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12322 N Ruby Rd 15,066 SF Office Building Spokane, WA 99218 $4,300,000 ($285.41/SF) 6.04% Cap Rate
Investment Highlights
- Fully occupied memory care facility with 40-bed capacity and long-term tenant in place
- Located on 1.38 acres with dedicated parking and efficient layout
- Strong investment fundamentals with a 5.5% cap rate and NOI of $229,930
Executive Summary
State Certified Alzheimer’s care facility established 15-year Tenant and 100% occupied. This property is offered currently at a 6% cap rate. The project offers a total of 15,066 sq ft consisting of 4 separate wings, each wing has 10 beds (9 rooms), kitchen, laundry, ADA bathrooms, office area, common area with fireplace and television, and a dining area. One wing has had a kitchen remodel to provide a “commercial” kitchen for food prep for the entire facility. The tenant is currently paying $17.41 sf NNN rent with an increase scheduled in 3/2027 to $17.93. The tenant has one 5-year option remaining at market rent to be negotiated at the time of option. Please contact agent for additional information.
This is an exceptional opportunity for investors seeking a reliable, income-producing healthcare asset with long-term upside in a growing market.
This is an exceptional opportunity for investors seeking a reliable, income-producing healthcare asset with long-term upside in a growing market.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$262,299
|
$17.41
|
| Other Income |
$47,828
|
$3.17
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$310,127
|
$20.58
|
| Taxes |
$27,498
|
$1.83
|
| Operating Expenses |
$10,135
|
$0.67
|
| Total Expenses |
$37,633
|
$2.50
|
| Net Operating Income |
$272,494
|
$18.09
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $262,299 |
| Annual Per SF | $17.41 |
| Other Income | |
|---|---|
| Annual | $47,828 |
| Annual Per SF | $3.17 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $310,127 |
| Annual Per SF | $20.58 |
| Taxes | |
|---|---|
| Annual | $27,498 |
| Annual Per SF | $1.83 |
| Operating Expenses | |
|---|---|
| Annual | $10,135 |
| Annual Per SF | $0.67 |
| Total Expenses | |
|---|---|
| Annual | $37,633 |
| Annual Per SF | $2.50 |
| Net Operating Income | |
|---|---|
| Annual | $272,494 |
| Annual Per SF | $18.09 |
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Medical
Building Size
15,066 SF
Building Class
B
Year Built
1999
Price
$4,300,000
Price Per SF
$285.41
Cap Rate
6.04%
NOI
$259,660
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,066 SF
Building FAR
0.53
Lot Size
0.65 AC
Zoning
MU
Parking
25 Spaces (1.66 Spaces per 1,000 SF Leased)
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,578,790 (2026) | |
| Land Assessment | $421,890 (2026) | Annual Taxes | $27,498 ($1.83/SF) |
| Improvements Assessment | $2,156,900 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$421,890 (2026)
Improvements Assessment
$2,156,900 (2026)
Total Assessment
$2,578,790 (2026)
Annual Taxes
$27,498 ($1.83/SF)
Tax Year
2025
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Presented by
The Green Ridge Fund, Inc.
12322 N Ruby Rd
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