Flex Warehouse with Roll-Up
For Sale
$699,000
1611 S Geiger Blvd, Spokane, WA 99224
Flex warehouse offering 12-foot roll-up door access, 20+ parking spaces, and 1.88 acres for expansion.
Property Size9,000 SF
Lot Size1.88 Acres
Price / SF$77.67
Days on Market52
Property Features for 1611 S Geiger Blvd
General Information
Standard status
Active
Size
9,000 SF
Lot size
1.88 Acres
Additional Details
Highway Access
Yes
Heavy Power
Yes
Building Details
Year Built
1982
Listing Agency:
Kelly Right Real Estate of Spokane
Listed By:
Devin Nagel · License #121836
(509) 990-4365
Source:
Clemensregroup
Added: Jul 24
Changed: Sep 11
Last Checked: Sep 13 at 1:33PM
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 Kelly Right Real Estate of Spokane
Investment Insights
Based on property information with market context.
This flex warehouse totals 9,000 square feet and is currently being used by a local church, with space capable of transitioning to additional warehouse and/or office use. The property includes a 12-foot roll-up door and 1.88 acres with 20+ parking spaces, with room to expand the parking layout.
The site is described as strategically located between Spokane, Spokane Airport, Airway Heights, I-90, and Highway 2, supporting convenient regional access.
The building also features at least 750A 3-phase power on site, with the possibility of additional capacity already available. The offering is available for sale.
The site is described as strategically located between Spokane, Spokane Airport, Airway Heights, I-90, and Highway 2, supporting convenient regional access.
The building also features at least 750A 3-phase power on site, with the possibility of additional capacity already available. The offering is available for sale.
Key Highlights
- 9,000 SF space currently used by a local church and capable of transitioning to warehouse and/or additional office space
- 12‑foot roll‑up door for flex warehouse access
- 1.88 acres with room to expand
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
$52,364
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
7.49%
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%
$1,047,280
$1.0M
Cap Rate 7%
$748,057
$748.1K
Cap Rate 9%
$581,822
$581.8K
Market Conditions
NOI Build-Up for 9,000 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
$79.9K $8.88/SF
− Vacancy
−$5.1K −$0.57/SF
EGI
$74.8K $8.31/SF
− OpEx
−$22.4K −$2.49/SF
NOI
$52.4K $5.82/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$8.88 /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%
$1,047,280
Cap Rate 7%
$748,057
Cap Rate 9%
$581,822
Alternative Uses
Best Use
Industrial
$748.1K
$654.6K – $872.7K
NOI $52,364 @ 7.0% cap · market cap 7.49%
Second Best
Flex RnD
$694.6K
$607.8K – $810.4K
NOI $48,623 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,540 @ 7.0% cap · market cap 23.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
69
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse offering 12-foot roll-up door access, 20+ parking spaces, and 1.88 acres for expansion.
Where is this flex space located?
The property is located at 1611 S Geiger Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 9,000 SF space currently used by a local church and capable of transitioning to warehouse and/or additional office space; 12‑foot roll‑up door for flex warehouse access; 1.88 acres with room to expand
