Restaurant with Enclosed
For Sale
Contact for pricing
2215 E 29TH AVE, Spokane, WA 99203
Built in 2021, this restaurant includes a full commercial kitchen, bar and lounge, and an enclosed patio with retractable openings.
Property Size8,326 SF
Lot Size0.66 Acres
Price / SF$352.51
Days on Market79
Property Features for 2215 E 29TH AVE
General Information
Standard status
Active
Size
8,326 SF
Class
A
Total Parking Spaces
48
Lot size
0.66 Acres
Property subtype
Retail
Zoning
OR-35
Lease Type
Absolute Net
Investment Type
Owner/User
Amenities
main dining room
bar and lounge
banquet rooms
enclosed patio
commercial kitchen
walk-in coolers
manager offices
break room
studio apartment
Building Details
Year Built
2021
Units
1
Tenancy
Single
Listing Agency:
NAI Black - Spokane
Listed By:
Mark McLees · License #WA
(509) 622-3554
Source:
Crexi
Added: Jun 22
Changed: Aug 26
Last Checked: Sep 8 at 6:39AM
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 - Spokane
Investment Insights
Based on property information with market context.
This built-in-2021 restaurant property offers approximately 8,326± SF of restaurant space configured for both dining and entertainment. The layout includes a main dining room, bar and lounge, two banquet rooms, and an enclosed patio with retractable openings for year-round use. A full commercial kitchen is in place with walk-in coolers, service and prep areas, and ample storage. Support space includes two manager offices, a break room, and a fully furnished studio apartment with a private entrance and a full bathroom.
The property is positioned along Spokane’s 29th Avenue corridor. Site improvements include 23 on-site parking spaces, with an easement for an additional 25 spaces next door.
The combination of dining areas, banquet space, enclosed patio, and complete kitchen makes the property well-suited for an operator seeking a turn-key restaurant layout.
The property is positioned along Spokane’s 29th Avenue corridor. Site improvements include 23 on-site parking spaces, with an easement for an additional 25 spaces next door.
The combination of dining areas, banquet space, enclosed patio, and complete kitchen makes the property well-suited for an operator seeking a turn-key restaurant layout.
Key Highlights
- Built in 2021, Thai Bamboo South Hill offers approximately 8,326± SF of restaurant space designed for dining and entertainment
- Floor plan includes main dining room, bar and lounge, and two banquet rooms, plus an enclosed patio with retractable openings
- Full commercial kitchen with walk‑in coolers, service and prep areas, and ample storage
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
$101,048
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
3.44%
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%
$2,020,960
$2.0M
Cap Rate 7%
$1,443,543
$1.4M
Cap Rate 9%
$1,122,756
$1.1M
Market Conditions
NOI Build-Up for 8,326 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
$144.9K $17.40/SF
− Vacancy
−$10.1K −$1.22/SF
EGI
$134.7K $16.18/SF
− OpEx
−$33.7K −$4.05/SF
NOI
$101.0K $12.14/SF
Area
Spokane, WA
Vacancy
7.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,020,960
Cap Rate 7%
$1,443,543
Cap Rate 9%
$1,122,756
Alternative Uses
Best Use
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $101,048 @ 7.0% cap · market cap 3.44%
Second Best
Industrial
$692.0K
$605.5K – $807.4K
NOI $48,442 @ 7.0% cap · market cap 1.65%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,368 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
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?
Conventional restaurant - Built in 2021, this restaurant includes a full commercial kitchen, bar and lounge, and an enclosed patio with retractable openings.
Where is this conventional restaurant located?
The property is located at 2215 E 29TH AVE Spokane, WA.
What is the asking price?
The asking price for this property is $2,935,000.
What are key features of this property?
This property features: Built in 2021, Thai Bamboo South Hill offers approximately 8,326± SF of restaurant space designed for dining and entertainment; Floor plan includes main dining room, bar and lounge, and two banquet rooms, plus an enclosed patio with retractable openings; Full commercial kitchen with walk‑in coolers, service and prep areas, and ample storage
