Building Details

Year Built 1982

Listing Agency: Kelly Right Real Estate of Spokane

Listed By: Devin Nagel · License #121836 Show Phone

Source: Clemensregroup

Added: Jul 24 Changed: Oct 25 Last Checked: Oct 7 at 2:24PM

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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

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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.

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 / Yr

$52,364

Cap Rate

7.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,047,280 $1.0M

Cap Rate 7%

$748,057 $748.1K

Cap Rate 9%

$581,822 $581.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,000 SF

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 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 (±1% cap)

NOI $52,364 @ 7.0% cap · market cap 7.71%

Second Best

Flex RnD

$694.6K

$607.8K – $810.4K (±1% cap)

NOI $48,623 @ 7.0% cap · market cap 7.16%

Theoretical Best

Office A

$2.32M

$2.03M – $2.71M (±1% cap)

NOI $162,540 @ 7.0% cap · market cap 23.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Limitless Spokane Church

Suggested Use

Top Pick Dental Office Auto Parts Store Pharmacy Restaurant Big Box & Wholesale Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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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 $679,000.

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