Restaurant Property with Large
For Sale
$575,000
913 E Sharp Ave, Spokane, WA 99202
Existing restaurant layout includes interior seating, patio space, and a separate building with bakery fixtures.
Property Size3,996 SF
Days on Market67
Property Features for 913 E Sharp Ave
General Information
Standard status
Active
Size
3,996 SF
Property subtype
Retail
Restaurant
Seating Capacity
70
Patio
Yes
Equipment Included
No
Additional Details
Traffic Count
25,000 vehicles/day
Building Details
Building Size
3,996 SF
Year Built
1909
Listing Agency:
Marcus & Millichap - Seattle
(509) 850-2805
Listed By:
Jesse Fox · License #WA #23158
(509) 850-2805
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 8:45PM
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 Marcus & Millichap - Seattle
Investment Insights
Based on property information with market context.
This restaurant property includes space for more than 70 interior seats, along with a large patio for additional customer seating. The prior restaurant use remains evident in the layout, while all restaurant equipment has been removed. A separate unit or building at 911 E. Sharp Ave. includes fixtures for a small bakery.
The property is located at 913 E. Sharp Ave. in Spokane, with dedicated on-street parking and reported traffic exceeding 25,000 ADT. Built in 1909, the site also sits near Gonzaga and the University Corridor.
The property is located at 913 E. Sharp Ave. in Spokane, with dedicated on-street parking and reported traffic exceeding 25,000 ADT. Built in 1909, the site also sits near Gonzaga and the University Corridor.
Key Highlights
- More than 70 interior seats plus a large patio
- Additional unit/building at 911 E. Sharp Ave. with small bakery fixtures
- Dedicated on‑street parking
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
$48,497
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
8.43%
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%
$969,940
$969.9K
Cap Rate 7%
$692,814
$692.8K
Cap Rate 9%
$538,856
$538.9K
Market Conditions
NOI Build-Up for 3,996 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
$69.5K $17.40/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$64.7K $16.18/SF
− OpEx
−$16.2K −$4.05/SF
NOI
$48.5K $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%
$969,940
Cap Rate 7%
$692,814
Cap Rate 9%
$538,856
Alternative Uses
Best Use
Specialty Retail
$692.8K
$606.2K – $808.3K
NOI $48,497 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$902.1K – $1.20M
NOI $72,168 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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?
Conventional restaurant - Existing restaurant layout includes interior seating, patio space, and a separate building with bakery fixtures.
Where is this conventional restaurant located?
The property is located at 913 E Sharp Ave Spokane, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: More than 70 interior seats plus a large patio; Additional unit/building at 911 E. Sharp Ave. with small bakery fixtures; Dedicated on‑street parking
