Steel-Frame Flex Facility with
For Sale
Contact for pricing
213 E Ermina Ave, Spokane, WA 99207
The facility combines showroom, office, warehouse, and mezzanine areas within a flexible commercial layout.
Property Size11,530 SF
Lot Size0.54 Acres
Price / SF$183.87
Days on Market147
Property Features for 213 E Ermina Ave
General Information
Standard status
Active
Size
11,530 SF
Lot size
0.54 Acres
Property subtype
Industrial
Zoning
General Commercial
Warehouse & Industrial
Clear Height
21.7 ft
Warehouse Space
8,780 SF
Mezzanine
5,500 SF
Power
600 amps
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2004
Buildings
1
Building Size
11,530 SF
Construction
steel frame
Listing Agency:
Kiemle HaGood
(509) 755-7588
Listed By:
Tracy Poff · License #WA
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 3:46PM
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 Kiemle HaGood
Investment Insights
Based on property information with market context.
Located at 213 E. Ermina Ave. in Spokane, this 2004 steel-frame flex property provides 11,530 SF of building area on approximately 23,400 SF of land. The interior includes about 2,750 SF of showroom and office space, 8,780 SF of warehouse area, and a 5,500 SF concrete mezzanine that adds storage and operational capacity. Warehouse clear heights range from 17'6" to 21'8".
The property is zoned GC-70 General Commercial and offers both grade-level and dock-high loading. Building systems include 600-amp, 3-phase power, a wet sprinkler system, city utilities, gas warehouse heat, and a mini-split serving the showroom. Its location near Division and Ruby places the facility minutes northeast of downtown Spokane.
The property is zoned GC-70 General Commercial and offers both grade-level and dock-high loading. Building systems include 600-amp, 3-phase power, a wet sprinkler system, city utilities, gas warehouse heat, and a mini-split serving the showroom. Its location near Division and Ruby places the facility minutes northeast of downtown Spokane.
Key Highlights
- 11,530 SF building footprint on approximately 23,400 SF of land
- 2,750 SF showroom/office area plus 8,780 SF warehouse space
- 5,500 SF concrete mezzanine for storage or operations
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
$165,098
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
7.79%
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%
$3,301,960
$3.3M
Cap Rate 7%
$2,358,543
$2.4M
Cap Rate 9%
$1,834,422
$1.8M
Market Conditions
NOI Build-Up for 11,530 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
$256.0K $22.20/SF
− Vacancy
−$35.8K −$3.11/SF
EGI
$220.1K $19.09/SF
− OpEx
−$55.0K −$4.77/SF
NOI
$165.1K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /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%
$3,301,960
Cap Rate 7%
$2,358,543
Cap Rate 9%
$1,834,422
Alternative Uses
Best Use
Office B
$2.36M
$2.06M – $2.75M
NOI $165,098 @ 7.0% cap · market cap 7.79%
Second Best
Retail
$1.71M
$1.50M – $1.99M
NOI $119,636 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,232 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,268
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
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 - The facility combines showroom, office, warehouse, and mezzanine areas within a flexible commercial layout.
Where is this flex space located?
The property is located at 213 E Ermina Ave Spokane, WA.
What is the asking price?
The asking price for this property is $2,120,000.
What are key features of this property?
This property features: 11,530 SF building footprint on approximately 23,400 SF of land; 2,750 SF showroom/office area plus 8,780 SF warehouse space; 5,500 SF concrete mezzanine for storage or operations
