Restaurant Property for
For Sale
$900,000
6505 E Sprague Ave, Spokane, WA 99212
Commercial restaurant property offered for sale at 6505 E Sprague Ave in Spokane.
Property Size2,406 SF
Days on Market147
Property Features for 6505 E Sprague Ave
General Information
Standard status
Active
Size
2,406 SF
Property subtype
Retail - Restaurant
Building Details
Building Size
2,406 SF
Year Built
1969
Listing Agency:
Kidder Mathews
(360) 705-2800
Listed By:
Kevin Verger · License #26206
Source:
Commercialcafe
Added: Mar 27
Changed: Aug 12
Last Checked: Aug 18 at 9:10AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This restaurant property is offered for sale as a conventional restaurant and commercial real estate asset. The listing includes a single address location at 6505 E Sprague Ave in Spokane, Washington.
As presented, the offering is categorized for restaurant use within the broader commercial real estate market. Interested buyers should review the property directly and confirm any operational details, improvements, and intended use specifics as part of their due diligence.
Please contact for additional information regarding the property’s condition, layout, and any available documents tied to the sale process.
As presented, the offering is categorized for restaurant use within the broader commercial real estate market. Interested buyers should review the property directly and confirm any operational details, improvements, and intended use specifics as part of their due diligence.
Please contact for additional information regarding the property’s condition, layout, and any available documents tied to the sale process.
Key Highlights
- Commercial restaurant property for sale at 6505 E Sprague Ave in Spokane
- Built in 1969
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
$29,200
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
3.24%
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%
$584,000
$584.0K
Cap Rate 7%
$417,143
$417.1K
Cap Rate 9%
$324,444
$324.4K
Market Conditions
NOI Build-Up for 2,406 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
$41.9K $17.40/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$38.9K $16.18/SF
− OpEx
−$9.7K −$4.05/SF
NOI
$29.2K $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%
$584,000
Cap Rate 7%
$417,143
Cap Rate 9%
$324,444
Alternative Uses
Best Use
Specialty Retail
$417.1K
$365.0K – $486.7K
NOI $29,200 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$620.7K
$543.2K – $724.2K
NOI $43,452 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial restaurant property offered for sale at 6505 E Sprague Ave in Spokane.
Where is this conventional restaurant located?
The property is located at 6505 E Sprague Ave Spokane, WA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Commercial restaurant property for sale at 6505 E Sprague Ave in Spokane; Built in 1969
