Flex Warehouse with Secured
For Sale
Contact for pricing
322 N Freya, Spokane, WA 99202
Flex warehouse property with secured lot, showroom space, and multiple roll-up doors across two buildings.
Property Size5,040 SF
Lot Size0.57 Acres
Price / SF$99.01
Days on Market585
Property Features for 322 N Freya
General Information
Standard status
Active
Size
5,040 SF
Lot size
0.57 Acres
Property subtype
INDUSTRIAL
Zoning
HI
Listing Agency:
Cantu Commercial Properties
(509) 777-1111
Listed By:
Sam Morse · License #B9988
(509) 370-9166
Source:
Moodyscre
Added: Feb 6, 2025
Changed: Sep 3
Last Checked: Sep 13 at 11:50AM
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 Cantu Commercial Properties
Investment Insights
Based on property information with market context.
This flex warehouse property includes two buildings totaling 5,040 square feet, plus a secured lot and ample parking. The main building is 2,920 square feet and features an approximately 700-square-foot garage/shop, a large showroom, and a 7’ wide by 8’ tall roll-up door. A separate storage/shop building provides 2,120 square feet with two roll-up doors measuring 9’ wide by 7’ tall and 10’ wide by 9’ tall (see attached floorplan).
The property offers one full block of Freya Street exposure and is located on a lot sized 25,000 square feet. Zoning is listed as HI, and the remarks note bill board lease income with the sale of the property.
For additional details on zoning and use, contact the listing agent.
The property offers one full block of Freya Street exposure and is located on a lot sized 25,000 square feet. Zoning is listed as HI, and the remarks note bill board lease income with the sale of the property.
For additional details on zoning and use, contact the listing agent.
Key Highlights
- Flex warehouse on a secured lot with one full block of Freya Street exposure
- Total size about 5,040 SF across two buildings: 2,920 SF main building and 2,120 SF storage/shop building
- Main building includes a ~700 SF garage/shop and a 7' wide x 8' tall roll‑up door plus large showroom space
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
$29,324
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
5.88%
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%
$586,480
$586.5K
Cap Rate 7%
$418,914
$418.9K
Cap Rate 9%
$325,822
$325.8K
Market Conditions
NOI Build-Up for 5,040 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
$44.8K $8.88/SF
− Vacancy
−$2.9K −$0.57/SF
EGI
$41.9K $8.31/SF
− OpEx
−$12.6K −$2.49/SF
NOI
$29.3K $5.82/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$8.88 /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%
$586,480
Cap Rate 7%
$418,914
Cap Rate 9%
$325,822
Alternative Uses
Best Use
Industrial
$418.9K
$366.6K – $488.7K
NOI $29,324 @ 7.0% cap · market cap 5.88%
Second Best
Flex RnD
$389.0K
$340.4K – $453.8K
NOI $27,229 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,022 @ 7.0% cap · market cap 18.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Under-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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse property with secured lot, showroom space, and multiple roll-up doors across two buildings.
Where is this flex space located?
The property is located at 322 N Freya Spokane, WA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Flex warehouse on a secured lot with one full block of Freya Street exposure; Total size about 5,040 SF across two buildings: 2,920 SF main building and 2,120 SF storage/shop building; Main building includes a ~700 SF garage/shop and a 7' wide x 8' tall roll‑up door plus large showroom space
