Automotive Shop With Motorized
For Sale
$208,900
1551 Deer Heights Rd, Spokane, WA 99224
COMMERCIAL - Spokane, WA
Property Size1,200 SF
Lot Size0.03 Acres
Price / SF$174.08
Days on Market120
Property Features for 1551 Deer Heights Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Garage Lodge
Lot features
Level, Common Grounds, Fencing
Elementary school
Cheney
Middle school
Westwood
High school
Cheney
Elementary school district
Cheney
Directions
I-90 West towards Airway Heights, then take Exit 277 onto US-2. At the roundabout, take the 3rd exit onto S Deer Heights Road.
Standard status
Active
APN
25301.0906
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2020
Utilities
Heating system
Electric (Heating), Natural Gas
Building Details
Year built
2023
Floors in Building
1
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Marianne Bornhoft · License #34021
(855) 450-0442
Added: Apr 15
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 202615501
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 automotive shop at the Spokane Garage Lodge measures 24 by 50 and features a 14 by 14 motorized door. The unit is equipped with 100-amp power and LED lighting, with gas-ready hookups for compatible equipment. The sale also includes a professional BendPak HDS 14X four-post lift and an RJ7W rolling bridge jack.
The property is located just off the first traffic circle on Hwy 2 at 1551 Deer Heights Rd in Spokane, WA 99224. Owners receive full access to the clubhouse, which includes a kitchen, conference room, business center, and a fenced backyard.
According to the listing, both neighboring units are already insulated, making this shop effectively banked for temperature retention. The manufacturer is Garage Lodge.
The property is located just off the first traffic circle on Hwy 2 at 1551 Deer Heights Rd in Spokane, WA 99224. Owners receive full access to the clubhouse, which includes a kitchen, conference room, business center, and a fenced backyard.
According to the listing, both neighboring units are already insulated, making this shop effectively banked for temperature retention. The manufacturer is Garage Lodge.
Key Highlights
- 24 by 50 automotive space in the Spokane Garage Lodge with a 14 by 14 motorized door
- Built in 2023 with steel frame construction and a metal roof
- 100 amp power with LED lighting and natural gas and electric (heating) options
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
$12,451
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
5.96%
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%
$249,020
$249.0K
Cap Rate 7%
$177,871
$177.9K
Cap Rate 9%
$138,344
$138.3K
Market Conditions
NOI Build-Up for 1,200 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
$19.4K $16.20/SF
− Vacancy
−$1.7K −$1.38/SF
EGI
$17.8K $14.82/SF
− OpEx
−$5.3K −$4.45/SF
NOI
$12.5K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /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%
$249,020
Cap Rate 7%
$177,871
Cap Rate 9%
$138,344
Alternative Uses
Best Use
Retail
$177.9K
$155.6K – $207.5K
NOI $12,451 @ 7.0% cap · market cap 5.96%
Second Best
Industrial
$99.7K
$87.3K – $116.4K
NOI $6,982 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$309.6K
$270.9K – $361.2K
NOI $21,672 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
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.
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive space includes a motorized 14-by-14 door, 100-amp power, LED lighting, and gas-ready hookups.
Where is this auto shop located?
The property is located at 1551 Deer Heights Rd Spokane, WA.
What is the asking price?
The asking price for this property is $208,900.
What are key features of this property?
This property features: 24 by 50 automotive space in the Spokane Garage Lodge with a 14 by 14 motorized door; Built in 2023 with steel frame construction and a metal roof; 100 amp power with LED lighting and natural gas and electric (heating) options
