Mixed-Use Live-Work
For Sale
Contact for pricing
315 Main Ave E, Soap Lake, WA 98851
Multi-use building with a street-facing storefront, separate rear spa rooms, basement space, and two additional living quarters.
Property Size4,460 SF
Price / SF$106.50
Days on Market198
Property Features for 315 Main Ave E
General Information
Standard status
Active
Size
4,460 SF
Property subtype
RETAIL
Listing Agency:
Windermere K-2 Realty, LLC
(509) 431-4463
Listed By:
Brandon Douglass
Source:
Moodyscre
Added: Jan 23
Changed: Aug 8
Last Checked: Aug 9 at 6:55AM
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 K-2 Realty, LLC
Investment Insights
Based on property information with market context.
For sale at 315 Main Ave E in Soap Lake, this mixed-use live-work building is designed for flexible operations. The street-facing entrance includes an approximately 1,000 sq ft storefront suited for retail, office, or service use. At the rear, a separate entrance leads to a spa or massage-style layout with multiple rooms.
A separate basement space provides additional potential for expansion or future conversion. The property also includes two additional living quarters, creating a live-work configuration or residential rental income opportunity. Outdoor space adds flexibility for seating and gatherings.
The building’s combination of storefront frontage, dedicated rear guest/room layout, and separate basement and residential areas can support multiple ways to use the property within one address.
A separate basement space provides additional potential for expansion or future conversion. The property also includes two additional living quarters, creating a live-work configuration or residential rental income opportunity. Outdoor space adds flexibility for seating and gatherings.
The building’s combination of storefront frontage, dedicated rear guest/room layout, and separate basement and residential areas can support multiple ways to use the property within one address.
Key Highlights
- Street‑facing entrance includes an approximately 1,000 SF storefront for retail, office, or service use.
- Separate rear entrance leads to a spa/massage‑style layout with multiple rooms that can be leased individually or used as one business.
- Separate basement space offers additional potential for expansion or future conversion.
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
$40,461
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
8.52%
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%
$809,220
$809.2K
Cap Rate 7%
$578,014
$578.0K
Cap Rate 9%
$449,567
$449.6K
Market Conditions
NOI Build-Up for 4,460 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
$64.2K $14.40/SF
− Vacancy
−$6.4K −$1.44/SF
EGI
$57.8K $12.96/SF
− OpEx
−$17.3K −$3.89/SF
NOI
$40.5K $9.07/SF
Area
Grant County, WA
Vacancy
10.00%
Lease Rate
$14.40 /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%
$809,220
Cap Rate 7%
$578,014
Cap Rate 9%
$449,567
Alternative Uses
Best Use
Office B
$682.4K
$597.1K – $796.1K
NOI $47,767 @ 7.0% cap · market cap 10.06%
Second Best
Retail
$578.0K
$505.8K – $674.4K
NOI $40,461 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$968.9K
$847.8K – $1.13M
NOI $67,821 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 98851, WA
4,472
Population
2,078
Households
2.2
Avg Household Size
46
Median Age
15%
College-Educated
86%
High-School Grad
146.1 sq mi
ZIP Area
31
Density / Sq Mi
$67,009
Median Household Income
$35,124
Median Earnings
$902
Median Rent
$240,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Multi-use building with a street-facing storefront, separate rear spa rooms, basement space, and two additional living quarters.
Where is this live-work space located?
The property is located at 315 Main Ave E Soap Lake, WA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Street‑facing entrance includes an approximately 1,000 SF storefront for retail, office, or service use.; Separate rear entrance leads to a spa/massage‑style layout with multiple rooms that can be leased individually or used as one business.; Separate basement space offers additional potential for expansion or future conversion.
