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 Market649
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
(509) 622-3566
Listed By:
Jon Jeffreys · License #WA JEFFRJJ153P
Source:
Crexi
Added: Nov 11, 2024
Changed: Aug 17
Last Checked: Aug 22 at 5:09AM
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 = 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
$69,390
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
7.12%
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%
$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
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
$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 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%
$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
Property Profile
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
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.**
