Retail Building with Auto
For Sale
$525,000
2101 E Sprague Ave, Spokane, WA 99202
Freestanding retail building with paved, fenced auto lot and dual commercial zoning along E Sprague Ave.
Property Size3,734 SF
Lot Size0.69 Acres
Price / SF$140.60
Days on Market48
Property Features for 2101 E Sprague Ave
General Information
Standard status
Active
Size
3,734 SF
Lot size
0.69 Acres
Property subtype
Retail - Street Retail
Zoning
CC2-EC and CC1-EC
Additional Details
Fenced Yard
Yes
Building Details
Building Size
3,734 SF
Year Built
1970
Units
1
Listing Agency:
NAI Black
Listed By:
James Black III
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 24
Last Checked: Aug 29 at 6:20AM
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 retail building and auto lot offering includes a 3,734 SF structure built in 1970, situated on approximately 0.69 acres of total land. The site is paved and fenced, supporting vehicle-oriented operations or display needs.
The property is located at E Sprague Ave and N Crestline St. Average daily traffic is reported at 120,452 ADT on E Sprague Ave and 7,100 ADT on N Napa St, providing visibility for retail and related uses.
Zoning is listed as CC2-EC and CC1-EC.
The property is located at E Sprague Ave and N Crestline St. Average daily traffic is reported at 120,452 ADT on E Sprague Ave and 7,100 ADT on N Napa St, providing visibility for retail and related uses.
Zoning is listed as CC2-EC and CC1-EC.
Key Highlights
- Freestanding retail building with 3,734 SF plus paved, fenced auto lot
- Auto lot includes 0.69 acres of total land
- Built in 1970
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
$38,744
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
7.38%
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%
$774,880
$774.9K
Cap Rate 7%
$553,486
$553.5K
Cap Rate 9%
$430,489
$430.5K
Market Conditions
NOI Build-Up for 3,734 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
$60.5K $16.20/SF
− Vacancy
−$5.1K −$1.38/SF
EGI
$55.3K $14.82/SF
− OpEx
−$16.6K −$4.45/SF
NOI
$38.7K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /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%
$774,880
Cap Rate 7%
$553,486
Cap Rate 9%
$430,489
Alternative Uses
Best Use
Retail
$553.5K
$484.3K – $645.7K
NOI $38,744 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$963.4K
$843.0K – $1.12M
NOI $67,436 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding retail building with paved, fenced auto lot and dual commercial zoning along E Sprague Ave.
Where is this storefront property located?
The property is located at 2101 E Sprague Ave Spokane, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Freestanding retail building with 3,734 SF plus paved, fenced auto lot; Auto lot includes 0.69 acres of total land; Built in 1970
