Automated Self-Storage Facility For
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12310 W 12th Ave, Airway Heights, WA 99001
22,268 SF, 114-unit self-storage facility in Airway Heights, WA.
Property Size22,268 SF
Lot Size1.70 Acres
Price / SF$83.08
Days on Market554
Property Features for 12310 W 12th Ave
General Information
Standard status
Active
Size
22,268 SF
Class
B
Lot size
1.70 Acres
Property subtype
Self Storage
Zoning
I-1
Building Details
Year Built
2016
Listing Agency:
American RE Associates, Inc.
Listed By:
Ryan Layton · License #WA 27102
Source:
Crexi
Added: Feb 4, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:40AM
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 American RE Associates, Inc.
Investment Insights
Based on property information with market context.
Block Self Storage is a 22,268 SF drive-up self-storage facility comprising 114 units. The property is located in Airway Heights, Washington, situated between Fairchild Air Force Base and Spokane International Airport. The facility features asphalt drive aisles, high-tech security, an automated keypad entry gate, and full fencing. It is designed for fully automated and remotely managed operation, maintaining consistent cash flow with minimal operating expenses. There is potential for expansion with the purchase of a nearby 1.7-acre parcel. This property presents an investment opportunity.
Key Highlights
- Fully automated, remotely managed facility for minimal operating expenses.
- Located in a thriving community between Fairchild Air Force Base and Spokane International Airport ensuring consistent cash flow.
- Potential to expand with the purchase of nearby 1.7 acres.
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
$128,364
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
6.94%
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%
$2,567,280
$2.6M
Cap Rate 7%
$1,833,771
$1.8M
Cap Rate 9%
$1,426,267
$1.4M
Market Conditions
NOI Build-Up for 22,268 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
$200.4K $9.00/SF
− Vacancy
−$17.0K −$0.77/SF
EGI
$183.4K $8.24/SF
− OpEx
−$55.0K −$2.47/SF
NOI
$128.4K $5.76/SF
Area
Spokane County, WA
Vacancy
8.50%
Lease Rate
$9.00 /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%
$2,567,280
Cap Rate 7%
$1,833,771
Cap Rate 9%
$1,426,267
Alternative Uses
Best Use
Self Storage
$2.79M
$2.44M – $3.26M
NOI $195,469 @ 7.0% cap · market cap 10.57%
Second Best
Industrial
$1.83M
$1.60M – $2.14M
NOI $128,364 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$5.15M
$4.50M – $6.00M
NOI $360,186 @ 7.0% cap · market cap 19.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Explore this area
Business Placement
Demographics for 99001, WA
8,859
Population
2,739
Households
3.2
Avg Household Size
34
Median Age
18%
College-Educated
91%
High-School Grad
8.0 sq mi
ZIP Area
1,107
Density / Sq Mi
$60,182
Median Household Income
$34,200
Median Earnings
$1,271
Median Rent
$281,100
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?
Self storage facility - 22,268 SF, 114-unit self-storage facility in Airway Heights, WA.
Where is this self storage facility located?
The property is located at 12310 W 12th Ave Airway Heights, 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 automated, remotely managed facility for minimal operating expenses.; Located in a thriving community between Fairchild Air Force Base and Spokane International Airport ensuring consistent cash flow.; Potential to expand with the purchase of nearby 1.7 acres.
