Warehouse Space Approved for 24/7
New
For Sale
$999,500
1927 S Garfield Rd, Airway Heights, WA 99001
COMMERCIAL - Airway Heights, WA
Property Size11,980 SF
Lot Size0.01 Acres
Price / SF$83.43
Days on Market6
Property Features for 1927 S Garfield Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Fencing
View
City
Elementary school district
Cheney
Standard status
Active
APN
15252.0149
Lot size
0.01 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1981
Building materials
Steel Frame
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Konstantin Velikodnyy · License #112734
(509) 489-7000
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 6 at 5:06PM
MLS# 202621993
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 updated warehouse at 1927 S Garfield Rd in Airway Heights features steel-frame construction, a metal roof, natural gas heating, and central air. The exterior has been freshly painted, and the parking has been leveled and improved. The property is approved for 24/7 operation and is zoned 100% commercial, supporting a wide range of business uses.
With 11,980 SF of potential shop space, the building is set up for day-to-day operations where a dedicated workspace is needed. It’s positioned near Amazon’s distribution center, Spokane International Airport, and major highways, which can support logistics-focused activity and convenient access for employees and customers.
With 11,980 SF of potential shop space, the building is set up for day-to-day operations where a dedicated workspace is needed. It’s positioned near Amazon’s distribution center, Spokane International Airport, and major highways, which can support logistics-focused activity and convenient access for employees and customers.
Key Highlights
- 11,980 SF of potential usable shop space
- 0.0069‑acre lot
- 100% commercial zoning
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
$83,857
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
8.39%
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%
$1,677,140
$1.7M
Cap Rate 7%
$1,197,957
$1.2M
Cap Rate 9%
$931,744
$931.7K
Market Conditions
NOI Build-Up for 11,980 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
$107.8K $9.00/SF
− Vacancy
−$9.2K −$0.77/SF
EGI
$98.7K $8.24/SF
− OpEx
−$14.8K −$1.24/SF
NOI
$83.9K $7.00/SF
Area
Spokane County, WA
Vacancy
8.50%
Lease Rate
$9.00 /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%
$1,677,140
Cap Rate 7%
$1,197,957
Cap Rate 9%
$931,744
Alternative Uses
Best Use
Retail
$1.88M
$1.65M – $2.19M
NOI $131,662 @ 7.0% cap · market cap 13.17%
Second Best
Warehouse
$1.20M
$1.05M – $1.40M
NOI $83,857 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,777 @ 7.0% cap · market cap 19.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99001, WA
8,859
Population
2,739
Households
3.2
Avg Household Size
34
Median Age
18%
College-Educated
91%
High-School Grad
8.0 sq mi
ZIP Area
1,107
Density / Sq Mi
$60,182
Median Household Income
$34,200
Median Earnings
$1,271
Median Rent
$281,100
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Updated steel-frame warehouse with 11,980 SF shop space, 100% commercial zoning, and 24/7 operating approval.
Where is this warehouse located?
The property is located at 1927 S Garfield Rd Airway Heights, WA.
What is the asking price?
The asking price for this property is $999,500.
What are key features of this property?
This property features: 11,980 SF of potential usable shop space; 0.0069‑acre lot; 100% commercial zoning
