Industrial Building in
For Sale
$1,850,000
3820 E Main Ave, Spokane, WA 99202
Fully leased industrial building in Spokane's central industrial district.
Property Size17,300 SF
Price / SF$106.94
Days on Market263
Property Features for 3820 E Main Ave
General Information
Standard status
Active
Size
17,300 SF
Property subtype
Industrial
Building Details
Building Size
17,300 SF
Year Built
1995
Listing Agency:
SVN | Cornerstone
(509) 939-8094
Listed By:
John J. Hillier · License #WA #44909
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 10
Last Checked: Aug 11 at 5:07AM
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 SVN | Cornerstone
Investment Insights
Based on property information with market context.
Located on the southeast corner of Main Avenue and Julia Street in Spokane's central industrial district, this fully leased single-tenant building occupies a 0.89-acre site, equivalent to 38,000 square feet. The building features two levels, providing a total floor area of 17,300 square feet. It is equipped with a gas-forced HVAC system and a three-phase electrical system. The warehouse portion of the building offers a 20-foot clear height. The current lease extends through October 31, 2027, and includes one ten-year option period. The lease is a Triple Net (Net Net Net) Lease. The tenant, ProSource of Spokane, is part of the ProSource network, which encompasses 145 locations across North America. The property is suitable for warehouse and industrial use.
Key Highlights
- Fully leased to ProSource, part of a 145‑location network, ensuring stable income.
- Triple Net (NNN) Lease minimizes landlord responsibilities.
- Lease term through October 31, 2027, with a ten (10) year option.
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
$113,009
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
6.11%
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%
$2,260,180
$2.3M
Cap Rate 7%
$1,614,414
$1.6M
Cap Rate 9%
$1,255,656
$1.3M
Market Conditions
NOI Build-Up for 17,300 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
$147.4K $8.52/SF
− Vacancy
−$14.4K −$0.83/SF
EGI
$133.0K $7.69/SF
− OpEx
−$19.9K −$1.15/SF
NOI
$113.0K $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%
$2,260,180
Cap Rate 7%
$1,614,414
Cap Rate 9%
$1,255,656
Alternative Uses
Best Use
Warehouse
$1.61M
$1.41M – $1.88M
NOI $113,009 @ 7.0% cap · market cap 6.11%
Second Best
Industrial
$1.44M
$1.26M – $1.68M
NOI $100,654 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$4.46M
$3.91M – $5.21M
NOI $312,438 @ 7.0% cap · market cap 16.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Fully leased industrial building in Spokane's central industrial district.
Where is this warehouse located?
The property is located at 3820 E Main Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Fully leased to ProSource, part of a 145‑location network, ensuring stable income.; Triple Net (NNN) Lease minimizes landlord responsibilities.; Lease term through October 31, 2027, with a ten (10) year option.
