37-Bed Assisted Living
For Sale
Contact for pricing
Pending
9326 N Colfax Rd, Spokane, WA 99218
Medicaid-eligible senior care portfolio spanning two established assisted living facilities.
Property Size17,744 SF
Lot Size1.70 Acres
Days on Market224
Property Features for 9326 N Colfax Rd
General Information
Standard status
Pending
Size
17,744 SF
Lot size
1.70 Acres
Property subtype
Senior Living
Occupancy
95%
Investment Type
Stabilized
Additional Details
Asking Price
$3,900,000
Building Details
Buildings
2
Units
23
Listing Agency:
ParaSell Inc
(949) 942-6585
Listed By:
Scott Reid · License #GA - 77666
Source:
Crexi
Added: Jan 20
Changed: Aug 29
Last Checked: Aug 31 at 2:30PM
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 ParaSell Inc
Investment Insights
Based on property information with market context.
This assisted living portfolio includes two communities in eastern Washington: Aspen Quality Care in Spokane and Vista Manor in Wilbur. Together, the facilities provide 23 units and 37 licensed beds across approximately 17,744 square feet on 1.7 acres. Both properties are zoned commercial and are eligible for Medicaid participation.
The Spokane facility was built in 1960, while the Wilbur community dates to 1999. Combined occupancy is approximately 95%, and the portfolio reports a pro forma cap rate of approximately 10.9% with a 15.97% adjusted EBITDAR margin. The operating profile supports continued senior housing use across two established facilities serving separate Washington markets.
The Spokane facility was built in 1960, while the Wilbur community dates to 1999. Combined occupancy is approximately 95%, and the portfolio reports a pro forma cap rate of approximately 10.9% with a 15.97% adjusted EBITDAR margin. The operating profile supports continued senior housing use across two established facilities serving separate Washington markets.
Key Highlights
- Two‑facility assisted living portfolio in Spokane and Wilbur, WA
- 23 units and 37 licensed beds combined
- Approximately 17,744 sq ft on 1.7 acres
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
$176,481
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
4.53%
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%
$3,529,620
$3.5M
Cap Rate 7%
$2,521,157
$2.5M
Cap Rate 9%
$1,960,900
$2.0M
Market Conditions
NOI Build-Up for 17,744 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
$342.8K $19.32/SF
− Vacancy
−$21.9K −$1.24/SF
EGI
$320.9K $18.08/SF
− OpEx
−$144.4K −$8.14/SF
NOI
$176.5K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$3,529,620
Cap Rate 7%
$2,521,157
Cap Rate 9%
$1,960,900
Alternative Uses
Best Use
Apartment 5plus
$2.52M
$2.21M – $2.94M
NOI $176,481 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.58M
$4.01M – $5.34M
NOI $320,457 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,088
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99218, WA
15,591
Population
6,464
Households
2.4
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,293
Density / Sq Mi
$73,723
Median Household Income
$40,854
Median Earnings
$1,147
Median Rent
$404,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Serenity Gardens — 8712 N Benton Dr, Spokane, WA 99218
- Aspen Quality Care Inc. — 9626 N Colfax Rd, Spokane, WA 99218
- Horizon Hospice & Palliative Care — 608 E Holland Ave, Spokane, WA 99218
- Horizon Hospice and Palliative Care — 608 e holland ave, spokane, wa 99218
- Coffman Quality Care Adult Family Home — 524 w Gary Ln, Spokane, WA 99218
Frequently Asked Questions
What type of property is this?
Assisted living facility - Medicaid-eligible senior care portfolio spanning two established assisted living facilities.
Where is this assisted living facility located?
The property is located at 9326 N Colfax Rd Spokane, WA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Two‑facility assisted living portfolio in Spokane and Wilbur, WA; 23 units and 37 licensed beds combined; Approximately 17,744 sq ft on 1.7 acres
