Medical Office Space with Treatment
For Sale
$975,000
9719 E Sprague Ave, Spokane Valley, WA 99206
Two buildings provide multiple suites with treatment rooms, excess plumbing, and basement storage.
Property Size6,198 SF
Price / SF$157.31
Days on Market29
Property Features for 9719 E Sprague Ave
General Information
Standard status
Active
Size
6,198 SF
Building Details
Year Built
1957
Listing Agency:
G. Arger Company
(509) 926-5311
Listed By:
Gene Arger · License #87101
Source:
Jonwalker
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 4:55AM
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 G. Arger Company
Investment Insights
Based on property information with market context.
This 6,198 SF medical office property includes two buildings arranged with multiple suites, treatment rooms, and additional plumbing infrastructure. The improvements also feature basement storage, a large parking lot, street signage, and new furnaces and AC units. Built in 1957, the property offers an established physical layout for medical office operations and related commercial uses.
Positioned on Sprague in Spokane Valley, the site has access to the Argonne I-90 freeway corridor and is near a mix of national and local commercial businesses. Corridor Mixed Use zoning supports a range of permitted uses under the City of Spokane Valley. The property is offered for sale and may suit an owner-user seeking multiple suites and existing medical-oriented improvements.
Positioned on Sprague in Spokane Valley, the site has access to the Argonne I-90 freeway corridor and is near a mix of national and local commercial businesses. Corridor Mixed Use zoning supports a range of permitted uses under the City of Spokane Valley. The property is offered for sale and may suit an owner-user seeking multiple suites and existing medical-oriented improvements.
Key Highlights
- 6,198 SF property with two buildings and multiple suites
- Treatment rooms and excess plumbing throughout the improvements
- New furnaces and AC units
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
$69,415
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%
$1,388,300
$1.4M
Cap Rate 7%
$991,643
$991.6K
Cap Rate 9%
$771,278
$771.3K
Market Conditions
NOI Build-Up for 6,198 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
$126.4K $20.40/SF
− Vacancy
−$10.7K −$1.73/SF
EGI
$115.7K $18.67/SF
− OpEx
−$46.3K −$7.47/SF
NOI
$69.4K $11.20/SF
Area
Spokane Valley, WA
Vacancy
8.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,388,300
Cap Rate 7%
$991,643
Cap Rate 9%
$771,278
Alternative Uses
Best Use
Healthcare Medical
$991.6K
$867.7K – $1.16M
NOI $69,415 @ 7.0% cap · market cap 7.12%
Second Best
Office B
$948.3K
$829.8K – $1.11M
NOI $66,381 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,249 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99206, WA
39,842
Population
17,339
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
23.4 sq mi
ZIP Area
1,703
Density / Sq Mi
$75,538
Median Household Income
$42,018
Median Earnings
$1,174
Median Rent
$362,100
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?
Medical Office Space - Two buildings provide multiple suites with treatment rooms, excess plumbing, and basement storage.
Where is this medical office space located?
The property is located at 9719 E Sprague Ave Spokane Valley, 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: 6,198 SF property with two buildings and multiple suites; Treatment rooms and excess plumbing throughout the improvements; New furnaces and AC units
