Automotive Shop with Paint
New
For Sale
$334,999
1521 E Houston Ave, Spokane, WA 99217
Commercial Sale, Spokane, WA
Property Size2,881 SF
Lot Size0.31 Acres
Price / SF$116.28
Days on Market3
Property Features for 1521 E Houston Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Lot features
Sprinkler - Partial, Level, Open Lot, Fencing
View
Territorial, City
Elementary school
Arlington
Middle school
Garry
High school
Rogers
Elementary school district
Spokane Dist 81
Directions
Head East on Francis, turn left onto Pittsburg St, Turn left onto E Houston Ave, continue to sign on right.
Standard status
Active
APN
36283.0905
Size
2,881 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
2720
Utilities
Heating system
Natural Gas, Electric (Heating)
Amenities
2 shop doors
installed paint booth with proper venting
Building Details
Year built
1989
Floors in Building
1
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
EXIT Real Estate Professionals · EXIT Realty
(509) 535-8400
Listed By:
Arianna Eugenio · License #22012788
(509) 671-6835
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 11:06PM
MLS# 202625264
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 2,881-square-foot automotive shop was built in 1989 and has a steel-frame structure with a metal roof. Two shop doors provide vehicle access, and an installed paint booth has venting. The property occupies a 0.31-acre lot and is zoned Comm.
Electric and natural gas heating serve the building, supporting its established shop configuration.
Electric and natural gas heating serve the building, supporting its established shop configuration.
Key Highlights
- 2,881‑square‑foot automotive shop on a 0.31‑acre lot
- Two shop doors for vehicle access
- Installed paint booth with venting
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
$29,894
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
8.92%
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%
$597,880
$597.9K
Cap Rate 7%
$427,057
$427.1K
Cap Rate 9%
$332,156
$332.2K
Market Conditions
NOI Build-Up for 2,881 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
$46.7K $16.20/SF
− Vacancy
−$4.0K −$1.38/SF
EGI
$42.7K $14.82/SF
− OpEx
−$12.8K −$4.45/SF
NOI
$29.9K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /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%
$597,880
Cap Rate 7%
$427,057
Cap Rate 9%
$332,156
Alternative Uses
Best Use
Retail
$427.1K
$373.7K – $498.2K
NOI $29,894 @ 7.0% cap · market cap 8.92%
Second Best
Industrial
$239.5K
$209.5K – $279.4K
NOI $16,762 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$743.3K
$650.4K – $867.2K
NOI $52,031 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
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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- Patriot Automotive — 620 E Francis Ave, Spokane, WA 99208
Frequently Asked Questions
What type of property is this?
Auto shop - A steel-frame facility offers two vehicle-access doors and a vented paint booth for automotive operations.
Where is this auto shop located?
The property is located at 1521 E Houston Ave Spokane, WA.
What is the asking price?
The asking price for this property is $334,999.
What are key features of this property?
This property features: 2,881‑square‑foot automotive shop on a 0.31‑acre lot; Two shop doors for vehicle access; Installed paint booth with venting
