Spokane Commercial Flex Space
For Sale
$899,000
1611 S Geiger Blvd, Spokane, WA 99224
COMMERCIAL - Spokane, WA
Property Size9,000 SF
Lot Size1.89 Acres
Price / SF$99.89
Days on Market324
Property Features for 1611 S Geiger Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Elementary school district
Cheney
Directions
GPS is Accurate
Standard status
Active
Size
9,000 SF
Lot size
1.89 Acres
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1982
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Devin Nagel · License #121836
(509) 489-7000
Added: Sep 17, 2025
Changed: Aug 4
Last Checked: Aug 6 at 5:06PM
MLS# 202524124
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial property in Spokane, WA, offers 9,000 square feet of flex space suitable for various business operations. Situated on 1.88 acres, the property features over 20 parking spaces with room for expansion. It includes a 12-foot roll-up door, enhancing its utility for warehouse or office use. The location is strategically positioned between Spokane, Spokane Airport, Airway Heights, I-90, and Highway 2. Previously used by a local church, the space can be adapted for warehouse or additional office purposes. The property is located in Spokane County, Washington.
Key Highlights
- Strategic location between Spokane, Spokane Airport, Airway Heights, I‑90, and Highway 2.
- 9,000 Sq/ft of adaptable space for warehouse or office use.
- 1.88 acre lot with room for expansion.
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
$58,791
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
6.54%
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%
$1,175,820
$1.2M
Cap Rate 7%
$839,871
$839.9K
Cap Rate 9%
$653,233
$653.2K
Market Conditions
NOI Build-Up for 9,000 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
$76.7K $8.52/SF
− Vacancy
−$7.5K −$0.83/SF
EGI
$69.2K $7.69/SF
− OpEx
−$10.4K −$1.15/SF
NOI
$58.8K $6.53/SF
Area
Spokane, WA
Vacancy
9.80%
Lease Rate
$8.52 /SF/Yr
Expense Ratio
15.00%
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%
$1,175,820
Cap Rate 7%
$839,871
Cap Rate 9%
$653,233
Alternative Uses
Best Use
Warehouse
$839.9K
$734.9K – $979.9K
NOI $58,791 @ 7.0% cap · market cap 6.54%
Second Best
Industrial
$748.1K
$654.6K – $872.7K
NOI $52,364 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,540 @ 7.0% cap · market cap 18.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 9,000 SF flex space on 1.88 acres for sale.
Where is this flex space located?
The property is located at 1611 S Geiger Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Strategic location between Spokane, Spokane Airport, Airway Heights, I‑90, and Highway 2.; 9,000 Sq/ft of adaptable space for warehouse or office use.; 1.88 acre lot with room for expansion.
