Retail Investment Opportunity
For Sale
Contact for pricing
11809 E Sprague Ave, Spokane Valley, WA
Retail property with tenant leases and income potential.
Property Size6,300 SF
Lot Size1.36 Acres
Price / SF$187.30
Days on Market270
Property Features for 11809 E Sprague Ave
General Information
Standard status
Active
Size
6,300 SF
Lot size
1.36 Acres
Property subtype
RETAIL
Listing Agency:
Re/Max of Spokane-Commercial
(509) 220-3835
Listed By:
Tom Watson-Mgr.Broker
(509) 220-3835
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 12
Last Checked: Aug 20 at 5:36AM
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 Re/Max of Spokane-Commercial
Investment Insights
Based on property information with market context.
This retail property features multiple tenants, including sign space. Current leases include 3% annual rent escalations through April 30, 2027. The owner utilizes a 2,400 square foot stick-frame building constructed in 2016, located on the west side of the property, for personal storage and maintenance equipment. The property size is 6,300 square feet.
Key Highlights
- Price reduced to a 7 CAP with purchase of adjoining parcel.
- Four current tenants, including sign space.
- Current rents have 3% escalators through April 30, 2027.
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
$58,424
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
4.95%
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%
$1,168,480
$1.2M
Cap Rate 7%
$834,629
$834.6K
Cap Rate 9%
$649,156
$649.2K
Market Conditions
NOI Build-Up for 6,300 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
$90.7K $14.40/SF
− Vacancy
−$7.3K −$1.15/SF
EGI
$83.5K $13.25/SF
− OpEx
−$25.0K −$3.97/SF
NOI
$58.4K $9.27/SF
Area
Spokane Valley, WA
Vacancy
8.00%
Lease Rate
$14.40 /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%
$1,168,480
Cap Rate 7%
$834,629
Cap Rate 9%
$649,156
Alternative Uses
Best Use
Retail
$834.6K
$730.3K – $973.7K
NOI $58,424 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,800 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with tenant leases and income potential.
Where is this retail space located?
The property is located at 11809 E Sprague Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Price reduced to a 7 CAP with purchase of adjoining parcel.; Four current tenants, including sign space.; Current rents have 3% escalators through April 30, 2027.
