New Flex
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11000 W Westbow Blvd., Spokane, WA 99004
Regional Commercial-zoned property with Interstate 90 access near an interchange.
Property Size8,000 SF
Price / SF$60.96
Days on Market15
Property Features for 11000 W Westbow Blvd.
General Information
Standard status
Active
Size
8,000 SF
Class
A
Total Parking Spaces
25
Property subtype
Office, Industrial
Zoning
Regional Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
No
Outdoor Storage
No
Warehouse & Industrial
Rail Access
No
Cold Storage
No
Conditioned Warehouse
No
Additional Details
Opportunity Zone
No
Building Details
Buildings
1
Stories
1
Building Size
8,000 SF
Abandoned
No
Listing Agency:
Hawkins Edwards
(509) 939-8828
Listed By:
Kevin Edwards · License #WA
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 10 at 4:14PM
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 Hawkins Edwards
Investment Insights
Based on property information with market context.
This flex-space property is positioned for a newly constructed building under a full building permit. The approved project encompasses 8,000 square feet and is associated with a property size of 8,120 square feet. Regional Commercial zoning supports its placement within an industrial and commercial corridor.
The site is along Interstate 90 and near an interchange, providing direct access to a major regional transportation route. Its location on W. Westbow Blvd. places the property within the established industrial and commercial corridor described for the site.
The site is along Interstate 90 and near an interchange, providing direct access to a major regional transportation route. Its location on W. Westbow Blvd. places the property within the established industrial and commercial corridor described for the site.
Key Highlights
- Full permit issued for an 8,000 SqFt flex building
- 8,120‑square‑foot property size
- Regional 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
$43,869
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
8.86%
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%
$877,380
$877.4K
Cap Rate 7%
$626,700
$626.7K
Cap Rate 9%
$487,433
$487.4K
Market Conditions
NOI Build-Up for 8,120 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
$72.1K $8.88/SF
− Vacancy
−$4.6K −$0.57/SF
EGI
$67.5K $8.31/SF
− OpEx
−$23.6K −$2.91/SF
NOI
$43.9K $5.40/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$8.88 /SF/Yr
Expense Ratio
35.00%
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%
$877,380
Cap Rate 7%
$626,700
Cap Rate 9%
$487,433
Alternative Uses
Best Use
Warehouse
$757.7K
$663.0K – $884.0K
NOI $53,042 @ 7.0% cap · market cap 10.72%
Second Best
Industrial
$674.9K
$590.6K – $787.4K
NOI $47,244 @ 7.0% cap · market cap 9.54%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,647 @ 7.0% cap · market cap 29.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99004, WA
23,064
Population
8,992
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
334.3 sq mi
ZIP Area
69
Density / Sq Mi
$62,014
Median Household Income
$29,835
Median Earnings
$1,081
Median Rent
$368,500
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 - Regional Commercial-zoned property with Interstate 90 access near an interchange.
Where is this flex space located?
The property is located at 11000 W Westbow Blvd. Spokane, WA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Full permit issued for an 8,000 SqFt flex building; 8,120‑square‑foot property size; Regional Commercial zoning
