Two-Unit Restaurant
For Sale
Contact for pricing
Pending
3005 E Mission, Spokane, WA 99202
Two separately metered food-service spaces offer distinct configurations for restaurant or catering operations.
Property Size3,276 SF
Days on Market265
Property Features for 3005 E Mission
General Information
Standard status
Pending
Size
3,276 SF
Property subtype
RETAIL
Property Condition
Severity
Major Repairs Needed
Evidence
electrical fire
Building Details
Buildings
1
Listing Agency:
Windermere Real Estate/ Valley, Inc.
(509) 536-3946
Listed By:
Anthony Nguyen
(509) 536-3946
Source:
Moodyscre
Added: Dec 8, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:34PM
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 Windermere Real Estate/ Valley, Inc.
Investment Insights
Based on property information with market context.
This 3,276-square-foot restaurant property contains one building divided into two units, both previously configured for food-service use. The front unit was formerly operated as a sub sandwich shop and requires substantial repair following an electrical fire. The rear unit was used for catering and has separate metering with electricity currently on.
The property is being sold as-is. Its two-unit layout allows the rear section to be addressed independently from the more extensive work required in the front, subject to the purchaser’s plans and applicable requirements.
The property is being sold as-is. Its two-unit layout allows the rear section to be addressed independently from the more extensive work required in the front, subject to the purchaser’s plans and applicable requirements.
Key Highlights
- 3,276‑square‑foot building with two separate units
- Both units were configured for food‑industry operations
- Rear catering section is separately metered with electricity on
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
$19,060
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
6.69%
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%
$381,200
$381.2K
Cap Rate 7%
$272,286
$272.3K
Cap Rate 9%
$211,778
$211.8K
Market Conditions
NOI Build-Up for 3,276 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
$29.1K $8.88/SF
− Vacancy
−$1.9K −$0.57/SF
EGI
$27.2K $8.31/SF
− OpEx
−$8.2K −$2.49/SF
NOI
$19.1K $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%
$381,200
Cap Rate 7%
$272,286
Cap Rate 9%
$211,778
Alternative Uses
Best Use
Specialty Retail
$568.0K
$497.0K – $662.7K
NOI $39,759 @ 7.0% cap · market cap 13.95%
Second Best
Industrial
$272.3K
$238.3K – $317.7K
NOI $19,060 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$845.2K
$739.6K – $986.1K
NOI $59,165 @ 7.0% cap · market cap 20.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two separately metered food-service spaces offer distinct configurations for restaurant or catering operations.
Where is this conventional restaurant located?
The property is located at 3005 E Mission Spokane, WA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 3,276‑square‑foot building with two separate units; Both units were configured for food‑industry operations; Rear catering section is separately metered with electricity on
