Turn Key Grow/Storage
For Sale
Contact for pricing
10117 S Spotted Rd, Cheney, WA
25,000 SF facility suitable for grow operation or self-storage.
Property Size25,000 SF
Lot Size2.09 Acres
Price / SF$140
Days on Market1631
Property Features for 10117 S Spotted Rd
General Information
Standard status
Active
Size
25,000 SF
Lot size
2.09 Acres
Property subtype
INDUSTRIAL
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #24027253
(509) 315-8720
Source:
Moodyscre
Added: Feb 17, 2022
Changed: Jul 6
Last Checked: Jul 21 at 4:53AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This property features two buildings ranging from 2 to 12,500 square feet. It is turn-key ready for either a grow operation or self-storage facility. The license is attached to the address, and is available for $100,000 to grow and process. Flexible lease terms are available. Additional yard space is also available. The property is available now.
Key Highlights
- License attached to address
- Turn key for grow op or self‑storage
- Two buildings each offering 12,500 sq ft
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
$219,450
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
6.27%
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%
$4,389,000
$4.4M
Cap Rate 7%
$3,135,000
$3.1M
Cap Rate 9%
$2,438,333
$2.4M
Market Conditions
NOI Build-Up for 25,000 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
$330.0K $13.20/SF
− Vacancy
−$16.5K −$0.66/SF
EGI
$313.5K $12.54/SF
− OpEx
−$94.1K −$3.76/SF
NOI
$219.5K $8.78/SF
Area
Spokane County, WA
Vacancy
5.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$4,389,000
Cap Rate 7%
$3,135,000
Cap Rate 9%
$2,438,333
Alternative Uses
Best Use
Self Storage
$3.13M
$2.74M – $3.66M
NOI $219,450 @ 7.0% cap · market cap 6.27%
Second Best
Warehouse
$2.50M
$2.19M – $2.92M
NOI $174,994 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$5.78M
$5.05M – $6.74M
NOI $404,376 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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?
Warehouse - 25,000 SF facility suitable for grow operation or self-storage.
Where is this warehouse located?
The property is located at 10117 S Spotted Rd Cheney, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: License attached to address; Turn key for grow op or self‑storage; Two buildings each offering 12,500 sq ft
