Two-Story Flex Space with Roll-Up
For Sale
$420,000
Pending
2002 Garfield, Airway Heights, WA 99001
Fenced industrial property with gated entry, multiple rooms, two bathrooms, and supplemental climate-control systems.
Property Size3,960 SF
Days on Market109
Property Features for 2002 Garfield
General Information
Standard status
Pending
Size
3,960 SF
Property subtype
Commercial
Zoning
I1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
3,960 SF
Power
800 amps
Conditioned Warehouse
Yes
Taxes and HOA fees
Annual Taxes
$4,476
Building Details
Year Built
2007
Buildings
1
Stories
2
Building Size
3,960 SF
Construction
metal building
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Amber Leigh
Source:
Clearwaterproperties
Added: May 14
Changed: Aug 30
Last Checked: Aug 28 at 11:25AM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This two-story metal flex-space building contains 3960 sq ft of usable area on a nearly half-acre parcel. The interior includes 18 rooms measuring approximately 16x16, a larger room of approximately 20x20, and a roll-up door. The property is fully fenced with gated access and includes two bathrooms, city water, septic, gas heat, and an additional mini-split system.
Located at 2002 S Garfield Rd in Airway Heights, the property is near a major highway, the airport, and an Amazon distribution center. Its I1 light-industrial designation and existing configuration support warehouse storage, contractor operations, workshops, distribution, manufacturing, or flex office use. Electrical service is 2 phase 800 amp.
Located at 2002 S Garfield Rd in Airway Heights, the property is near a major highway, the airport, and an Amazon distribution center. Its I1 light-industrial designation and existing configuration support warehouse storage, contractor operations, workshops, distribution, manufacturing, or flex office use. Electrical service is 2 phase 800 amp.
Key Highlights
- 3960 sq ft of usable space on a nearly half‑acre lot
- 18 interior rooms, approximately 16x16, plus one approximately 20x20 room
- Two‑story metal building with a large roll‑up door
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
$27,719
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
6.60%
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%
$554,380
$554.4K
Cap Rate 7%
$395,986
$396.0K
Cap Rate 9%
$307,989
$308.0K
Market Conditions
NOI Build-Up for 3,960 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
$35.6K $9.00/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$32.6K $8.24/SF
− OpEx
−$4.9K −$1.24/SF
NOI
$27.7K $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%
$554,380
Cap Rate 7%
$395,986
Cap Rate 9%
$307,989
Alternative Uses
Best Use
Warehouse
$396.0K
$346.5K – $462.0K
NOI $27,719 @ 7.0% cap · market cap 6.60%
Second Best
Flex RnD
$329.6K
$288.4K – $384.6K
NOI $23,073 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$915.0K
$800.7K – $1.07M
NOI $64,053 @ 7.0% cap · market cap 15.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Under-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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Fenced industrial property with gated entry, multiple rooms, two bathrooms, and supplemental climate-control systems.
Where is this flex space located?
The property is located at 2002 Garfield Airway Heights, WA.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 3960 sq ft of usable space on a nearly half‑acre lot; 18 interior rooms, approximately 16x16, plus one approximately 20x20 room; Two‑story metal building with a large roll‑up door
