Restaurant Portfolio For
For Sale
Contact for pricing
5406 N Division, Spokane, WA
Three restaurants for sale, including real estate and business.
Property Size24,158 SF
Lot Size1.96 Acres
Price / SF$137.64
Days on Market313
Property Features for 5406 N Division
General Information
Standard status
Active
Size
24,158 SF
Lot size
1.96 Acres
Property subtype
RETAIL
Listing Agency:
Black Commercial, Inc.
(509) 622-3554
Listed By:
Mark McLees
(509) 622-3554
Source:
Moodyscre
Added: Oct 1, 2025
Changed: Aug 8
Last Checked: May 20 at 9:42PM
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.
A portfolio of three restaurants is available for purchase. The total sale price is $8,500,000, with $7,500,000 allocated to the real estate and $1,000,000 for the business. The properties are located at 5406 N Division, Spokane, WA. The total property size is 24,158 square feet. The portfolio includes Thai Bamboo.
Key Highlights
- Three Restaurant Portfolio: Opportunity to acquire three established Thai Bamboo restaurant locations.
- Real Estate Included: $7.5M of the sale price is attributed to real estate, offering significant asset ownership.
- Established Business: $1M allocated for the business, indicating an existing operational framework.
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
8.82%
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 8.82%
Second Best
Retail
$3.58M
$3.13M – $4.18M
NOI $250,666 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$6.23M
$5.45M – $7.27M
NOI $436,293 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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?
Restaurant - Three restaurants for sale, including real estate and business.
Where is this restaurant located?
The property is located at 5406 N Division Spokane, WA.
What is the asking price?
The asking price for this property is $3,325,000.
What are key features of this property?
This property features: Three Restaurant Portfolio: Opportunity to acquire three established Thai Bamboo restaurant locations.; Real Estate Included: $7.5M of the sale price is attributed to real estate, offering significant asset ownership.; Established Business: $1M allocated for the business, indicating an existing operational framework.
