Two-Tenant Retail Center with
For Sale
$7,891,000
2282 N Ash Street, Spokane, WA 97214
Two-tenant retail center anchored by Planet Fitness and Goodwill with ample parking and high visibility.
Property Size42,399 SF
Days on Market109
Property Features for 2282 N Ash Street
General Information
Standard status
Active
Size
42,399 SF
Property subtype
Retail
Building Details
Building Size
42,399 SF
Year Built
1980
Tenancy
Multi
Listing Agency:
SVN | Imbrie Realty
Listed By:
Ryan Imbrie, CCIM · License #WA #25658
(503) 705-7352
Source:
Svn
Added: May 21
Changed: Sep 3
Last Checked: Sep 5 at 5:25AM
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 SVN | Imbrie Realty
Investment Insights
Based on property information with market context.
This two-tenant retail center is anchored by Planet Fitness and Goodwill. The property offers a stable, in-person tenant mix with Planet Fitness providing fitness services and Goodwill operating as a nonprofit thrift retailer.
The center is located on N Ash Street in Spokane, with high visibility and easy accessibility for local residents and passersby. The property also includes ample parking to support convenient customer access.
With two established tenants already in place, the retail center provides a straightforward configuration for buyers seeking an occupied neighborhood retail asset.
The center is located on N Ash Street in Spokane, with high visibility and easy accessibility for local residents and passersby. The property also includes ample parking to support convenient customer access.
With two established tenants already in place, the retail center provides a straightforward configuration for buyers seeking an occupied neighborhood retail asset.
Key Highlights
- Two‑tenant retail center built in 1980 in West Spokane on Ash Street
- Anchored by Planet Fitness and Goodwill, with both tenants occupying the center
- Ample on‑site parking for convenient customer access
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
$439,936
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
5.58%
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%
$8,798,720
$8.8M
Cap Rate 7%
$6,284,800
$6.3M
Cap Rate 9%
$4,888,178
$4.9M
Market Conditions
NOI Build-Up for 42,399 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
$686.9K $16.20/SF
− Vacancy
−$58.4K −$1.38/SF
EGI
$628.5K $14.82/SF
− OpEx
−$188.5K −$4.45/SF
NOI
$439.9K $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%
$8,798,720
Cap Rate 7%
$6,284,800
Cap Rate 9%
$4,888,178
Alternative Uses
Best Use
Retail
$6.28M
$5.50M – $7.33M
NOI $439,936 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.94M
$9.57M – $12.76M
NOI $765,726 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Two-tenant retail center anchored by Planet Fitness and Goodwill with ample parking and high visibility.
Where is this shopping center located?
The property is located at 2282 N Ash Street Spokane, WA.
What is the asking price?
The asking price for this property is $7,891,000.
What are key features of this property?
This property features: Two‑tenant retail center built in 1980 in West Spokane on Ash Street; Anchored by Planet Fitness and Goodwill, with both tenants occupying the center; Ample on‑site parking for convenient customer access
