Fully Equipped Salon & Wellness
For Sale
$285,000
118 E LAKE St, Medical Lake, WA 99022
COMMERCIAL - Medical Lake, WA
Property Size1,924 SF
Lot Size0.07 Acres
Price / SF$148.13
Days on Market108
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
eight custom-built hair stations
three backwash stations
three pedicure chairs
four nail stations
facial room with three beds
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) 458-4000
Added: Apr 27
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
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.
Brick, flat-roof commercial building designed for spa and wellness use, with a fully equipped salon buildout. The space includes eight custom-built hair stations, three backwash stations, three pedicure chairs, four nail stations, and a facial room with three beds, along with additional salon features suitable for beauty services.
The property sits at 118 E Lake St in Medical Lake, close to FAFB, Amazon, I-90, and Eastern State Hospital. Off-street parking is available for customers and staff.
With natural gas forced-air heating and a year built of 1905, the building offers a compact footprint within a 0.07-acre lot and 1,924 SF of total space.
The property sits at 118 E Lake St in Medical Lake, close to FAFB, Amazon, I-90, and Eastern State Hospital. Off-street parking is available for customers and staff.
With natural gas forced-air heating and a year built of 1905, the building offers a compact footprint within a 0.07-acre lot and 1,924 SF of total space.
Key Highlights
- Fully equipped salon with 8 custom‑built hair stations, 3 backwash stations, 3 pedicure chairs, and 4 nail stations
- Facial room with 3 beds and treatment‑service buildout
- 0.07‑acre lot with 1,924 SF brick building and flat roof
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
36
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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, fully equipped salon and wellness building with eight hair stations and off-street parking in Medical Lake.
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: Fully equipped salon with 8 custom‑built hair stations, 3 backwash stations, 3 pedicure chairs, and 4 nail stations; Facial room with 3 beds and treatment‑service buildout; 0.07‑acre lot with 1,924 SF brick building and flat roof
