Luxury Customizable Storage
For Sale
Contact for pricing
1551 S Deer Heights Rd, Spokane, WA 99224
Customizable warehouse/storage condo in secure, gated complex.
Property Size1,200 SF
Lot Size1.71 Acres
Price / SF$174.08
Days on Market205
Property Features for 1551 S Deer Heights Rd
General Information
Standard status
Active
Size
1,200 SF
Lot size
1.71 Acres
Property subtype
INDUSTRIAL
Listing Agency:
REAL Broker LLC
(509) 879-3779
Listed By:
Marianne Bornhoft · License #34021
Source:
Moodyscre
Added: Jan 27
Changed: Aug 9
Last Checked: Aug 20 at 8:01AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
Garage Lodge is a luxury storage condo complex featuring customizable units within three separate buildings. Situated south of the Highway 2 (Sunset Hwy) roundabout, at the corner of Deer Heights Rd & Flight Dr, each unit is sold as a shell, offering opportunities for personalization as a warehouse, shop, office, or storage space. Each unit is separately metered for gas and electricity, with a 100amp panel installed and gas stubbed outside the back wall. The complex is located in a secure gated area. The owner's lodge serves as a central hub, offering amenities that provide additional convenience and comfort for owners, allowing them to utilize shared spaces for work, relaxation, and socializing. The property size is 1200 square feet.
Key Highlights
- Customizable units offer flexibility for warehouse, shop, office, or storage use.
- Secure, gated complex ensures the safety of units and contents.
- Separately metered for gas and electricity, with 100amp panel installed.
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
$7,839
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
3.75%
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%
$156,780
$156.8K
Cap Rate 7%
$111,986
$112.0K
Cap Rate 9%
$87,100
$87.1K
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
$10.2K $8.52/SF
− Vacancy
−$1.0K −$0.83/SF
EGI
$9.2K $7.69/SF
− OpEx
−$1.4K −$1.15/SF
NOI
$7.8K $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%
$156,780
Cap Rate 7%
$111,986
Cap Rate 9%
$87,100
Alternative Uses
Best Use
Warehouse
$112.0K
$98.0K – $130.7K
NOI $7,839 @ 7.0% cap · market cap 3.75%
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
Location Intelligence
Trade Area within ½ mile
215
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Customizable warehouse/storage condo in secure, gated complex.
Where is this warehouse located?
The property is located at 1551 S 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: Customizable units offer flexibility for warehouse, shop, office, or storage use.; Secure, gated complex ensures the safety of units and contents.; Separately metered for gas and electricity, with 100amp panel installed.
