Multi-Tenant Medical Retail
For Sale
$4,750,000
1601 North Division, Spokane, WA 99201
Multi-tenant building leased to multiple medical, retail, and office users with exposure on two arterial streets.
Property Size14,498 SF
Days on Market152
Property Features for 1601 North Division
General Information
Standard status
Active
Size
14,498 SF
Property subtype
Medical/Retail/Office Multi Tenant
Net Operating Income
$277,493
Building Details
Building Size
14,498 SF
Year Built
2003
Tenancy
Multi
Listing Agency:
SVN | Cornerstone
Listed By:
Guy D. Byrd, SIOR · License #WA #17968
(509) 953-5109
Source:
Svncornerstone
Added: Apr 11
Changed: Sep 8
Last Checked: Jul 22 at 6:27AM
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
Investment Insights
Based on property information with market context.
This stable multi-tenant investment property combines medical, retail, and office space in one building. Current tenants include Vivacity Care Center, H&R Block, King of Ramen, Cricket/AT&T, and Talk4Less Wireless.
The property has exposure and traffic on two heavily traveled arterial streets: Division Street and Mission Avenue North Periphery.
Tenants provide a mix of healthcare services and everyday consumer offerings, supporting a diversified day-to-day occupancy profile.
The property has exposure and traffic on two heavily traveled arterial streets: Division Street and Mission Avenue North Periphery.
Tenants provide a mix of healthcare services and everyday consumer offerings, supporting a diversified day-to-day occupancy profile.
Key Highlights
- Multi‑tenant medical/retail/office investment property with current tenants including Vivacity Care Center and H&R Block
- Additional tenants include King of Ramen, Cricket/AT&T, and Talk4Less Wireless
- Property has exposure and traffic on Division Street
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
$187,268
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
3.94%
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%
$3,745,360
$3.7M
Cap Rate 7%
$2,675,257
$2.7M
Cap Rate 9%
$2,080,756
$2.1M
Market Conditions
NOI Build-Up for 14,498 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
$339.3K $23.40/SF
− Vacancy
−$27.1K −$1.87/SF
EGI
$312.1K $21.53/SF
− OpEx
−$124.8K −$8.61/SF
NOI
$187.3K $12.92/SF
Area
Spokane, WA
Vacancy
8.00%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
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%
$3,745,360
Cap Rate 7%
$2,675,257
Cap Rate 9%
$2,080,756
Alternative Uses
Best Use
Healthcare Medical
$2.68M
$2.34M – $3.12M
NOI $187,268 @ 7.0% cap · market cap 3.94%
Second Best
Retail
$2.15M
$1.88M – $2.51M
NOI $150,433 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,834 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,954
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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?
Medical center - Multi-tenant building leased to multiple medical, retail, and office users with exposure on two arterial streets.
Where is this medical center located?
The property is located at 1601 North Division Spokane, WA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Multi‑tenant medical/retail/office investment property with current tenants including Vivacity Care Center and H&R Block; Additional tenants include King of Ramen, Cricket/AT&T, and Talk4Less Wireless; Property has exposure and traffic on Division Street
