Mixed-Use Building with Retail
For Sale
$750,000
1722-1724 W Broadway Ave, Spokane, WA 99201
Four residential units accompany flexible ground-floor commercial area.
Property Size7,000 SF
Price / SF$214.29
Days on Market90
Property Features for 1722-1724 W Broadway Ave
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Mixed Use Investment
Additional Details
Floor
Ground
Amenities
on-site coin-operated washer and dryer
Building Details
Building Size
7,000 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Black Commercial, Inc.
(509) 622-3567
Listed By:
Kayla Saunders, CCIM
Source:
Naiblack
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 1:09PM
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 Black Commercial, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property contains four residential units alongside approximately 3,500 sq ft of vacant ground-level retail space. The residential component includes two one-bedroom units and two two-bedroom units, while the commercial area can be divided into two bays for separate leasing or reconfiguration.
Property improvements include updated plumbing and electrical systems, a membrane roof installed approximately seven years ago, and on-site shared laundry equipment. Built in 1910, the building combines established residential occupancy potential with vacant retail space that can support a range of future leasing configurations.
Property improvements include updated plumbing and electrical systems, a membrane roof installed approximately seven years ago, and on-site shared laundry equipment. Built in 1910, the building combines established residential occupancy potential with vacant retail space that can support a range of future leasing configurations.
Key Highlights
- Four residential units: two one‑bedroom and two two‑bedroom units
- Approximately 3,500 sq ft of vacant retail space
- Retail area can be divided into two bays
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
$41,803
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
5.57%
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%
$836,060
$836.1K
Cap Rate 7%
$597,186
$597.2K
Cap Rate 9%
$464,478
$464.5K
Market Conditions
NOI Build-Up for 3,500 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
$73.5K $21.00/SF
− Vacancy
−$6.6K −$1.89/SF
EGI
$66.9K $19.11/SF
− OpEx
−$25.1K −$7.17/SF
NOI
$41.8K $11.94/SF
Area
Spokane, WA
Vacancy
9.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$836,060
Cap Rate 7%
$597,186
Cap Rate 9%
$464,478
Alternative Uses
Best Use
Mixed Use
$597.2K
$522.5K – $696.7K
NOI $41,803 @ 7.0% cap · market cap 5.57%
Second Best
Multifamily LT 5
$572.0K
$500.5K – $667.3K
NOI $40,038 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$903.0K
$790.1K – $1.05M
NOI $63,210 @ 7.0% cap · market cap 8.43%
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
1,096
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four residential units accompany flexible ground-floor commercial area.
Where is this mixed-use property located?
The property is located at 1722-1724 W Broadway Ave Spokane, WA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four residential units: two one‑bedroom and two two‑bedroom units; Approximately 3,500 sq ft of vacant retail space; Retail area can be divided into two bays
