Full Service Restaurant with
For Sale
Contact for pricing
5406 N DIVISION ST, Spokane, WA 99207
Turnkey full-service restaurant with banquet space, expansive commercial kitchen, and an outdoor patio plus dedicated parking.
Property Size10,250 SF
Lot Size0.82 Acres
Price / SF$324.39
Days on Market51
Property Features for 5406 N DIVISION ST
General Information
Standard status
Active
Size
10,250 SF
Total Parking Spaces
43
Lot size
0.82 Acres
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Year Built
2011
Listing Agency:
NAI Black - Spokane
(509) 622-3554
Listed By:
Mark McLees · License #WA
Source:
Crexi
Added: Jun 22
Changed: Jul 10
Last Checked: Aug 11 at 6:57PM
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 NAI Black - Spokane
Investment Insights
Based on property information with market context.
Thai Bamboo North is a full-service restaurant offering approximately 10,250 SF designed for large dining events. The layout includes a main dining room, bar and lounge, banquet space, and an inviting outdoor patio. A large commercial kitchen supports day-to-day operations with walk-in coolers, extensive storage, and an additional expansion area that could support further restaurant or retail use. The property also includes a manager’s office, break room, and a fully furnished apartment with a separate entrance. The FF&E is included and described as remaining in like-new condition.
The property sits on a 0.82-acre site along Spokane’s busy Division Street corridor and provides 43 parking stalls. Constructed in 2011, the building is positioned to serve guests across the site’s on-premises parking and outdoor gathering space, with capacity described as approximately 440 guests.
For tenants or buyers seeking a turnkey operation, the combination of full-service dining areas, banquet capability, and a fully equipped commercial kitchen supports immediate restaurant use. The included furnished apartment and separate entrance add flexibility for staff housing or operator use, while the on-site expansion area can support additional concepts, subject to applicable approvals.
The property sits on a 0.82-acre site along Spokane’s busy Division Street corridor and provides 43 parking stalls. Constructed in 2011, the building is positioned to serve guests across the site’s on-premises parking and outdoor gathering space, with capacity described as approximately 440 guests.
For tenants or buyers seeking a turnkey operation, the combination of full-service dining areas, banquet capability, and a fully equipped commercial kitchen supports immediate restaurant use. The included furnished apartment and separate entrance add flexibility for staff housing or operator use, while the on-site expansion area can support additional concepts, subject to applicable approvals.
Key Highlights
- 10,250± SF full‑service restaurant built in 2011, with main dining room, bar and lounge, and banquet space
- Large commercial kitchen with walk‑in coolers, extensive storage, and an expansion area for additional restaurant or retail use
- Outdoor patio plus seating capacity for approximately 440 guests
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
$124,399
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
3.74%
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%
$2,487,980
$2.5M
Cap Rate 7%
$1,777,129
$1.8M
Cap Rate 9%
$1,382,211
$1.4M
Market Conditions
NOI Build-Up for 10,250 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
$178.3K $17.40/SF
− Vacancy
−$12.5K −$1.22/SF
EGI
$165.9K $16.18/SF
− OpEx
−$41.5K −$4.05/SF
NOI
$124.4K $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%
$2,487,980
Cap Rate 7%
$1,777,129
Cap Rate 9%
$1,382,211
Alternative Uses
Best Use
Specialty Retail
$1.78M
$1.55M – $2.07M
NOI $124,399 @ 7.0% cap · market cap 3.74%
Second Best
Industrial
$851.9K
$745.5K – $993.9K
NOI $59,636 @ 7.0% cap · market cap 1.79%
Theoretical Best
Office A
$2.64M
$2.31M – $3.09M
NOI $185,115 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Turnkey full-service restaurant with banquet space, expansive commercial kitchen, and an outdoor patio plus dedicated parking.
Where is this conventional restaurant located?
The property is located at 5406 N DIVISION ST 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: 10,250± SF full‑service restaurant built in 2011, with main dining room, bar and lounge, and banquet space; Large commercial kitchen with walk‑in coolers, extensive storage, and an expansion area for additional restaurant or retail use; Outdoor patio plus seating capacity for approximately 440 guests
