Renovated Automotive
For Sale
$1,600,000
2607 Division, Spokane, WA 99207
Paved vehicle display site with renovated offices, an attached garage, and prominent electronic signage.
Property Size4,500 SF
Lot Size0.67 Acres
Price / SF$355.56
Days on Market30
Property Features for 2607 Division
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.67 Acres
Property subtype
Commercial
Site & Location
Traffic Count
24,825 vehicles/day
Road Access
Yes
Amenities
security system
exterior lighting
intercom system
prominent electronic sign
irrigation system
Building Details
Year Built
1998
Year Renovated
2021
Buildings
1
Abandoned
No
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License #24027253
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 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 LT Real Estate
Investment Insights
Based on property information with market context.
This automotive property combines a 4,500-square-foot retail and office building with a 29,000-square-foot paved lot. Completed renovations in 2021 added glass-enclosed offices, two restrooms, a kitchenette-equipped break room, and an attached garage with a 10-foot overhead door. The improvements also include a security system, exterior lighting, intercom equipment, and an electronic sign. Select personal property is included.
The site offers 200 feet of frontage along Division Street and records an average daily traffic count of 24,825 vehicles. Landscaping and irrigation complement the paved vehicle display and parking areas. Its existing automotive-oriented configuration can support dealership, automotive service, equipment sales, or other retail operations, subject to applicable approvals.
The site offers 200 feet of frontage along Division Street and records an average daily traffic count of 24,825 vehicles. Landscaping and irrigation complement the paved vehicle display and parking areas. Its existing automotive-oriented configuration can support dealership, automotive service, equipment sales, or other retail operations, subject to applicable approvals.
Key Highlights
- 4,500 SF retail and office building renovated in 2021
- 29,000 SF paved and landscaped lot with irrigation system
- 200 feet of Division Street frontage
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
$46,692
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
2.92%
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%
$933,840
$933.8K
Cap Rate 7%
$667,029
$667.0K
Cap Rate 9%
$518,800
$518.8K
Market Conditions
NOI Build-Up for 4,500 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
$72.9K $16.20/SF
− Vacancy
−$6.2K −$1.38/SF
EGI
$66.7K $14.82/SF
− OpEx
−$20.0K −$4.45/SF
NOI
$46.7K $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%
$933,840
Cap Rate 7%
$667,029
Cap Rate 9%
$518,800
Alternative Uses
Best Use
Retail
$667.0K
$583.7K – $778.2K
NOI $46,692 @ 7.0% cap · market cap 2.92%
Second Best
Industrial
$374.0K
$327.3K – $436.4K
NOI $26,182 @ 7.0% cap · market cap 1.64%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,270 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24,825 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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.
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Frequently Asked Questions
What type of property is this?
Automotive property - Paved vehicle display site with renovated offices, an attached garage, and prominent electronic signage.
Where is this automotive property located?
The property is located at 2607 Division Spokane, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 4,500 SF retail and office building renovated in 2021; 29,000 SF paved and landscaped lot with irrigation system; 200 feet of Division Street frontage
