Longstanding Restaurant Business
For Sale
$625,000
1618 W 3rd Ave, Spokane, WA 99201
Established restaurant business offered for sale at a long-time location in Spokane.
Property Size1,900 SF
Days on Market90
Property Features for 1618 W 3rd Ave
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Building Size
1,900 SF
Year Built
1929
Listing Agency:
NAI Black
(509) 622-3563
Listed By:
John Powers · License #100306
Source:
Naiblack
Added: Jun 2
Changed: Aug 23
Last Checked: Aug 30 at 2:25PM
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 NAI Black
Investment Insights
Based on property information with market context.
This offering presents a long-time, successful restaurant business at its current location. The opportunity is structured as a for-sale transaction and is supported by the property’s public remarks emphasizing the business’s continued success at the site. For buyers looking for an operating restaurant rather than a start-from-scratch concept, this can provide an immediate foundation centered on an established foodservice operation.
The restaurant is located at 1618 W 3rd Ave in Spokane, Washington. While additional site specifics are not provided here, the key takeaway is that the business has remained in place and operating successfully over time at this address, which may be attractive to entrepreneurs and investor-operators seeking continuity.
Prospective buyers should view this as a hands-on restaurant opportunity where business continuity is a primary value driver. Because no details are included regarding the interior layout, seating capacity, equipment, lease terms, or financial performance, due diligence should focus on verifying the operating history, reviewing all transfer and licensing requirements, and confirming the terms that govern occupancy and ongoing operation at the location.
The restaurant is located at 1618 W 3rd Ave in Spokane, Washington. While additional site specifics are not provided here, the key takeaway is that the business has remained in place and operating successfully over time at this address, which may be attractive to entrepreneurs and investor-operators seeking continuity.
Prospective buyers should view this as a hands-on restaurant opportunity where business continuity is a primary value driver. Because no details are included regarding the interior layout, seating capacity, equipment, lease terms, or financial performance, due diligence should focus on verifying the operating history, reviewing all transfer and licensing requirements, and confirming the terms that govern occupancy and ongoing operation at the location.
Key Highlights
- Established restaurant business offered for sale at a long‑time location in Spokane
- Building year built: 1929
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
$23,059
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
3.69%
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%
$461,180
$461.2K
Cap Rate 7%
$329,414
$329.4K
Cap Rate 9%
$256,211
$256.2K
Market Conditions
NOI Build-Up for 1,900 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
$33.1K $17.40/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$30.7K $16.18/SF
− OpEx
−$7.7K −$4.05/SF
NOI
$23.1K $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%
$461,180
Cap Rate 7%
$329,414
Cap Rate 9%
$256,211
Alternative Uses
Best Use
Specialty Retail
$329.4K
$288.2K – $384.3K
NOI $23,059 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$490.2K
$428.9K – $571.9K
NOI $34,314 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,376
Businesses Nearby
Under-served
Demand for This Use
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?
Conventional restaurant - Established restaurant business offered for sale at a long-time location in Spokane.
Where is this conventional restaurant located?
The property is located at 1618 W 3rd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Established restaurant business offered for sale at a long‑time location in Spokane; Building year built: 1929
