Spokane Retail and Office
For Sale
Contact for pricing
1325 N Division St, Spokane, WA 99202
Remodeled retail and office building in Spokane with rental income.
Property Size15,153 SF
Lot Size0.68 Acres
Price / SF$247.48
Days on Market174
Property Features for 1325 N Division St
General Information
Standard status
Active
Size
15,153 SF
Class
A
Lot size
0.68 Acres
Property subtype
Office, Retail
Zoning
GC-150
Building Details
Year Renovated
2024
Listing Agency:
Hawkins Edwards
(509) 939-8828
Listed By:
Kevin Edwards · License #WA
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 11 at 5:34PM
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 Hawkins Edwards
Investment Insights
Based on property information with market context.
Located at 1325 N. Division St. in Spokane, WA, SINTO PLAZA is a retail and office building featuring a complete remodel. The 15,153 sq.ft. property is situated on a 29,620 sq.ft. lot and is divided into multiple suites. Available suites range from 2,711 to 5,432 sq.ft. The building has new electrical, plumbing, and mechanical systems. The property is zoned GC-150 in Spokane and includes 31 parking spaces, as well as street parking. The property has existing rental income and a current Net Operating Income (NOI).
Key Highlights
- Turnkey investment opportunity with existing rental income.
- Recent full remodel with first‑class finishes and new electrical, plumbing, and mechanical systems.
- Centrally located retail and office building in Spokane, WA.
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
$216,976
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
5.79%
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%
$4,339,520
$4.3M
Cap Rate 7%
$3,099,657
$3.1M
Cap Rate 9%
$2,410,844
$2.4M
Market Conditions
NOI Build-Up for 15,153 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
$336.4K $22.20/SF
− Vacancy
−$47.1K −$3.11/SF
EGI
$289.3K $19.09/SF
− OpEx
−$72.3K −$4.77/SF
NOI
$217.0K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /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%
$4,339,520
Cap Rate 7%
$3,099,657
Cap Rate 9%
$2,410,844
Alternative Uses
Best Use
Office B
$3.10M
$2.71M – $3.62M
NOI $216,976 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$2.25M
$1.97M – $2.62M
NOI $157,229 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$3.91M
$3.42M – $4.56M
NOI $273,663 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,720
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- River Park Square — 808 W Main Ave, Spokane, WA 99201
- The Flour Mill — 621 W Mallon Ave, Spokane, WA 99201
Frequently Asked Questions
What type of property is this?
Shopping center - Remodeled retail and office building in Spokane with rental income.
Where is this shopping center located?
The property is located at 1325 N Division St Spokane, WA.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Turnkey investment opportunity with existing rental income.; Recent full remodel with first‑class finishes and new electrical, plumbing, and mechanical systems.; Centrally located retail and office building in Spokane, WA.
