Single-Story Industrial
For Sale
Contact for pricing
155 S Pine, Spokane, WA 99202
6,000 SF Class C warehouse includes 10' x 12' drive-thru grade-level doors, fenced yard, and on-site surface parking.
Property Size6,000 SF
Lot Size0.34 Acres
Price / SF$161.67
Days on Market174
Property Features for 155 S Pine
General Information
Standard status
Active
Size
6,000 SF
Class
C
Lot size
0.34 Acres
Property subtype
INDUSTRIAL
Zoning
GC-150
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Drive-In Doors
2
Heavy Power
Yes
Building Details
Year Built
1968
Stories
1
Tenancy
Single
Listing Agency:
SVN Cornerstone LLC
(509) 953-5109
Listed By:
Guy Byrd · License #17968
(509) 953-5109
Source:
Moodyscre
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 11 at 8:56AM
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 SVN Cornerstone LLC
Investment Insights
Based on property information with market context.
This Downtown Spokane industrial property consists of a 6,000 SF, single-story Class C warehouse on approximately 15,000 SF of land. Originally constructed in 1968, the building is supported by 600 AMP power and includes two 10' x 12' drive-thru, grade-level doors. The site features on-site surface parking and a fenced yard area suited for equipment and material storage.
The property is located in Spokane’s urban core and provides convenient access to major arterials throughout the Spokane market. Zoning is GC-150, supporting a broad range of commercial and community-oriented uses.
The building is currently leased through December 2027, providing in-place income for investors. The existing lease may allow for early termination subject to negotiated terms, and seller financing may be available for qualified buyers.
The property is located in Spokane’s urban core and provides convenient access to major arterials throughout the Spokane market. Zoning is GC-150, supporting a broad range of commercial and community-oriented uses.
The building is currently leased through December 2027, providing in-place income for investors. The existing lease may allow for early termination subject to negotiated terms, and seller financing may be available for qualified buyers.
Key Highlights
- 6,000 SF Class C single‑story industrial warehouse on ~15,000 SF of land in downtown Spokane’s urban core
- 600 AMP electrical service for industrial, fabrication, service, or equipment‑intensive users
- Two 10' x 12' drive‑thru grade‑level doors plus fenced yard for equipment and material storage
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
$39,194
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
4.04%
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%
$783,880
$783.9K
Cap Rate 7%
$559,914
$559.9K
Cap Rate 9%
$435,489
$435.5K
Market Conditions
NOI Build-Up for 6,000 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
$51.1K $8.52/SF
− Vacancy
−$5.0K −$0.83/SF
EGI
$46.1K $7.69/SF
− OpEx
−$6.9K −$1.15/SF
NOI
$39.2K $6.53/SF
Area
Spokane, WA
Vacancy
9.80%
Lease Rate
$8.52 /SF/Yr
Expense Ratio
15.00%
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%
$783,880
Cap Rate 7%
$559,914
Cap Rate 9%
$435,489
Alternative Uses
Best Use
Warehouse
$559.9K
$489.9K – $653.2K
NOI $39,194 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,360 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Single-tenant
Tenancy
Yes
Heavy power
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
5,603
Businesses Nearby
Well-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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Wall Street Storage — 124 S Wall St, Spokane, WA 99201
Frequently Asked Questions
What type of property is this?
Warehouse - 6,000 SF Class C warehouse includes 10' x 12' drive-thru grade-level doors, fenced yard, and on-site surface parking.
Where is this warehouse located?
The property is located at 155 S Pine Spokane, WA.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: 6,000 SF Class C single‑story industrial warehouse on ~15,000 SF of land in downtown Spokane’s urban core; 600 AMP electrical service for industrial, fabrication, service, or equipment‑intensive users; Two 10' x 12' drive‑thru grade‑level doors plus fenced yard for equipment and material storage
