Properties For Sale

at 22820 E Appleway Ave

Office/Flex Building AVAILABLE

Size 36,498 SF

Type OFFICE

Lease Type NNN

Available for Sale or Lease Sale Price | $5,800,000 Lease Rate | $13.50 PSF NNN Expense | ±$4.90 PSF Total Building SF | ±36,498 Parcel #s | 55104.9056 & 55104.9085 Zoning | Industrial (I) •Multi-Tenant building •High quality flex industrial property •Rare Liberty Lake opportunity •Ideal for owner user or investor •Single level •Ample parking •Convenient freeway access •Newer roofing •Gym/Warehouse space •Outdoor break area •440V power

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Listing Agency: Kiemle Hagood Show Phone

Listed By: Tim Kestell · License #84800 Show Phone

Source: Moodyscre

Added: Sep 12, 2023 Changed: Oct 21 Last Checked: Oct 24 at 7:49PM

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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

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Review the available facts, identify missing information and prepare questions for the agent.

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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 / Yr

$430,788

Cap Rate

7.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,615,760 $8.6M

Cap Rate 7%

$6,154,114 $6.2M

Cap Rate 9%

$4,786,533 $4.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 36,498 SF

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 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 (±1% cap)

NOI $430,788 @ 7.0% cap · market cap 7.43%

Second Best

Flex RnD

$3.04M

$2.66M – $3.54M (±1% cap)

NOI $212,659 @ 7.0% cap · market cap 3.67%

Theoretical Best

Office A

$8.43M

$7.38M – $9.84M (±1% cap)

NOI $590,357 @ 7.0% cap · market cap 10.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick HVAC Service Building Supply Big Box & Wholesale Store Grocery & Convenience Store Bakery Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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).