Fenced Flex Space with Gated
For Sale
$420,000
Pending
2002 S Garfield Rd, Airway Heights, WA 99001
Commercial Sale, Airway Heights, WA
Property Size3,960 SF
Lot Size0.41 Acres
Days on Market174
Property Features for 2002 S Garfield Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I1
Lot features
Fencing, Fenced Yard, Level, Oversized Lot
Elementary school district
Cheney
Standard status
Pending
APN
15252.0401
Size
3,960 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
4476
Utilities
Heating system
Natural Gas, Ductless (Heating), Electric (Heating)
Cooling system
Window Unit(s), Ductless
Building Details
Year built
2007
Floors in Building
2
Building materials
Steel Frame
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Amber Leigh
(509) 220-7271
Added: Apr 6
Changed: Sep 16
Last Checked: Sep 26 at 7:06PM
MLS# 202615202
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 3,960-square-foot flex property sits on a 0.41-acre fully fenced lot with gated entry. Built in 2007, the two-story steel-frame building includes 18 interior rooms measuring approximately 16 by 16 feet, a larger room of approximately 20 by 20 feet, and a roll-up door. The layout also provides two bathrooms and a combination of city water and septic service.
Building systems include natural-gas heat, electric heating, ductless heating and cooling, and window units. A metal roof and 2 phase 800 amp service support the facility’s industrial configuration. I1 zoning is in place, with the property located in Airway Heights near a major highway, the airport, and an Amazon distribution center.
Building systems include natural-gas heat, electric heating, ductless heating and cooling, and window units. A metal roof and 2 phase 800 amp service support the facility’s industrial configuration. I1 zoning is in place, with the property located in Airway Heights near a major highway, the airport, and an Amazon distribution center.
Key Highlights
- 3,960 square feet on a 0.41‑acre fully fenced lot
- I1 zoning with gated access and a large roll‑up door
- Two‑story steel‑frame building constructed in 2007
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
$27,719
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
6.60%
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%
$554,380
$554.4K
Cap Rate 7%
$395,986
$396.0K
Cap Rate 9%
$307,989
$308.0K
Market Conditions
NOI Build-Up for 3,960 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
$35.6K $9.00/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$32.6K $8.24/SF
− OpEx
−$4.9K −$1.24/SF
NOI
$27.7K $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%
$554,380
Cap Rate 7%
$395,986
Cap Rate 9%
$307,989
Alternative Uses
Best Use
Warehouse
$396.0K
$346.5K – $462.0K
NOI $27,719 @ 7.0% cap · market cap 6.60%
Second Best
Flex RnD
$329.6K
$288.4K – $384.6K
NOI $23,073 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$915.0K
$800.7K – $1.07M
NOI $64,053 @ 7.0% cap · market cap 15.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
209
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story steel-frame facility with I1 zoning, roll-up access, and multiple interior rooms.
Where is this flex space located?
The property is located at 2002 S Garfield Rd Airway Heights, WA.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 3,960 square feet on a 0.41‑acre fully fenced lot; I1 zoning with gated access and a large roll‑up door; Two‑story steel‑frame building constructed in 2007
