Established Auto Body Shop
For Sale
$1,350,000
2218 1st St, Cheney, WA 99004
Profitable auto body shop with equipment, business, and property included.
Property Size4,736 SF
Lot Size0.92 Acres
Price / SF$285.05
Days on Market167
Property Features for 2218 1st St
General Information
Standard status
Active
Size
4,736 SF
Lot size
0.92 Acres
Property subtype
Retail
Building Details
Building Size
4,736 SF
Year Built
1990
Listing Agency:
Widmyer Corporation
(415) 310-4120
Listed By:
Tony Mukhamediyev · License #WA #124480
Source:
Widmyercorp
Added: Mar 6
Changed: Aug 17
Last Checked: Aug 20 at 5:48AM
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 Widmyer Corporation
Investment Insights
Based on property information with market context.
This well-established auto body shop, in business for over 35 years, is available for sale or lease. The sale or lease encompasses all equipment, the business itself, and the property. The building spans 4736 square feet and is situated on a 0.92-acre lot. This family-owned and operated business is well-respected and trusted within the community, serving the rapidly growing Spokane area and its surrounding suburbs. The asking price includes everything. The business has a prime location and presents huge potential for a new owner. The owners are planning to retire. The successful operation has grossed over $1,000,000 in sales. The location is on a major thoroughfare. It is a full-service, well-run, meticulously clean, and organized operation. This is a turn-key operation offered for the first time. Owner financing and a lease-to-own option could also be available.
Key Highlights
- Successful auto body shop with over 35 years in business and a gross annual sales exceeding $1,000,000.
- Sale or lease includes the business, property, and all equipment.
- Prime location on a major thoroughfare in the rapidly growing Spokane area.
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
$52,049
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
3.86%
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%
$1,040,980
$1.0M
Cap Rate 7%
$743,557
$743.6K
Cap Rate 9%
$578,322
$578.3K
Market Conditions
NOI Build-Up for 4,736 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
$77.9K $16.44/SF
− Vacancy
−$3.5K −$0.74/SF
EGI
$74.4K $15.70/SF
− OpEx
−$22.3K −$4.71/SF
NOI
$52.0K $10.99/SF
Area
Spokane County, WA
Vacancy
4.50%
Lease Rate
$16.44 /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%
$1,040,980
Cap Rate 7%
$743,557
Cap Rate 9%
$578,322
Alternative Uses
Best Use
Retail
$743.6K
$650.6K – $867.5K
NOI $52,049 @ 7.0% cap · market cap 3.86%
Second Best
Industrial
$390.0K
$341.3K – $455.0K
NOI $27,301 @ 7.0% cap · market cap 2.02%
Theoretical Best
Office A
$1.09M
$957.6K – $1.28M
NOI $76,605 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99004, WA
23,064
Population
8,992
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
334.3 sq mi
ZIP Area
69
Density / Sq Mi
$62,014
Median Household Income
$29,835
Median Earnings
$1,081
Median Rent
$368,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Automotive property - Profitable auto body shop with equipment, business, and property included.
Where is this automotive property located?
The property is located at 2218 1st St Cheney, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Successful auto body shop with over 35 years in business and a gross annual sales exceeding $1,000,000.; Sale or lease includes the business, property, and all equipment.; Prime location on a major thoroughfare in the rapidly growing Spokane area.
