Automotive Corridor Commercial
For Sale
$665,168
2920 E Sprague Avenue, Spokane, WA 99202
Commercial land positioned in Spokane’s Auto Row with direct access to I-90.
Property Size7,978 SF
Days on Market69
Property Features for 2920 E Sprague Avenue
General Information
Standard status
Active
Size
7,978 SF
Property subtype
Retail
Building Details
Building Size
7,978 SF
Listing Agency:
SVN | Cornerstone
(509) 499-9229
Listed By:
Matthew Byrd · License #WA #44400
(509) 499-9229
Source:
Svncornerstone
Added: Jun 24
Changed: Aug 30
Last Checked: Aug 30 at 8:07PM
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 | Cornerstone
Investment Insights
Based on property information with market context.
This commercial land offering encompasses one city block along E. Sprague Avenue in Spokane, Washington. The property is situated within Spokane’s Auto Row, providing an automotive-oriented setting for commercial land use.
Located at 2920 E. Sprague Avenue, the site offers easy access to I-90. Its full-block scale and placement within the automotive corridor distinguish it from smaller commercial parcels.
Located at 2920 E. Sprague Avenue, the site offers easy access to I-90. Its full-block scale and placement within the automotive corridor distinguish it from smaller commercial parcels.
Key Highlights
- One city block of commercial land
- Located in Spokane’s Auto Row
- Easy access to I‑90
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
$46,417
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
6.98%
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%
$928,340
$928.3K
Cap Rate 7%
$663,100
$663.1K
Cap Rate 9%
$515,744
$515.7K
Market Conditions
NOI Build-Up for 7,978 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
$70.8K $8.88/SF
− Vacancy
−$4.5K −$0.57/SF
EGI
$66.3K $8.31/SF
− OpEx
−$19.9K −$2.49/SF
NOI
$46.4K $5.82/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$8.88 /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%
$928,340
Cap Rate 7%
$663,100
Cap Rate 9%
$515,744
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,781 @ 7.0% cap · market cap 12.45%
Second Best
Industrial
$663.1K
$580.2K – $773.6K
NOI $46,417 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,083 @ 7.0% cap · market cap 21.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Commercial land - Commercial land positioned in Spokane’s Auto Row with direct access to I-90.
Where is this commercial land located?
The property is located at 2920 E Sprague Avenue Spokane, WA.
What is the asking price?
The asking price for this property is $665,168.
What are key features of this property?
This property features: One city block of commercial land; Located in Spokane’s Auto Row; Easy access to I‑90
