Liberty Lake Flex Industrial
For Sale
Contact for pricing
22820 E Appleway Ave, Liberty Lake, WA
High-quality flex industrial property suitable for owner-users or investors.
Property Size36,498 SF
Lot Size2.46 Acres
Price / SF$158.91
Days on Market1091
Property Features for 22820 E Appleway Ave
General Information
Standard status
Active
Size
36,498 SF
Lot size
2.46 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 22820 E Appleway Ave Contact us- Size
- 36,498 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
Office/Flex Building
Available for Sale or Lease
Sale Price | $5,800,000
Lease Rate | $13.50 PSF
NNN Expense...
show more
Contact us
Listing Agency:
Kiemle Hagood
(509) 838-6541
Listed By:
Tim Kestell · License #84800
(509) 755-7542
Source:
Moodyscre
Added: Sep 12, 2023
Changed: Aug 21
Last Checked: Sep 5 at 8:58AM
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 Kiemle Hagood
Investment Insights
Based on property information with market context.
This multi-tenant, single-level flex industrial property in Liberty Lake offers a rare opportunity for both owner-users and investors. Constructed in 1992 and renovated in 2015, the building provides approximately 36,498 square feet of space on a land area of approximately 2.46 acres (107,157 square feet). The property includes approximately 176 parking stalls, equating to a ratio of approximately 4.82 stalls per 1,000 square feet. It features newer roofing, a gym/warehouse space, and an outdoor break area. The property is zoned for industrial use (I) and has 440V power. Convenient freeway access enhances its appeal.
Key Highlights
- ±36,498 SF high‑quality flex industrial property suitable for owner‑user or investor.
- Rare Liberty Lake location with convenient freeway access.
- Ample parking with ±176 stalls (±4.82 per 1,000 SF).
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
$430,788
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
7.43%
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%
$8,615,760
$8.6M
Cap Rate 7%
$6,154,114
$6.2M
Cap Rate 9%
$4,786,533
$4.8M
Market Conditions
NOI Build-Up for 36,498 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
$731.4K $20.04/SF
− Vacancy
−$157.0K −$4.30/SF
EGI
$574.4K $15.74/SF
− OpEx
−$143.6K −$3.93/SF
NOI
$430.8K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$8,615,760
Cap Rate 7%
$6,154,114
Cap Rate 9%
$4,786,533
Alternative Uses
Best Use
Office B
$6.15M
$5.38M – $7.18M
NOI $430,788 @ 7.0% cap · market cap 7.43%
Second Best
Flex RnD
$3.04M
$2.66M – $3.54M
NOI $212,659 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$8.43M
$7.38M – $9.84M
NOI $590,357 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bobby's Cafe & Catering — 1620 N. Signal Drive, Rm. N102B, Liberty Lake, WA 99019
- Le Catering — 24001 E Mission Ave, Liberty Lake, WA 99019
Frequently Asked Questions
What type of property is this?
Flex space - High-quality flex industrial property suitable for owner-users or investors.
Where is this flex space located?
The property is located at 22820 E Appleway Ave Liberty Lake, WA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: ±36,498 SF high‑quality flex industrial property suitable for owner‑user or investor.; Rare Liberty Lake location with convenient freeway access.; Ample parking with ±176 stalls (±4.82 per 1,000 SF).
