NNN Warehouse and Showroom
222 E Sprague Ave, Spokane, WA 99202
For Sale
Contact for pricing
Two leased buildings combine warehouse and showroom space under absolute NNN leases with annual rent increases.
Property Size37,500 SF
Lot Size0.95 Acres
Price / SF$120
Days on Market26
Property Features for 222 E Sprague Ave
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Net Operating Income
Site & Location
Neighborhood
Highway Access
Additional Details
Tenant in Place
Property Use
Building Details
Buildings
Listing Agency:
SVN | Cornerstone
Listed By:
Omar Sadaoui · License WA #22008121
(509) 601-0695
Source:
Crexi
Added: Oct 16
Changed: Nov 9
Last Checked: Nov 9 at 1:40PM
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 SVN | Cornerstone
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This portfolio comprises two warehouse and showroom buildings totaling 37,500 SF. The properties are leased to an operator under absolute NNN agreements that run through 2036, with 3% annual rent increases. The tenant is responsible for expenses, including roof and structural costs. The buildings are approximately 0.3 miles apart and occupy about 0.95 acres of land zoned DTU.
The properties are in Spokane’s University District, near I-90 and the area’s university and medical campuses. Both are occupied by Spokane businesses operating under common ownership. Royal Upholstery & Distributing provides upholstery supply, custom upholstery, and repair services; Twilight Bedding manufactures mattresses and operates retail and showroom locations in Spokane.
The properties are in Spokane’s University District, near I-90 and the area’s university and medical campuses. Both are occupied by Spokane businesses operating under common ownership. Royal Upholstery & Distributing provides upholstery supply, custom upholstery, and repair services; Twilight Bedding manufactures mattresses and operates retail and showroom locations in Spokane.
Key Highlights
- Two warehouse and showroom buildings total 37,500 SF
- Approximately 0.95 acres of DTU‑zoned land
- Absolute NNN leases run through 2036, with 3% annual rent increases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$389,104
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,782,080
$7.8M
Cap Rate 7%
$5,558,629
$5.6M
Cap Rate 9%
$4,323,378
$4.3M
Market Conditions
NOI Build-Up for 37,500 SF
Gross rent
$607.5K $16.20/SF
− Vacancy
−$51.6K −$1.38/SF
EGI
$555.9K $14.82/SF
− OpEx
−$166.8K −$4.45/SF
NOI
$389.1K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,782,080
Cap Rate 7%
$5,558,629
Cap Rate 9%
$4,323,378
Alternative Uses
Best Use
Retail
$5.56M
$4.86M – $6.49M
NOI $389,104 @ 7.0% cap · market cap 8.65%
Second Best
Warehouse
$3.50M
$3.06M – $4.08M
NOI $244,961 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$9.68M
$8.47M – $11.29M
NOI $677,250 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,764
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for NNN properties in Spokane County
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
NNN property - Two leased buildings combine warehouse and showroom space under absolute NNN leases with annual rent increases.
Where is this nnn property located?
The property is located at 222 E Sprague Ave Spokane, WA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Two warehouse and showroom buildings total 37,500 SF; Approximately 0.95 acres of DTU‑zoned land; Absolute NNN leases run through 2036, with 3% annual rent increases
