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    505 Riverside Ave Spokane, WA 99201

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    For Lease
    Contact for pricing

    Prime Spokane office space, multiple suites available.

    Lot size:
    50,256 SF

    Property Features for 505 Riverside Ave

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    50,256 SF
    Total Rate
    73290

    Spaces For Lease

    at 505 Riverside Ave, Spokane, WA 99201 Contact us
    Unit Suite 400

    $17 /Mo

    Size
    1,459 SF
    Contact us
    Unit Suite 205

    $17 /Mo

    Size
    2,722 SF
    Contact us
    Unit Suite 215

    $17 /Mo

    Size
    2,722 SF
    Contact us
    Unit Suite 300

    $17 /Mo

    Size
    7,173 SF
    Contact us
    Unit Suite 600

    $17 /Mo

    Size
    7,173 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 Fernwell Building, located at 505 W Riverside Ave, Spokane, WA 99201, offers exceptional office space for lease. This six-story, Victorian-era building boasts 50,256 square feet on a 0.21-acre lot, with cross-street access via Stevens Street (APN 35184.2701). The building features a stunning six-story atrium with a central skylight, creating a bright and inviting atmosphere. Multiple tenancy options are available, ranging from 959 square feet to 7,173 square feet, with additional space potentially available. The building is equipped with energy-efficient systems and incorporates green and sustainable management practices. High-speed internet connectivity is provided by fiber optic providers XO and CenturyLink, as well as Comcast. Ample parking is conveniently located within a two-block radius. This property presents a unique opportunity to lease high-quality office space in a desirable Spokane location, combining historical charm with modern amenities. The building's traditional and executive office spaces cater to a variety of business needs. Inquire today to learn more about available space and lease terms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tila Mortgage Loan Service Forensic Accounting Corp Accounting Firm Law Offices of Jennifer ... Law Firm Umpqua Bank Bank Bjordahl Stacy A Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.41958604
    Latitude
    47.65796731

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    • New
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      Spokane Office Space For Rent

      Office space available for lease in Spokane, Washington.
      502 W Riverside Ave, Spokane, WA 99201
      View Details

    FAQs

    What type of property is this?
    Office property - Prime Spokane office space, multiple suites available.
    Where is this office property located?
    The property is located at 505 Riverside Ave Spokane, WA.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Exceptional six-story, 50,256 sq ft office building for lease at 505 W Riverside Ave, Spokane, WA.; Features a striking six-story atrium with skylight.; Multiple suite sizes available, ranging from 959 sq ft to 7,173 sq ft, with potential for larger spaces.
    (509) 622-3566 Call to check price and availability
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    505 Riverside Ave 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
    505 Riverside Ave Spokane, WA 99201
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    We can help!
    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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