Two-Story Mixed-Use Restaurant
For Sale
$1,550,000
6249 Maine, Spirit Lake, ID 83869
Fully renovated building combines street-level restaurant space with bar/retail and second-floor office suites.
Property Size8,000 SF
Price / SF$193.75
Days on Market93
Property Features for 6249 Maine
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,145
Amenities
0.00
Building Details
Year Built
1907
Stories
2
Tenancy
Multi
Listing Agency:
Kiemle Hagood
Listed By:
Tom Villelli · License #SP41630
(208) 659-1821
Source:
Clearwaterproperties
Added: Jun 12
Changed: Sep 11
Last Checked: Sep 12 at 4:22AM
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.
This historic, two-story commercial building is fully leased and has undergone renovations in recent years. Improvements include upgrades to HVAC, plumbing, electrical, and mechanical systems. The street level features restaurant space with a commercial kitchen, along with an adjacent suite that is well finished for bar/retail use. The second floor offers multiple office and retail suites plus a full, remodeled kitchen and three bathrooms.
Located in the heart of Spirit Lake on W Maine St, the property benefits from convenient parking options. Plenty of street parking is available on Maine St, and there is also private paved parking around the back accessible from the alley. A city park sits immediately to the east.
For tenants or investors seeking a mixed configuration, the building supports multiple income-producing uses, including restaurant, bar/retail, and office/retail suites, under one roof. With updated building systems and both street-level and second-floor offerings, it can accommodate operators looking to leverage the existing layout for their specific use.
Located in the heart of Spirit Lake on W Maine St, the property benefits from convenient parking options. Plenty of street parking is available on Maine St, and there is also private paved parking around the back accessible from the alley. A city park sits immediately to the east.
For tenants or investors seeking a mixed configuration, the building supports multiple income-producing uses, including restaurant, bar/retail, and office/retail suites, under one roof. With updated building systems and both street-level and second-floor offerings, it can accommodate operators looking to leverage the existing layout for their specific use.
Key Highlights
- Historic 2‑story commercial building (built 1907) in the heart of Spirit Lake, fully leased
- Recent renovations include HVAC, plumbing, electrical, and mechanical system upgrades
- Street level includes restaurant space with a commercial kitchen plus an adjacent bar/retail suite
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
$92,121
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
5.94%
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%
$1,842,420
$1.8M
Cap Rate 7%
$1,316,014
$1.3M
Cap Rate 9%
$1,023,567
$1.0M
Market Conditions
NOI Build-Up for 8,000 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
$127.7K $15.96/SF
− Vacancy
−$4.9K −$0.61/SF
EGI
$122.8K $15.35/SF
− OpEx
−$30.7K −$3.84/SF
NOI
$92.1K $11.52/SF
Area
Kootenai County, ID
Vacancy
3.80%
Lease Rate
$15.96 /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%
$1,842,420
Cap Rate 7%
$1,316,014
Cap Rate 9%
$1,023,567
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,121 @ 7.0% cap · market cap 5.94%
Second Best
Office B
$1.24M
$1.08M – $1.44M
NOI $86,652 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$1.74M
$1.52M – $2.02M
NOI $121,478 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83869, ID
5,488
Population
2,197
Households
2.5
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
65.8 sq mi
ZIP Area
83
Density / Sq Mi
$64,625
Median Household Income
$42,419
Median Earnings
$737
Median Rent
$425,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully renovated building combines street-level restaurant space with bar/retail and second-floor office suites.
Where is this conventional restaurant located?
The property is located at 6249 Maine Spirit Lake, ID.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Historic 2‑story commercial building (built 1907) in the heart of Spirit Lake, fully leased; Recent renovations include HVAC, plumbing, electrical, and mechanical system upgrades; Street level includes restaurant space with a commercial kitchen plus an adjacent bar/retail suite
