Charming Building in Revitalized
For Sale
Contact for pricing
9919 E Sprague Ave, Spokane Valley, WA
5,400 SF commercial building with flexible floor plan.
Property Size7,200 SF
Lot Size0.51 Acres
Price / SF$145.83
Days on Market269
Property Features for 9919 E Sprague Ave
General Information
Standard status
Active
Size
7,200 SF
Lot size
0.51 Acres
Property subtype
RETAIL
Listing Agency:
John L. Scott Spokane Valley-Liberty Lake
(509) 844-3737
Listed By:
Rebecca Usai · License #SP34974
(509) 844-3737
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 9
Last Checked: Aug 20 at 12:32PM
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 John L. Scott Spokane Valley-Liberty Lake
Investment Insights
Based on property information with market context.
This 5,400 SF above-grade commercial building, with an additional 1,800 SF basement, features a stucco exterior and a red tile roof. Designed by John Saylor, the building includes multiple French doors, Palladian windows, and decorative flower boxes. The interior features a wood staircase, skylights, tiled entries, and a spacious main room with high ceilings, built-in woodwork, and abundant natural light. Original 1940s hardwood floors are present in key areas, complemented by new LVP flooring and fresh paint from a 2021 renovation. Situated on a 0.54-acre corner lot at the edge of the Sprague Avenue renewal district, the property offers 22 on-site parking spaces and excellent visibility. City Hall is visible from the front windows, and the new Spokane Valley Library is located just two buildings away. The property is across the street from AutoNation Audi and Volkswagen, and nearby amenities include WinCo Foods, Rosauers Shopping Center, McDonald’s, a fitness center, and the Paul Mitchell Training Center. The flexible floor plan and architectural details make the property suitable for various uses, including retail, office, showroom, studio, or small-scale event space. The building is located in a vibrant commercial corridor with steady traffic and growing appeal, with surrounding businesses investing in major upgrades.
Key Highlights
- Prime corner location in a revitalized commercial corridor with high visibility and steady traffic.
- Architecturally significant building (John Saylor design) with unique features like a red tile roof, French doors, Palladian windows, and decorative flower boxes.
- Flexible 5,400 SF above‑grade space (plus 1,800 SF basement) suitable for retail, office, showroom, studio, or event space.**
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
$77,112
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
7.34%
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%
$1,542,240
$1.5M
Cap Rate 7%
$1,101,600
$1.1M
Cap Rate 9%
$856,800
$856.8K
Market Conditions
NOI Build-Up for 7,200 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
$121.0K $16.80/SF
− Vacancy
−$18.1K −$2.52/SF
EGI
$102.8K $14.28/SF
− OpEx
−$25.7K −$3.57/SF
NOI
$77.1K $10.71/SF
Area
Spokane Valley, WA
Vacancy
15.00%
Lease Rate
$16.80 /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%
$1,542,240
Cap Rate 7%
$1,101,600
Cap Rate 9%
$856,800
Alternative Uses
Best Use
Office B
$1.10M
$963.9K – $1.29M
NOI $77,112 @ 7.0% cap · market cap 7.34%
Second Best
Retail
$953.9K
$834.6K – $1.11M
NOI $66,770 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,486 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Perfection Tile LLC — 5722 N Progress Rd, Spokane Valley, WA 99216
Frequently Asked Questions
What type of property is this?
Showroom - 5,400 SF commercial building with flexible floor plan.
Where is this showroom located?
The property is located at 9919 E Sprague Ave Spokane Valley, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Prime corner location in a revitalized commercial corridor with high visibility and steady traffic.; Architecturally significant building (John Saylor design) with unique features like a red tile roof, French doors, Palladian windows, and decorative flower boxes.; Flexible 5,400 SF above‑grade space (plus 1,800 SF basement) suitable for retail, office, showroom, studio, or event space.**
