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Stepping Stone Professional Office Building 1515 S Technology Blvd 19,320 SF 100% Leased Retail Building Spokane, WA 99224 $6,500,000 ($336.44/SF) 7.02% Cap Rate
Investment Highlights
- NNN lease with landlord responsible for roof only
- Built in 2023 with high quality improvements customized to tenant
- 2.8 acre corner lot with strong visibility and 130 parking stalls (6.7/1,000 SF)
- New 5 year term with three 5 year options and 2% annual increases
- Convenient access to I 90 and Spokane International Airport
- Stepping Stones Pediatric Therapy is an established, high credit regional provider
Executive Summary
SVN Cornerstone is pleased to present the Stepping Stones Professional Office Building, a well-maintained, owner-occupied professional office property offered for sale with a leaseback to the operating business. The property is home to Stepping Stones, a highly regarded, family-centered pediatric therapy practice providing physical therapy, occupational therapy, speech therapy, and feeding therapy services. With an established operating history and a strong reputation in the community, the leaseback structure offers investors the opportunity to acquire a stabilized asset supported by a mission-driven medical tenant.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
19,320 SF
Building Class
B
Year Built
2005
Price
$6,500,000
Price Per SF
$336.44
Cap Rate
7.02%
NOI
$456,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
2.80 AC
Zoning
LI
Parking
80 Spaces (4.14 Spaces per 1,000 SF Leased)
Frontage
309’ on Technology Boulevard
Somewhat walkable
20/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 25292.0408 | Improvements Assessment | $3,838,000 |
| Land Assessment | $487,510 | Total Assessment | $4,325,510 |
Property Taxes
Parcel Number
25292.0408
Land Assessment
$487,510
Improvements Assessment
$3,838,000
Total Assessment
$4,325,510
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Stepping Stone Professional Office Building | 1515 S Technology Blvd
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