Versatile Retail Space For
For Sale
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213 S Bernard St, Spokane, WA
Retail property suitable for various uses with recent upgrades.
Property Size1,707 SF
Lot Size0.05 Acres
Price / SF$248.97
Days on Market358
Property Features for 213 S Bernard St
General Information
Standard status
Active
Size
1,707 SF
Lot size
0.05 Acres
Property subtype
RETAIL
Listing Agency:
Kiemle Hagood
(509) 862-5454
Listed By:
Jay Carson · License #84224
(509) 862-5454
Source:
Moodyscre
Added: Aug 31, 2025
Changed: Aug 8
Last Checked: Aug 23 at 11:11AM
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 1,707 square foot property presents an opportunity for an owner or user, suitable for office, salon, tattoo studio, or a variety of retail uses. The property offers the potential for a work/live setup, providing added flexibility. Recent upgrades enhance long-term value and functionality, including new electrical service, a new sewer line, a new waterline, an updated roof, refreshed interior paint, remodeled restrooms, and an improved kitchen. On-site and street parking provide accessibility.
Key Highlights
- Versatile property suited for office, salon, tattoo studio, or a variety of retail uses
- Potential for a work/live setup
- Recent upgrades including new electrical service, new sewer line, and new waterline
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
$20,388
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
4.80%
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%
$407,760
$407.8K
Cap Rate 7%
$291,257
$291.3K
Cap Rate 9%
$226,533
$226.5K
Market Conditions
NOI Build-Up for 1,707 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
$35.8K $21.00/SF
− Vacancy
−$3.2K −$1.89/SF
EGI
$32.6K $19.11/SF
− OpEx
−$12.2K −$7.17/SF
NOI
$20.4K $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%
$407,760
Cap Rate 7%
$291,257
Cap Rate 9%
$226,533
Alternative Uses
Best Use
Mixed Use
$291.3K
$254.9K – $339.8K
NOI $20,388 @ 7.0% cap · market cap 4.80%
Second Best
Retail
$253.0K
$221.4K – $295.2K
NOI $17,712 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$440.4K
$385.4K – $513.8K
NOI $30,828 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,708
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property suitable for various uses with recent upgrades.
Where is this retail space located?
The property is located at 213 S Bernard St Spokane, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Versatile property suited for office, salon, tattoo studio, or a variety of retail uses; Potential for a work/live setup; Recent upgrades including **new electrical service, new sewer line, and new waterline**
