Building Details

Buildings 1

Stories 2

Building Size 6,883 SF

Listing Agency: Cantu Commercial Properties Show Phone

Listed By: Dan Cantu · License #D12264 Show Phone

Source: Moodyscre

Added: Jan 19 Changed: Oct 6 Last Checked: Oct 12 at 9:54PM

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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 property combines showroom and office areas with warehouse space positioned at the rear. The building contains 6,883 total SF, including approximately 6,000 SF on the main floor and 883 SF on the second floor. A 14 x 14 overhead door supports warehouse access, while the 16-foot ceiling height accommodates a range of commercial functions. Forced-air gas heat and air conditioning serve the building throughout, and the roof was replaced in 2021.

The property includes 6,000 SF of land and is zoned CC2-EC. Located at 1511 E Sprague Ave in Spokane, Washington, the asset offers a combined commercial layout suited to operations requiring showroom, office, and warehouse components.

Key Highlights

• 6,883 total SF building with approximately 6,000 SF main floor and 883 SF second floor
• Showroom and office areas combined with warehouse space at the rear
• 6,000 SF of land zoned CC2‑EC

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$98,558

Cap Rate

8.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,971,160 $2.0M

Cap Rate 7%

$1,407,971 $1.4M

Cap Rate 9%

$1,095,089 $1.1M

Market Conditions

NOI Build-Up for 6,883 SF

Gross rent

$152.8K $22.20/SF

− Vacancy

−$21.4K −$3.11/SF

EGI

$131.4K $19.09/SF

− OpEx

−$32.9K −$4.77/SF

NOI

$98.6K $14.32/SF

Area

Spokane, WA

Vacancy

14.00%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,971,160

Cap Rate 7%

$1,407,971

Cap Rate 9%

$1,095,089

Alternative Uses

Best Use

Office B

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,558 @ 7.0% cap · market cap 8.96%

Second Best

Retail

$1.02M

$892.7K – $1.19M (±1% cap)

NOI $71,419 @ 7.0% cap · market cap 6.49%

Theoretical Best

Office A

$1.78M

$1.55M – $2.07M (±1% cap)

NOI $124,307 @ 7.0% cap · market cap 11.30%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Law Firm Garden Center (Bike/Boat/Book/etc) Store Grocery & Convenience Store Bakery Nail Salon

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

16 ft

Clear height

Location Intelligence

Trade Area within ½ mile

928

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

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 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 flex space 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?

Flex space - CC2-EC-zoned commercial property combining showroom, office, and rear warehouse space.

Where is this flex space located?

The property is located at 1511 E Sprague Ave Spokane, WA.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: 6,883 total SF building with approximately 6,000 SF main floor and 883 SF second floor; Showroom and office areas combined with warehouse space at the rear; 6,000 SF of land zoned CC2‑EC