Mixed-Use Property with Retail
209 E Sprague Ave, Spokane, WA 99202
For Sale
$750,000
Fully leased building combines retail, apartment, and shop/storage space.
Property Size5,380 SF
Price / SF$139.41
Days on Market410
Property Features for 209 E Sprague Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Additional Details
Gross Income
Tenant in Place
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License #26840
(509) 315-8720
Source:
Ericksrealty
Added: Sep 26, 2025
Changed: Nov 7
Last Checked: Nov 8 at 4:04PM
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 LT Real Estate
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Investment Insights
Based on property information with market context.
Built in 1927, this 5,380-square-foot mixed-use property contains seven condo units: two retail spaces, three apartments, and two shop/storage units. The retail areas each measure approximately 1,200 square feet and have 14-foot ceilings. The apartments consist of one two-bedroom, one-bath unit and two one-bedroom, one-bath units. A fenced yard serves the shop/storage area. The TPO roof was replaced in 2025.
Key Highlights
- Seven condo units spanning retail, apartments, and shop/storage space
- Two retail spaces of approximately 1,200 SF each, with 14' ceilings
- Three apartments: one 2 bed/1 bath and two 1 bed/1 bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,257
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,285,140
$1.3M
Cap Rate 7%
$917,957
$918.0K
Cap Rate 9%
$713,967
$714.0K
Market Conditions
NOI Build-Up for 5,380 SF
Gross rent
$113.0K $21.00/SF
− Vacancy
−$10.2K −$1.89/SF
EGI
$102.8K $19.11/SF
− OpEx
−$38.6K −$7.17/SF
NOI
$64.3K $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 Rate 5%
$1,285,140
Cap Rate 7%
$917,957
Cap Rate 9%
$713,967
Alternative Uses
Best Use
Mixed Use
$918.0K
$803.2K – $1.07M
NOI $64,257 @ 7.0% cap · market cap 8.57%
Second Best
Retail
$797.5K
$697.8K – $930.4K
NOI $55,823 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,163 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,764
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased building combines retail, apartment, and shop/storage space.
Where is this mixed-use property located?
The property is located at 209 E Sprague 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: Seven condo units spanning retail, apartments, and shop/storage space; Two retail spaces of approximately 1,200 SF each, with 14' ceilings; Three apartments: one 2 bed/1 bath and two 1 bed/1 bath
