Equipped Spa & Wellness
For Sale
$285,000
118 E LAKE St, Medical Lake, WA 99022
Commercial Sale, Medical Lake, WA
Property Size1,924 SF
Lot Size0.07 Acres
Price / SF$148.13
Days on Market153
Property Features for 118 E LAKE St
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Fenced Yard
Elementary school district
Medical Lake
Directions
GPS is correct
Standard status
Active
APN
14184.2911
Size
1,924 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1923
Utilities
Heating system
Forced Air, Natural Gas
Amenities
off-street parking
Building Details
Year built
1905
Building materials
Brick
Roof type
Flat
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Sarah Weaver · License #23001149
(509) 998-3233
Added: Apr 27
Changed: Sep 14
Last Checked: Sep 26 at 7:06PM
MLS# 202616181
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,924-square-foot commercial property is configured as a fully equipped salon and spa-oriented operation. The layout includes eight custom-built hair stations, three backwash stations, three pedicure chairs, four nail stations, and a facial room with three beds. The property may also suit office, retail, restaurant/bar, beauty, massage, pet, or yoga uses as described in the listing.
Built in 1905, the building features brick construction, a flat roof, forced-air heating, and natural gas service. The 0.07-acre site provides off-street parking and is located in Medical Lake near Fairchild Air Force Base, Amazon, Interstate 90, and Eastern State Hospital.
Built in 1905, the building features brick construction, a flat roof, forced-air heating, and natural gas service. The 0.07-acre site provides off-street parking and is located in Medical Lake near Fairchild Air Force Base, Amazon, Interstate 90, and Eastern State Hospital.
Key Highlights
- 1,924 SF commercial building on a 0.07‑acre site
- Eight custom‑built hair stations and three backwash stations
- Three pedicure chairs and four nail stations
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
$21,145
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
7.42%
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%
$422,900
$422.9K
Cap Rate 7%
$302,071
$302.1K
Cap Rate 9%
$234,944
$234.9K
Market Conditions
NOI Build-Up for 1,924 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
$31.6K $16.44/SF
− Vacancy
−$1.4K −$0.74/SF
EGI
$30.2K $15.70/SF
− OpEx
−$9.1K −$4.71/SF
NOI
$21.1K $10.99/SF
Area
Spokane County, WA
Vacancy
4.50%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
30.00%
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%
$422,900
Cap Rate 7%
$302,071
Cap Rate 9%
$234,944
Alternative Uses
Best Use
Retail
$302.1K
$264.3K – $352.4K
NOI $21,145 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$444.6K
$389.0K – $518.7K
NOI $31,121 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99022, WA
8,867
Population
3,564
Households
2.5
Avg Household Size
43
Median Age
31%
College-Educated
96%
High-School Grad
68.3 sq mi
ZIP Area
130
Density / Sq Mi
$90,814
Median Household Income
$45,469
Median Earnings
$838
Median Rent
$345,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Similar Off Market Nearby
- MLSD Wellness Center — 317 N Broad St, Medical Lake, WA 99022
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Brick commercial space configured as a salon with dedicated treatment areas and off-street parking.
Where is this spa & wellness property located?
The property is located at 118 E LAKE St Medical Lake, WA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,924 SF commercial building on a 0.07‑acre site; Eight custom‑built hair stations and three backwash stations; Three pedicure chairs and four nail stations
