Multi-Tenant Neighborhood Retail
For Sale
Contact for pricing
5521 N Alberta, Spokane, WA 99205
Multi-tenant retail building with 28 on-site parking stalls and Neighborhood Retail (NR-35) zoning.
Property Size7,915 SF
Price / SF$176.25
Days on Market173
Property Features for 5521 N Alberta
General Information
Standard status
Active
Size
7,915 SF
Total Parking Spaces
28
Property subtype
RETAIL
Zoning
NR-35
Building Details
Tenancy
Multi
Listing Agency:
Kiemle Hagood
(509) 838-6541
Listed By:
Casey Brazil · License #RRE-BRO-LIC-46500
Source:
Moodyscre
Added: Mar 17
Changed: Aug 25
Last Checked: Aug 14 at 7:42AM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
For sale, this multi-tenant retail building is located within Loma Vista Shopping Center in North Spokane. The property provides a functional layout designed to support a mix of neighborhood-oriented tenants, with 28 on-site parking stalls to serve customers and visitors.
Situated at 5521 N Alberta Street, the center is positioned along an established commercial corridor with surrounding residential density and convenient neighborhood access. The current tenancy is described as a stable mix of daily-needs operators.
The building is approximately 7,915 square feet and is zoned Neighborhood Retail (NR-35), which supports a variety of retail and service-oriented uses within a pedestrian-scaled environment.
Situated at 5521 N Alberta Street, the center is positioned along an established commercial corridor with surrounding residential density and convenient neighborhood access. The current tenancy is described as a stable mix of daily-needs operators.
The building is approximately 7,915 square feet and is zoned Neighborhood Retail (NR-35), which supports a variety of retail and service-oriented uses within a pedestrian-scaled environment.
Key Highlights
- Multi‑tenant retail building at 5525 N. Alberta Street in North Spokane
- ±7,915 SF retail building with a functional multi‑tenant layout
- Neighborhood Retail (NR‑35) zoning, allowing a variety of retail and service‑oriented uses
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
$82,127
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
5.89%
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%
$1,642,540
$1.6M
Cap Rate 7%
$1,173,243
$1.2M
Cap Rate 9%
$912,522
$912.5K
Market Conditions
NOI Build-Up for 7,915 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
$128.2K $16.20/SF
− Vacancy
−$10.9K −$1.38/SF
EGI
$117.3K $14.82/SF
− OpEx
−$35.2K −$4.45/SF
NOI
$82.1K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /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%
$1,642,540
Cap Rate 7%
$1,173,243
Cap Rate 9%
$912,522
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,127 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,945 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail building with 28 on-site parking stalls and Neighborhood Retail (NR-35) zoning.
Where is this shopping center located?
The property is located at 5521 N Alberta Spokane, WA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Multi‑tenant retail building at 5525 N. Alberta Street in North Spokane; ±7,915 SF retail building with a functional multi‑tenant layout; Neighborhood Retail (NR‑35) zoning, allowing a variety of retail and service‑oriented uses
