Single-Tenant Retail
10619 E Sprague Ave Spokane Valley, WA 99206
10619 E Sprague Ave, Spokane Valley, WA, 99206
$1,500,000
For Sale
$1,500,000
7,888 SF retail building on a 28,847 SF lot, built in 1960, currently leased to Fred’s Appliance on a renewed 5-year NNN term.
Property Size7,888 SF
Lot Size0.66 Acres
Price / SF$190.16
Days on Market27
Property Features for 10619 E Sprague Ave
General Information
- Standard status
- Active
- Size
- 7,888 SF
- Lot size
- 0.66 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1960
Listing agency
(509) 953-5109
Listed by
Guy D. Byrd, SIOR · License #WA #17968
(509) 953-5109
Source
Svncornerstone
Added: Jun 25 Updated: Jul 20 at 5:18PM Checked: Jul 21 at 5:35AM
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 Guy D. Byrd, SIOR
Investment Insights
Based on property information with market context.
This single-tenant retail building is occupied by Fred’s Appliance and offers a long-term tenancy profile. The property totals 7,888 SF on a 28,847 SF lot and was built in 1960. The ownership includes a 5-year NNN lease renewal, along with ongoing capital improvements noted as a new HVAC system and a membrane roof.
The building is positioned on a high-traffic corner at the intersection of East Sprague Ave and N University Road. The property also includes pylon signage and 28 parking stalls to support customer access and visibility.
From an investor standpoint, the offering is structured around the existing tenant and renewed lease, with Fred’s Appliance having operated at this location for more than 20 years.
The building is positioned on a high-traffic corner at the intersection of East Sprague Ave and N University Road. The property also includes pylon signage and 28 parking stalls to support customer access and visibility.
From an investor standpoint, the offering is structured around the existing tenant and renewed lease, with Fred’s Appliance having operated at this location for more than 20 years.
Key Highlights
- 7,888 SF retail building on a 28,847 SF lot, built in 1960
- Currently leased to Fred’s Appliance with a renewed 5‑year NNN term
- $90,000/yr base rent (NNN) with one 5‑year renewal option at $98,960/yr
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $113.6k | $14.40 |
| − Vacancy | −$9.1k | −$1.15 |
| EGI | $104.5k | $13.25 |
| − OpEx | −$31.4k | −$3.97 |
| NOI | $73.2k | $9.27 |
7,888 SF · lease $14.40/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.05M
$914.4K – $1.22M
NOI $73,150 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,948 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fred's Appliance Spokane ...
Home Appliance Store
Similar For Sale Nearby
FAQs
What type of property is this?
Storefront property - 7,888 SF retail building on a 28,847 SF lot, built in 1960, currently leased to Fred’s Appliance on a renewed 5-year NNN term.
Where is this storefront property located?
The property is located at 10619 E Sprague Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,888 SF retail building on a 28,847 SF lot, built in 1960; Currently leased to Fred’s Appliance with a renewed 5‑year NNN term; $90,000/yr base rent (NNN) with one 5‑year renewal option at $98,960/yr
