Mixed-Use Property with
New
For Sale
$550,000
2218 N Monroe St, Spokane, WA 99205
CC2-DC zoning and adaptable retail-office space complement an upstairs residential unit.
Property Size2,085 SF
Price / SF$263.79
Days on Market2
Property Features for 2218 N Monroe St
General Information
Standard status
Active
Size
2,085 SF
Property subtype
Retail/Office
Zoning
CC2-DC
Amenities
finished garage
fenced outdoor patio
Building Details
Building Size
2,085 SF
Listed By:
Kim Millet
(509) 998-1450
Source:
Tokcommercial
Added: Oct 4
Last Checked: Oct 4 at 2:22PM
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 Kim Millet
Investment Insights
Based on property information with market context.
This mixed-use property contains 2,085 square feet of retail and office space, with an apartment on the upper floor. A finished garage and enclosed outdoor patio add to the property's existing configuration.
The property is on Monroe Street in Spokane, Washington, within the Monroe Street corridor. Its CC2-DC zoning is suited to the mixed-use character of the building.
The property is on Monroe Street in Spokane, Washington, within the Monroe Street corridor. Its CC2-DC zoning is suited to the mixed-use character of the building.
Key Highlights
- 2,085 SF of retail and office space
- Upstairs apartment
- Finished garage
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
$24,903
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
4.53%
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%
$498,060
$498.1K
Cap Rate 7%
$355,757
$355.8K
Cap Rate 9%
$276,700
$276.7K
Market Conditions
NOI Build-Up for 2,085 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
$43.8K $21.00/SF
− Vacancy
−$3.9K −$1.89/SF
EGI
$39.8K $19.11/SF
− OpEx
−$14.9K −$7.17/SF
NOI
$24.9K $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%
$498,060
Cap Rate 7%
$355,757
Cap Rate 9%
$276,700
Alternative Uses
Best Use
Mixed Use
$355.8K
$311.3K – $415.1K
NOI $24,903 @ 7.0% cap · market cap 4.53%
Second Best
Retail
$309.1K
$270.4K – $360.6K
NOI $21,634 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$537.9K
$470.7K – $627.6K
NOI $37,655 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CC2-DC zoning and adaptable retail-office space complement an upstairs residential unit.
Where is this mixed-use property located?
The property is located at 2218 N Monroe St Spokane, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,085 SF of retail and office space; Upstairs apartment; Finished garage
