Spokane Retail Opportunity For
For Sale
$2,300,000
21 E Lincoln Rd, Spokane, WA 99208
18,211 SF retail space on 1.4 acres.
Property Size18,211 SF
Price / SF$126.30
Days on Market264
Property Features for 21 E Lincoln Rd
General Information
Standard status
Active
Size
18,211 SF
Property subtype
Retail
Building Details
Year Built
1973
Listing Agency:
SVN Cornerstone LLC
(509) 628-6678
Listed By:
Andrew Keef · License #WA #23007080
(509) 628-6678
Source:
Svn
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 11 at 5:32AM
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 SVN Cornerstone LLC
Investment Insights
Based on property information with market context.
This retail property, built in 1973, is situated in a thriving commercial district of Spokane. The property features 18,211 square feet of versatile space suitable for various retail or specialty center concepts. The 1.4-acre lot provides ample parking and potential for future expansion or redevelopment. The property is zoned General Commercial (GC), offering flexibility for multiple business types, from retail storefronts to specialty shops. The location is near major roads and key commercial hubs, attracting consistent customer flow. The property has established market presence in an area surrounded by a mix of national and local retailers. The property features ingress and egress access from both N Division St and E Lincoln Rd, enhancing accessibility and traffic flow.
Key Highlights
- High‑Traffic Location: Situated in a thriving commercial district of Spokane with ingress/egress access from both N Division St and E Lincoln Rd, ensuring high visibility.
- Spacious and Versatile: 18,211 SF of space suitable for various retail or specialty center concepts.
- Large Lot with Expansion Potential: 1.4 acres provides ample parking and potential for future expansion.
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
$188,959
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
8.22%
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%
$3,779,180
$3.8M
Cap Rate 7%
$2,699,414
$2.7M
Cap Rate 9%
$2,099,544
$2.1M
Market Conditions
NOI Build-Up for 18,211 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
$295.0K $16.20/SF
− Vacancy
−$25.1K −$1.38/SF
EGI
$269.9K $14.82/SF
− OpEx
−$81.0K −$4.45/SF
NOI
$189.0K $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%
$3,779,180
Cap Rate 7%
$2,699,414
Cap Rate 9%
$2,099,544
Alternative Uses
Best Use
Retail
$2.70M
$2.36M – $3.15M
NOI $188,959 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.70M
$4.11M – $5.48M
NOI $328,891 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - 18,211 SF retail space on 1.4 acres.
Where is this storefront property located?
The property is located at 21 E Lincoln Rd Spokane, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: High‑Traffic Location: Situated in a thriving commercial district of Spokane with ingress/egress access from both N Division St and E Lincoln Rd, ensuring high visibility.; Spacious and Versatile: 18,211 SF of space suitable for various retail or specialty center concepts.; Large Lot with Expansion Potential: 1.4 acres provides ample parking and potential for future expansion.
