Building Details

Year built 2016

Building materials Steel Frame

Roof type Metal

Additional Structures Workshop

Listing Agency: eXp Realty, LLC a***@exprealty.net Show Phone

Listed By: Collin Kelley · License #106200 Show Phone

Added: Aug 6 Changed: Sep 7 Last Checked: Sep 24 at 12:06PM

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MLS# 202622221

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 self-storage facility occupies approximately 10 acres and contains 27 units, including a 3,600-square-foot building, a 1,800-square-foot unit, and 24 storage units of approximately 300 square feet each. The improvements were constructed in 2016 with steel-frame construction and a metal roof. The property is reported as 100% occupied and includes long-term tenants across the existing unit mix.

Located at 1405 W Half Moon Rd in Colbert, Washington, the property includes permits for additional expansion. The combination of an established storage operation, varied unit sizes, and available land supports continued use as a self-storage facility.

Key Highlights

• Approximately 10 acres
• 27 total units, including 24 approximately 300 SF storage units
• 3,600 SF building and 1,800 SF unit included

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

$110,603

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

8.51%

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%

$2,212,060 $2.2M

Cap Rate 7%

$1,580,043 $1.6M

Cap Rate 9%

$1,228,922 $1.2M

Market Conditions

NOI Build-Up for 12,600 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

$166.3K $13.20/SF

− Vacancy

−$8.3K −$0.66/SF

EGI

$158.0K $12.54/SF

− OpEx

−$47.4K −$3.76/SF

NOI

$110.6K $8.78/SF

Area

Spokane County, WA

Vacancy

5.00%

Lease Rate

$13.20 /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%

$2,212,060

Cap Rate 7%

$1,580,043

Cap Rate 9%

$1,228,922

Alternative Uses

Best Use

Self Storage

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,603 @ 7.0% cap · market cap 8.51%

Second Best

Warehouse

$1.26M

$1.10M – $1.47M (±1% cap)

NOI $88,197 @ 7.0% cap · market cap 6.78%

Theoretical Best

Office A

$2.91M

$2.55M – $3.40M (±1% cap)

NOI $203,806 @ 7.0% cap · market cap 15.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Self storage facilities

Suggested Use

Top Pick Garden Center Real Estate Agency Pet Store

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

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 99005, WA

10,253

Population

3,656

Households

2.8

Avg Household Size

42

Median Age

36%

College-Educated

97%

High-School Grad

39.6 sq mi

ZIP Area

259

Density / Sq Mi

$123,259

Median Household Income

$49,775

Median Earnings

$1,185

Median Rent

$488,100

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this self storage facilities located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Self storage facility - Occupied storage property with multiple unit sizes, substantial land area, and approved expansion permits.

Where is this self storage facility located?

The property is located at 1405 W HALF MOON Rd Colbert, WA.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Approximately 10 acres; 27 total units, including 24 approximately 300 SF storage units; 3,600 SF building and 1,800 SF unit included