Pinewater Plaza Retail and
For Sale
Contact for pricing
10925 N Newport Hwy, Spokane, WA 99218
Retail center, Starbucks, and development parcels in North Spokane.
Property Size17,271 SF
Lot Size4.83 Acres
Price / SF$428.46
Days on Market154
Property Features for 10925 N Newport Hwy
General Information
Standard status
Active
Size
17,271 SF
Class
A
Lot size
4.83 Acres
Property subtype
Retail, Land
Zoning
RC
Building Details
Year Built
2004
Year Renovated
2018
Buildings
2
Units
11
Tenancy
Multi
Listing Agency:
NAI Black
Listed By:
Jared Cozzetto · License #23029124
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:42AM
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 NAI Black
Investment Insights
Based on property information with market context.
Pinewater Plaza, situated in the rapidly developing North Spokane submarket, comprises a 15,260-square-foot neighborhood retail center that is fully occupied, a freestanding 2,011-square-foot Starbucks with a drive-thru, and two development-ready outparcels, all on a 4.83-acre site. The retail building, a multi-tenant strip building, was constructed in 2004 and renovated in 2018. Tenants include Retro Donuts, Inland Northwest Ballet, Jonathan’s Nail & Spa, and The Beauty Spot Salon & Spa. It also serves as a strategic hub for government-backed offices, including the WA Army National Guard and the U.S. Armed Forces Recruiting center. The U.S. Armed Forces and WA Army National Guard together account for 49% of potential rental income. The Starbucks is located on a 0.62-acre parcel and has a dedicated drive-thru. The offering includes two contiguous available pad sites totaling approximately 60,453 square feet (1.39 acres) with over 350 feet of high-visibility frontage along N Newport Highway. Traffic counts are approximately 24,500+ vehicles per day along the primary arterial. The zoning is RC - Regional Commercial, allowing for a broad range of retail, service, and restaurant uses.
Key Highlights
- 100% Occupied 15,260‑SF Retail Center with diverse tenant mix.
- Freestanding 2,011‑SF Drive‑Thru Starbucks.
- Two Development‑Ready Outparcels totaling 1.39 Acres.
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
$209,609
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
2.83%
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%
$4,192,180
$4.2M
Cap Rate 7%
$2,994,414
$3.0M
Cap Rate 9%
$2,328,989
$2.3M
Market Conditions
NOI Build-Up for 17,271 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
$300.5K $17.40/SF
− Vacancy
−$21.0K −$1.22/SF
EGI
$279.5K $16.18/SF
− OpEx
−$69.9K −$4.05/SF
NOI
$209.6K $12.14/SF
Area
Spokane, WA
Vacancy
7.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$4,192,180
Cap Rate 7%
$2,994,414
Cap Rate 9%
$2,328,989
Alternative Uses
Best Use
Specialty Retail
$2.99M
$2.62M – $3.49M
NOI $209,609 @ 7.0% cap · market cap 2.83%
Second Best
Retail
$2.56M
$2.24M – $2.99M
NOI $179,206 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$4.46M
$3.90M – $5.20M
NOI $311,914 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99218, WA
15,591
Population
6,464
Households
2.4
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,293
Density / Sq Mi
$73,723
Median Household Income
$40,854
Median Earnings
$1,147
Median Rent
$404,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center, Starbucks, and development parcels in North Spokane.
Where is this shopping center located?
The property is located at 10925 N Newport Hwy Spokane, WA.
What is the asking price?
The asking price for this property is $7,400,000.
What are key features of this property?
This property features: 100% Occupied 15,260‑SF Retail Center with diverse tenant mix.; Freestanding 2,011‑SF Drive‑Thru Starbucks.; Two Development‑Ready Outparcels totaling 1.39 Acres.
