Versatile Live/Work Light Industrial
For Sale
$498,500
10623 E Montgomery Dr, Spokane Valley, WA 99206
Light industrial property suitable for live/work or commercial operations.
Property Size2,000 SF
Lot Size0.28 Acres
Price / SF$249.25
Days on Market208
Property Features for 10623 E Montgomery Dr
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.28 Acres
Taxes and HOA fees
Annual Taxes
$3,344
Listing Agency:
Avalon 24 Real Estate
(509) 998-0988
Listed By:
Aryn Presta
(509) 998-0988
Source:
Exprealty
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 21 at 11:57AM
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 Avalon 24 Real Estate
Investment Insights
Based on property information with market context.
This light industrial zoned property is suited for a live/work setup or commercial operations. The property features six office areas and three bathrooms, with space for two additional offices on the main floor. The ground level, spanning just under 2,000 sq ft, includes a conference room, a smaller meeting space, a functional kitchen, and a shop area. Upstairs, there are three large bedrooms convertible to premium office suites, with the option for separate exterior access. Situated on a quarter-acre corner lot, the site provides parking for up to nine vehicles, a 30x24 garage/shop, and high visibility with high daily traffic counts. Every room is wired for high-speed internet.
Key Highlights
- Light industrial zoning suitable for live/work or commercial use.
- Prime quarter‑acre corner lot with high visibility and traffic.**
- Ample parking for up to nine vehicles plus a 30x24 garage/shop.
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
$21,840
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
4.38%
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%
$436,800
$436.8K
Cap Rate 7%
$312,000
$312.0K
Cap Rate 9%
$242,667
$242.7K
Market Conditions
NOI Build-Up for 2,000 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
$38.4K $19.20/SF
− Vacancy
−$3.5K −$1.73/SF
EGI
$34.9K $17.47/SF
− OpEx
−$13.1K −$6.55/SF
NOI
$21.8K $10.92/SF
Area
Spokane Valley, WA
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$436,800
Cap Rate 7%
$312,000
Cap Rate 9%
$242,667
Alternative Uses
Best Use
Mixed Use
$312.0K
$273.0K – $364.0K
NOI $21,840 @ 7.0% cap · market cap 4.38%
Second Best
Office B
$306.0K
$267.8K – $357.0K
NOI $21,420 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$434.5K
$380.2K – $506.9K
NOI $30,413 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 99206, WA
39,842
Population
17,339
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
23.4 sq mi
ZIP Area
1,703
Density / Sq Mi
$75,538
Median Household Income
$42,018
Median Earnings
$1,174
Median Rent
$362,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Light industrial property suitable for live/work or commercial operations.
Where is this live-work space located?
The property is located at 10623 E Montgomery Dr Spokane Valley, WA.
What is the asking price?
The asking price for this property is $498,500.
What are key features of this property?
This property features: Light industrial zoning suitable for live/work or commercial use.; Prime quarter‑acre corner lot with high visibility and traffic.**; Ample parking for up to nine vehicles plus a **30x24 garage/shop.**
