Retail Building with Available
For Sale
Contact for pricing
16814 E Sprague Avenue, Spokane Valley, WA 99037
The property combines an existing tenant, available retail area, shared parking and CMU zoning.
Property Size36,340 SF
Lot Size3.94 Acres
Price / SF$137.59
Days on Market9
Property Features for 16814 E Sprague Avenue
General Information
Standard status
Active
Size
36,340 SF
Lot size
3.94 Acres
Property subtype
Retail
Zoning
CMU
Building Details
Year Built
1976
Listing Agency:
Kiemle Hagood
Listed By:
Tim Kestell · License #WA 84800
(509) 838-6541
Source:
Crexi
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 26 at 5:00AM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
This retail property contains approximately 36,340 square feet in a building constructed in 1976. URM occupies space in the building, while approximately 15,000 square feet is vacant. The site spans approximately 3.94 acres and includes shared parking and about 1 acre of undeveloped land. Corridor Mixed Use (CMU) zoning applies to the property.
Key Highlights
- Approximately 36,340 SF building on 3.94 acres
- Approximately 15,000 SF of vacant space; URM is an existing tenant
- About 1 acre of undeveloped land
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
$337,003
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
6.74%
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%
$6,740,060
$6.7M
Cap Rate 7%
$4,814,329
$4.8M
Cap Rate 9%
$3,744,478
$3.7M
Market Conditions
NOI Build-Up for 36,340 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
$523.3K $14.40/SF
− Vacancy
−$41.9K −$1.15/SF
EGI
$481.4K $13.25/SF
− OpEx
−$144.4K −$3.97/SF
NOI
$337.0K $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%
$6,740,060
Cap Rate 7%
$4,814,329
Cap Rate 9%
$3,744,478
Alternative Uses
Best Use
Retail
$4.81M
$4.21M – $5.62M
NOI $337,003 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.89M
$6.91M – $9.21M
NOI $552,601 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 99037, WA
15,907
Population
6,189
Households
2.6
Avg Household Size
38
Median Age
30%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
2,525
Density / Sq Mi
$83,886
Median Household Income
$43,970
Median Earnings
$1,303
Median Rent
$446,700
Median Home Value
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - The property combines an existing tenant, available retail area, shared parking and CMU zoning.
Where is this retail space located?
The property is located at 16814 E Sprague Avenue Spokane Valley, WA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Approximately 36,340 SF building on 3.94 acres; Approximately 15,000 SF of vacant space; URM is an existing tenant; About 1 acre of undeveloped land
