Three-Unit Storefront
For Sale
$1,500,000
13514 W Sunset Hwy, Airway Heights, WA 99001
COMMERCIAL - Airway Heights, WA
Property Size7,200 SF
Lot Size0.22 Acres
Price / SF$208.33
Days on Market225
Property Features for 13514 W Sunset Hwy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
View
Territorial
Elementary school district
Cheney
Directions
West on 90 to Hwy 2 west. West on Hwy 2 through Airway Heights past Yokes serveral block. On N side of Hwy 2 west of Ziegler St and East on West Drive.
Standard status
Active
APN
15233.0710
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
4135
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1972
Floors in Building
1
Building materials
Steel Frame
Roof type
Flat
Listing Agency:
Real Estate Marketplace NW,Inc
(509) 276-5445
Listed By:
Joe Penny · License #88165
(509) 276-5445
Added: Dec 29, 2025
Changed: Aug 4
Last Checked: Aug 11 at 5:06PM
MLS# 202527943
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This steel-frame storefront property contains a 7,200-square-foot building constructed in 1972 and configured as three units. The building has a flat roof, natural-gas forced-air heating, and individual water meters. Major system updates completed in 2012 include the roof, three furnaces, and two air-conditioning units.
The property fronts Highway 2 in Airway Heights and is located near a casino. The offering also includes five original lots organized across two parcels behind the building along 13th Street. Commercial zoning is identified as Com, supporting the property’s existing retail-oriented configuration.
The property fronts Highway 2 in Airway Heights and is located near a casino. The offering also includes five original lots organized across two parcels behind the building along 13th Street. Commercial zoning is identified as Com, supporting the property’s existing retail-oriented configuration.
Key Highlights
- 7,200‑square‑foot building constructed in 1972
- Three‑unit storefront configuration
- Highway 2 frontage near a casino
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
$79,129
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
5.28%
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%
$1,582,580
$1.6M
Cap Rate 7%
$1,130,414
$1.1M
Cap Rate 9%
$879,211
$879.2K
Market Conditions
NOI Build-Up for 7,200 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
$118.4K $16.44/SF
− Vacancy
−$5.3K −$0.74/SF
EGI
$113.0K $15.70/SF
− OpEx
−$33.9K −$4.71/SF
NOI
$79.1K $10.99/SF
Area
Spokane County, WA
Vacancy
4.50%
Lease Rate
$16.44 /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%
$1,582,580
Cap Rate 7%
$1,130,414
Cap Rate 9%
$879,211
Alternative Uses
Best Use
Retail
$1.13M
$989.1K – $1.32M
NOI $79,129 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,460 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Well-served
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building with Highway 2 frontage, individual water meters, and proximity to a casino.
Where is this storefront property located?
The property is located at 13514 W Sunset Hwy Airway Heights, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,200‑square‑foot building constructed in 1972; Three‑unit storefront configuration; Highway 2 frontage near a casino
