Industrial Property with Office and
For Sale
Contact for pricing
1612 South Campbell Street, Airway Heights, WA 99001
Three-building industrial site offers service and storage space with power, overhead doors, and a renovated office.
Property Size10,856 SF
Price / SF$150
Days on Market51
Property Features for 1612 South Campbell Street
General Information
Standard status
Active
Size
10,856 SF
Class
C
Total Parking Spaces
21
Property subtype
Industrial
Zoning
C-2
Building Details
Year Built
1989
Year Renovated
2000
Buildings
3
Tenancy
Single
Listing Agency:
Daines Capital Commercial Real Estate
Listed By:
Steven Daines · License #WA
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 8 at 11:33AM
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 Daines Capital Commercial Real Estate
Investment Insights
Based on property information with market context.
The property consists of three separate buildings totaling approximately 10,856 square feet on about 1.03 acres. An 840-square-foot office building includes a bathroom with shower and is currently undergoing renovations with new paint, flooring, and roof improvements. The 7,016-square-foot service warehouse features 3-phase, 400-amp power, four 16' x 12' overhead doors, clear heights of approximately 13'10" to 13'14", two paint booths, gas heat, and a floor drain. A 3,000-square-foot storage warehouse includes 14 storage units.
The site is fully fenced with barbed wire and offers a secured yard setting for equipment and operational needs. The location provides quick access to Spokane International Airport, I-90, US-2, and Downtown Spokane.
This configuration can support contractors, service businesses, manufacturing, fleet operations, and equipment storage with on-site office space, functional warehouse features, and fenced security. Owner-users seeking an integrated warehouse and office arrangement may find the mix of service and storage buildings practical for day-to-day operations.
The site is fully fenced with barbed wire and offers a secured yard setting for equipment and operational needs. The location provides quick access to Spokane International Airport, I-90, US-2, and Downtown Spokane.
This configuration can support contractors, service businesses, manufacturing, fleet operations, and equipment storage with on-site office space, functional warehouse features, and fenced security. Owner-users seeking an integrated warehouse and office arrangement may find the mix of service and storage buildings practical for day-to-day operations.
Key Highlights
- Three‑building industrial property on approx. 1.03 acres with a total of 10,856 SFT
- 840 SFT office building with bathroom with shower; currently being renovated with new paint, flooring, and roof
- 7,016 SFT service warehouse with 3‑phase, 400‑amp power; four 16' x 12' overhead doors; clear heights approx. 13'10"–13'14"
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
$128,134
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
7.87%
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%
$2,562,680
$2.6M
Cap Rate 7%
$1,830,486
$1.8M
Cap Rate 9%
$1,423,711
$1.4M
Market Conditions
NOI Build-Up for 10,856 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
$217.6K $20.04/SF
− Vacancy
−$46.7K −$4.30/SF
EGI
$170.8K $15.74/SF
− OpEx
−$42.7K −$3.93/SF
NOI
$128.1K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,562,680
Cap Rate 7%
$1,830,486
Cap Rate 9%
$1,423,711
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.14M
NOI $128,134 @ 7.0% cap · market cap 7.87%
Second Best
Warehouse
$1.09M
$949.9K – $1.27M
NOI $75,989 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$2.51M
$2.19M – $2.93M
NOI $175,596 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99001, WA
8,859
Population
2,739
Households
3.2
Avg Household Size
34
Median Age
18%
College-Educated
91%
High-School Grad
8.0 sq mi
ZIP Area
1,107
Density / Sq Mi
$60,182
Median Household Income
$34,200
Median Earnings
$1,271
Median Rent
$281,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three-building industrial site offers service and storage space with power, overhead doors, and a renovated office.
Where is this flex space located?
The property is located at 1612 South Campbell Street Airway Heights, WA.
What is the asking price?
The asking price for this property is $1,628,400.
What are key features of this property?
This property features: Three‑building industrial property on approx. 1.03 acres with a total of 10,856 SFT; 840 SFT office building with bathroom with shower; currently being renovated with new paint, flooring, and roof; 7,016 SFT service warehouse with 3‑phase, 400‑amp power; four 16' x 12' overhead doors; clear heights approx. 13'10"–13'14"
