Division Street Retail
For Sale
Contact for pricing
2712-2718 N Division St, Spokane, WA 99207
Rare retail assemblage on high-visibility Division corridor.
Property Size3,435 SF
Price / SF$247.45
Days on Market109
Property Features for 2712-2718 N Division St
General Information
Standard status
Active
Size
3,435 SF
Property subtype
RETAIL
Listing Agency:
Upward Advisors
(509) 994-6767
Listed By:
John Leland · License #50182
(509) 994-6767
Source:
Moodyscre
Added: May 7
Changed: Aug 14
Last Checked: Aug 22 at 1:11PM
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 Upward Advisors
Investment Insights
Based on property information with market context.
This offering features a three-parcel assemblage along the Division/Ruby couplet. It includes a retail building on Division Street, approximately 3,435 square feet and 2,450 square feet across two tax parcels, that can be configured into up to four storefronts. A supporting parcel on Ruby includes a site-built storage garage, yard area, and dedicated monument signage. The Division building features a new 50-mil PVC membrane roof installed in 2024. Large storefront windows, prominent building and monument signage, and dual frontage along both Division and Ruby provide exposure and circulation. Located minutes from downtown and the I-90 and North Spokane corridors, the property benefits from traffic counts and proximity to Northtown/North Division retailers. Flexible commercial zoning and multiple access points support uses including retail, service commercial, food and beverage, and owner-user or investor scenarios. It offers income potential from multiple storefronts, on-site storage, and high-impact monument signage.
Key Highlights
- High‑visibility location** on Division/Ruby corridor with strong daily traffic.
- Flexible commercial zoning supports a wide range of uses (retail, service, food/beverage).
- Income potential from multiple storefronts, on‑site storage, and monument signage.
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
$35,642
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
4.19%
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%
$712,840
$712.8K
Cap Rate 7%
$509,171
$509.2K
Cap Rate 9%
$396,022
$396.0K
Market Conditions
NOI Build-Up for 3,435 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
$55.6K $16.20/SF
− Vacancy
−$4.7K −$1.38/SF
EGI
$50.9K $14.82/SF
− OpEx
−$15.3K −$4.45/SF
NOI
$35.6K $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%
$712,840
Cap Rate 7%
$509,171
Cap Rate 9%
$396,022
Alternative Uses
Best Use
Retail
$509.2K
$445.5K – $594.0K
NOI $35,642 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.2K
$775.5K – $1.03M
NOI $62,036 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Under-served
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Rare retail assemblage on high-visibility Division corridor.
Where is this storefront property located?
The property is located at 2712-2718 N Division St Spokane, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: High‑visibility location** on Division/Ruby corridor with strong daily traffic.; Flexible commercial zoning supports a wide range of uses (retail, service, food/beverage).; Income potential from multiple storefronts, on‑site storage, and monument signage.
