Converted Office Building For
For Sale
Contact for pricing
323 S Pines Rd, Spokane, WA 99216
Multi-story office building with on-site parking and detached garage.
Property Size4,846 SF
Lot Size0.53 Acres
Price / SF$201.20
Days on Market695
Property Features for 323 S Pines Rd
General Information
Standard status
Active
Size
4,846 SF
Class
B
Lot size
0.53 Acres
Property subtype
Office
Lease Type
NNN
Building Details
Year Built
1909
Year Renovated
1982
Buildings
1
Stories
4
Listing Agency:
NAI Black
Listed By:
Jon Jeffreys · License #WA JEFFRJJ153P
(509) 622-3566
Source:
Crexi
Added: Nov 11, 2024
Changed: Oct 3
Last Checked: Oct 5 at 5:45PM
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 multi-story converted office building, with a size of approximately 4,846 square feet, is situated on a corner lot along S. Pines Road and E. 4th Avenue. The property includes a parking lot and a detached garage of approximately 700 square feet located on the east side. It is located on a lot of approximately 23,200 square feet, identified by parcel number 45222.0541 and zoned CMU. The building is ADA accessible and features monument signage.
Key Highlights
- Well‑located corner lot on S. Pines Road and E. 4th Avenue.
- On‑site parking lot.
- 4,846 SF +/- Converted Office Building.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,390
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,387,800
$1.4M
Cap Rate 7%
$991,286
$991.3K
Cap Rate 9%
$771,000
$771.0K
Market Conditions
NOI Build-Up for 4,846 SF
Gross rent
$107.6K $22.20/SF
− Vacancy
−$15.1K −$3.11/SF
EGI
$92.5K $19.09/SF
− OpEx
−$23.1K −$4.77/SF
NOI
$69.4K $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 Rate 5%
$1,387,800
Cap Rate 7%
$991,286
Cap Rate 9%
$771,000
Alternative Uses
Best Use
Office B
$991.3K
$867.4K – $1.16M
NOI $69,390 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,519 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 99216, WA
28,379
Population
12,703
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,999
Density / Sq Mi
$69,958
Median Household Income
$40,652
Median Earnings
$1,307
Median Rent
$336,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Multi-story office building with on-site parking and detached garage.
Where is this office building located?
The property is located at 323 S Pines Rd Spokane, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Well‑located corner lot on S. Pines Road and E. 4th Avenue.; On‑site parking lot.; 4,846 SF +/- Converted Office Building.**
