Retail Center on N
For Sale
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7316 N Division St, Spokane, WA 99208
Four-tenant retail center for sale on Spokane's N Division.
Property Size9,439 SF
Lot Size1.20 Acres
Price / SF$287.23
Days on Market266
Property Features for 7316 N Division St
General Information
Standard status
Active
Size
9,439 SF
Class
A
Lot size
1.20 Acres
Property subtype
Retail
Zoning
GC-70
Occupancy
80%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1989
Year Renovated
2026
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
NAI Black
Listed By:
Chris Bell · License #WA 17737
Source:
Crexi
Added: Nov 19, 2025
Changed: Aug 8
Last Checked: Jul 16 at 5:04AM
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
Investment Insights
Based on property information with market context.
This 100% leased, four-tenant retail center is available for sale. It is situated along Spokane’s dominant N. Division Street retail corridor. The property occupies a 1.20-acre parcel and includes 44 on-site parking stalls. It benefits from excellent visibility, strong traffic counts, and stable local demand. The property size is 9439 square feet.
Key Highlights
- 100% leased retail center providing immediate income.
- Located on Spokane’s dominant N. Division Street retail corridor.
- Benefits from excellent visibility and strong traffic counts.
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
$97,940
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
3.61%
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%
$1,958,800
$2.0M
Cap Rate 7%
$1,399,143
$1.4M
Cap Rate 9%
$1,088,222
$1.1M
Market Conditions
NOI Build-Up for 9,439 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
$152.9K $16.20/SF
− Vacancy
−$13.0K −$1.38/SF
EGI
$139.9K $14.82/SF
− OpEx
−$42.0K −$4.45/SF
NOI
$97.9K $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%
$1,958,800
Cap Rate 7%
$1,399,143
Cap Rate 9%
$1,088,222
Alternative Uses
Best Use
Retail
$1.40M
$1.22M – $1.63M
NOI $97,940 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.13M – $2.84M
NOI $170,468 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99208, WA
58,531
Population
24,273
Households
2.4
Avg Household Size
39
Median Age
34%
College-Educated
95%
High-School Grad
48.7 sq mi
ZIP Area
1,202
Density / Sq Mi
$81,084
Median Household Income
$45,733
Median Earnings
$1,226
Median Rent
$414,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Four-tenant retail center for sale on Spokane's N Division.
Where is this shopping center located?
The property is located at 7316 N Division St Spokane, WA.
What is the asking price?
The asking price for this property is $2,711,136.
What are key features of this property?
This property features: 100% leased retail center providing immediate income.; Located on Spokane’s dominant N. Division Street retail corridor.; Benefits from excellent visibility and strong traffic counts.
