Flex Space with Shop
For Sale
$999,500
1927 S Garfield Rd, Airway Heights, WA 99001
Commercial zoning and approval for continuous 24-hour operations support a range of business activities.
Property Size11,980 SF
Price / SF$83.43
Days on Market24
Property Features for 1927 S Garfield Rd
General Information
Standard status
Active
Size
11,980 SF
Property subtype
Commercial
Additional Details
Real Estate Included
Yes
Building Details
Year Built
1981
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Jared Urbick · License #24022549
(509) 262-4178
Source:
Ericksrealty
Added: Oct 1
Changed: Oct 23
Last Checked: Oct 23 at 5:27PM
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 11,980-square-foot flex property, built in 1981, includes usable shop space. Recent work includes exterior painting and improvements to the parking area. The property is commercially zoned and approved for 24/7 operation.
Potential applications identified for the site include vehicle repair, towing, trucking, storage, and warehousing. The property is near an Amazon distribution center, Spokane International Airport, and major highways.
Potential applications identified for the site include vehicle repair, towing, trucking, storage, and warehousing. The property is near an Amazon distribution center, Spokane International Airport, and major highways.
Key Highlights
- 11,980 square feet of usable shop space
- Commercial zoning with approval for 24/7 operations
- Parking area has been leveled and improved; exterior has been freshly painted
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,857
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,677,140
$1.7M
Cap Rate 7%
$1,197,957
$1.2M
Cap Rate 9%
$931,744
$931.7K
Market Conditions
NOI Build-Up for 11,980 SF
Gross rent
$107.8K $9.00/SF
− Vacancy
−$9.2K −$0.77/SF
EGI
$98.7K $8.24/SF
− OpEx
−$14.8K −$1.24/SF
NOI
$83.9K $7.00/SF
Area
Spokane County, WA
Vacancy
8.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,677,140
Cap Rate 7%
$1,197,957
Cap Rate 9%
$931,744
Alternative Uses
Best Use
Retail
$1.88M
$1.65M – $2.19M
NOI $131,662 @ 7.0% cap · market cap 13.17%
Second Best
Warehouse
$1.20M
$1.05M – $1.40M
NOI $83,857 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,777 @ 7.0% cap · market cap 19.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Well-served
Demand for This Use
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Flex space - Commercial zoning and approval for continuous 24-hour operations support a range of business activities.
Where is this flex space located?
The property is located at 1927 S Garfield Rd Airway Heights, WA.
What is the asking price?
The asking price for this property is $999,500.
What are key features of this property?
This property features: 11,980 square feet of usable shop space; Commercial zoning with approval for 24/7 operations; Parking area has been leveled and improved; exterior has been freshly painted
