Updated Flex
For Sale
$999,500
1927 S Garfield Rd, Airway Heights, WA 99001
Commercial Sale, Airway Heights, WA
Property Size11,980 SF
Lot Size0.01 Acres
Price / SF$83.43
Days on Market48
Property Features for 1927 S Garfield Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Fencing
View
City
Elementary school district
Cheney
Standard status
Active
APN
15252.0149
Lot size
0.01 Acres
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
freshly painted exterior
leveled and improved parking
24/7 operation approved
Building Details
Year built
1981
Building materials
Steel Frame
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Konstantin Velikodnyy · License #112734
(509) 994-3226
Added: Aug 1
Changed: Sep 7
Last Checked: Sep 17 at 12:06AM
MLS# 202621993
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space property features a steel-frame structure with a metal roof, natural-gas heating, and central air. The exterior has been freshly painted, while the parking area has been leveled and improved. The property is zoned 100% commercial and approved for 24/7 operation.
Located in Airway Heights near an Amazon distribution center, Spokane International Airport, and major highways, the site offers access suited to commercial and transportation-oriented operations. The property was built in 1981 and occupies 0.0069 acres.
Located in Airway Heights near an Amazon distribution center, Spokane International Airport, and major highways, the site offers access suited to commercial and transportation-oriented operations. The property was built in 1981 and occupies 0.0069 acres.
Key Highlights
- 100% commercial zoning with approval for 24/7 operation
- Fresh exterior paint and leveled, improved parking
- Steel‑frame construction with a metal roof
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
$83,857
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
8.39%
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%
$1,677,140
$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
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
$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 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%
$1,677,140
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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Well-served
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
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 - Commercially zoned facility with improved parking and approval for continuous operation.
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: 100% commercial zoning with approval for 24/7 operation; Fresh exterior paint and leveled, improved parking; Steel‑frame construction with a metal roof
