Industrial Flex
For Sale
$365,000
13315 W 13th Ave, Airway Heights, WA 99001
Industrial flex warehouse with 16’ ceilings, two bathrooms, and central gas heat plus A/C.
Property Size3,720 SF
Days on Market151
Property Features for 13315 W 13th Ave
General Information
Standard status
Active
Size
3,720 SF
Total Parking Spaces
2
Property subtype
Industrial
Additional Details
Clear Height
16 ft
Building Details
Building Size
3,720 SF
Year Built
2004
Listed By:
Nate Gant · License #WA #88430
(509) 993-4440
Source:
Svncornerstone
Added: Apr 11
Changed: Sep 8
Last Checked: Sep 8 at 6:32AM
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 Nate Gant
Investment Insights
Based on property information with market context.
This industrial flex warehouse features 16’ ceilings and two bathrooms. The building is equipped with a gas furnace, hot water, and central A/C. Interior painting is currently underway, and the layout includes two large spaces with potential for improvement.
The property includes two on-site car parks. There is an opportunity for the owner to lease up to seven additional parking spaces from the adjacent Airway Heights Police Department.
The two large spaces may allow for future upgrades such as adding overhead doors and increasing power to the building, subject to feasibility.
The property includes two on-site car parks. There is an opportunity for the owner to lease up to seven additional parking spaces from the adjacent Airway Heights Police Department.
The two large spaces may allow for future upgrades such as adding overhead doors and increasing power to the building, subject to feasibility.
Key Highlights
- Industrial flex warehouse with 16' ceilings
- Central gas furnace with hot water plus central A/C
- Two bathrooms on‑site
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
$21,675
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
5.94%
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%
$433,500
$433.5K
Cap Rate 7%
$309,643
$309.6K
Cap Rate 9%
$240,833
$240.8K
Market Conditions
NOI Build-Up for 3,720 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
$37.1K $9.96/SF
− Vacancy
−$3.7K −$1.00/SF
EGI
$33.3K $8.96/SF
− OpEx
−$11.7K −$3.14/SF
NOI
$21.7K $5.83/SF
Area
Spokane County, WA
Vacancy
10.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$433,500
Cap Rate 7%
$309,643
Cap Rate 9%
$240,833
Alternative Uses
Best Use
Flex RnD
$309.6K
$270.9K – $361.3K
NOI $21,675 @ 7.0% cap · market cap 5.94%
Second Best
Industrial
$306.3K
$268.1K – $357.4K
NOI $21,444 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$859.6K
$752.1K – $1.00M
NOI $60,171 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Balanced
Demand for This Use
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?
Flex space - Industrial flex warehouse with 16’ ceilings, two bathrooms, and central gas heat plus A/C.
Where is this flex space located?
The property is located at 13315 W 13th Ave Airway Heights, WA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Industrial flex warehouse with 16' ceilings; Central gas furnace with hot water plus central A/C; Two bathrooms on‑site
