Anchored Retail Investment
For Sale
Contact for pricing
7630 N Division St, Spokane, WA 99208
Durable income with established national tenants and attractive assumable financing.
Property Size51,086 SF
Price / SF$192.81
Days on Market168
Property Features for 7630 N Division St
General Information
Standard status
Active
Size
51,086 SF
Class
B
Total Parking Spaces
380
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1978
Year Renovated
2021
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Northmarq - Seattle
Listed By:
Sean Tufts · License #WA 74057
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 Northmarq - Seattle
Investment Insights
Based on property information with market context.
This commercial real estate offering features a retail property anchored by Michaels and US Foods CHEF’STORE, both of which have been tenants for over 25 years. Michaels recently exercised a 5-year extension, with both leases running through 2030. US Foods CHEF’STORE ranks in the top 10 nationwide across all CHEF’STORE locations by annual visits (334K), and Michaels welcomes 261K annual visits. The property benefits from assumable financing at a 3.74% interest rate with a 25-year amortization and maturity of August 1, 2036. The property is priced at $193/SF. The property is situated within a larger retail center anchored by Grocery Outlet & Hobby Lobby, with the overall center recording 2.2M annual visits and national co-tenancy including Aaron’s and Dollar Tree. Positioned with direct frontage on US-2, the property captures daily exposure to 42,000+ vehicles. The surrounding customer base continues to expand, with the population within five miles growing more than 15% since 2010 and additional growth projected through 2030. Several residential communities are underway to meet demand, including Mead Works, a ~1,400-home master-planned development located just minutes north of the property. The property size is 51086 square feet.
Key Highlights
- Attractive assumable financing at a 3.74% interest rate, providing a going‑in 7.83% cash‑on‑cash return.
- Priced at $193/SF, a meaningful discount to replacement cost.
- Anchored by established national tenants, Michaels and US Foods CHEF’STORE, both occupying their spaces for more than 25 years.
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
$530,073
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
5.38%
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%
$10,601,460
$10.6M
Cap Rate 7%
$7,572,471
$7.6M
Cap Rate 9%
$5,889,700
$5.9M
Market Conditions
NOI Build-Up for 51,086 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
$827.6K $16.20/SF
− Vacancy
−$70.3K −$1.38/SF
EGI
$757.2K $14.82/SF
− OpEx
−$227.2K −$4.45/SF
NOI
$530.1K $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%
$10,601,460
Cap Rate 7%
$7,572,471
Cap Rate 9%
$5,889,700
Alternative Uses
Best Use
Retail
$7.57M
$6.63M – $8.83M
NOI $530,073 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.18M
$11.53M – $15.38M
NOI $922,613 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Under-served
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 - Durable income with established national tenants and attractive assumable financing.
Where is this shopping center located?
The property is located at 7630 N Division St Spokane, WA.
What is the asking price?
The asking price for this property is $9,850,000.
What are key features of this property?
This property features: Attractive assumable financing at a 3.74% interest rate, providing a going‑in 7.83% cash‑on‑cash return.; Priced at $193/SF, a meaningful discount to replacement cost.; Anchored by established national tenants, Michaels and US Foods CHEF’STORE, both occupying their spaces for more than 25 years.
