Three-Restaurant Portfolio for
For Sale
Contact for pricing
5406 N Division, Spokane, WA 99207
Portfolio sale includes three restaurants, featuring Thai Bamboo, offered with separate allocation for real estate and business value.
Property Size24,158 SF
Price / SF$331.15
Days on Market313
Property Features for 5406 N Division
General Information
Standard status
Active
Size
24,158 SF
Property subtype
RETAIL
Additional Details
Business Included
Yes
Listing Agency:
Black Commercial, Inc.
(509) 622-3554
Listed By:
Mark McLees
(509) 622-3554
Source:
Moodyscre
Added: Oct 1, 2025
Changed: Jul 27
Last Checked: Aug 9 at 6:54AM
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 Black Commercial, Inc.
Investment Insights
Based on property information with market context.
This offering is a three-restaurant portfolio for sale, featuring Thai Bamboo. The deal structure presented in the listing allocates value between the real estate and the business.
The portfolio is located at 5406 N Division in Spokane, Washington 99207. No additional unit-level layouts, lease details, or other operating information is provided in the available materials.
Interested parties may review the allocation between real estate and business as shown in the listing terms. Further underwriting details would be needed to evaluate the individual restaurants within the portfolio.
The portfolio is located at 5406 N Division in Spokane, Washington 99207. No additional unit-level layouts, lease details, or other operating information is provided in the available materials.
Interested parties may review the allocation between real estate and business as shown in the listing terms. Further underwriting details would be needed to evaluate the individual restaurants within the portfolio.
Key Highlights
- Three‑restaurant portfolio for sale: Thai Bamboo
- Sale price is $8M
- Allocation includes $7.5M applied to real estate and $500K for business value
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
$293,194
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
3.66%
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%
$5,863,880
$5.9M
Cap Rate 7%
$4,188,486
$4.2M
Cap Rate 9%
$3,257,711
$3.3M
Market Conditions
NOI Build-Up for 24,158 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
$420.3K $17.40/SF
− Vacancy
−$29.4K −$1.22/SF
EGI
$390.9K $16.18/SF
− OpEx
−$97.7K −$4.05/SF
NOI
$293.2K $12.14/SF
Area
Spokane, WA
Vacancy
7.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$5,863,880
Cap Rate 7%
$4,188,486
Cap Rate 9%
$3,257,711
Alternative Uses
Best Use
Specialty Retail
$4.19M
$3.66M – $4.89M
NOI $293,194 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.23M
$5.45M – $7.27M
NOI $436,293 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,604
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
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Similar Off Market Nearby
- Moon's Mongolian Grill — 6429 N Division St, Spokane, WA 99208
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Portfolio sale includes three restaurants, featuring Thai Bamboo, offered with separate allocation for real estate and business value.
Where is this conventional restaurant located?
The property is located at 5406 N Division Spokane, WA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Three‑restaurant portfolio for sale: Thai Bamboo; Sale price is $8M; Allocation includes $7.5M applied to real estate and $500K for business value
