Flex Space with
For Sale
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1511 E Sprague Ave, Spokane, WA 99202
CC2-EC-zoned commercial property combining showroom, office, and rear warehouse space.
Property Size6,883 SF
Lot Size0.14 Acres
Price / SF$159.81
Days on Market222
Property Features for 1511 E Sprague Ave
General Information
Standard status
Active
Size
6,883 SF
Lot size
0.14 Acres
Property subtype
RETAIL
Zoning
CC2-EC
Warehouse & Industrial
Clear Height
16 ft
Conditioned Warehouse
Yes
Building Details
Buildings
1
Stories
2
Building Size
6,883 SF
Listing Agency:
Cantu Commercial Properties
(509) 993-9939
Listed By:
Dan Cantu · License #D12264
(509) 993-9939
Source:
Moodyscre
Added: Jan 19
Changed: Aug 29
Last Checked: Aug 29 at 3:25PM
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.
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 = 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
$98,558
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
8.96%
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%
$1,971,160
$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
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
$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 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%
$1,971,160
Cap Rate 7%
$1,407,971
Cap Rate 9%
$1,095,089
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.64M
NOI $98,558 @ 7.0% cap · market cap 8.96%
Second Best
Retail
$1.02M
$892.7K – $1.19M
NOI $71,419 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,307 @ 7.0% cap · market cap 11.30%
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
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
Questions? Ask Rey
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Similar Off Market Nearby
- Sodexo — Parking lot, 729 E Desmet Ave, Spokane, WA 99258
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
