westbow Blvd, Spokane, WA 99224
      View Details
    • $1,611 /Mo
      36,180 SF

      Adaptable Office Space in Spokane

      1,173 SF office space in central Spokane location.
      222 W Mission Ave, Spokane, WA 99201
      View Details
    • $20 SF/Yr
      4,335 SF

      Retail Space Near Grand Blvd

      Retail space with on-site parking near Grand Boulevard.
      1220 S Grand Blvd, Spokane, WA 99202
      View Details
    • $2,303 /Mo
      1,974 SF

      Retail Space in North Monroe

      Retail space in a prime North Monroe Business District location.
      3320 N Monroe St, Spokane, WA 99205
      View Details
    • $1,920 /Mo
      5,275 SF

      South Hill Retail or Office

      Corner lot location ideal for retail or office use.
      1001 W 25Th Ave, Spokane, WA 99203
      View Details
    • $18 SF/Yr
      3,330 SF

      Retail Space on N Division

      Retail space available for lease at N Division St corner.
      3220 N Division St, Spokane, WA 99207
      View Details
    • $14 SF/Yr
      27,000 SF

      Retail Space on North Division

      Retail space available in a shopping center with anchor tenants.
      7414 N Division St, Spokane, WA 99208
      View Details
    • $21 SF/Yr
      3,750 SF

      Versatile Former Bank Office Space

      Adaptable space suitable for office, warehouse, or indoor parking.
      34 E Spokane Falls Blvd, Spokane, WA 99202
      View Details
    • $10 SF/Yr
      4,200 SF

      Riverside Ave Retail/Creative Space

      4,200 SF retail, creative office, or showroom space for lease.
      226 W Riverside Ave, Spokane, WA 99201
      View Details
    • $16 SF/Yr
      1,312 SF

      Spokane Retail/Office Leasing Opportunity

      Prime Spokane location with versatile retail and office space.
      915 E Hawthorne Rd, Spokane, WA 99218
      View Details
    • $12 SF/Yr
      5,135 SF

      Airway Heights Office/Warehouse Building

      Versatile office/warehouse space with excellent access to transportation routes.
      9718 W Flight Dr, Spokane, WA 99224
      View Details

    FAQs

    What type of property is this?
    Office space - 3,190 SF Office, Historic Building
    Where is this office space located?
    The property is located at 121 Wall St Spokane, WA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Historic two-story building, 3,190 sq ft, located at 121 S Wall St, Spokane, WA.; Single-tenant, open floor plan with skylight, wood-burning fireplace, and private balcony.; Prime downtown Spokane location, offering easy access to restaurants, shopping, and entertainment.
    (509) 838-6541 Call to check price and availability
    Request Owner's contact information
    121 Wall St Spokane, WA 99201
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    121 Wall St
    Spokane, WA 99201
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    121 Wall St Spokane, WA 99201
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Soehren
    Craig Soehren
    (509) 838-6541 (509) 755-7548
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!