Liberty Lake Flex Industrial
For Sale
Contact for pricing
22820 E Appleway Ave, Liberty Lake, WA 99019
High-quality flex industrial property in Liberty Lake, suitable for various uses.
Property Size36,498 SF
Lot Size2.46 Acres
Price / SF$158.91
Days on Market1057
Property Features for 22820 E Appleway Ave
General Information
Standard status
Active
Size
36,498 SF
Lot size
2.46 Acres
Property subtype
Industrial
Zoning
Industrial
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Kiemle Hagood
(509) 838-6541
Listed By:
Tim Kestell · License #WA 84800
Source:
Crexi
Added: Sep 21, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:35AM
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.
This flex industrial property, constructed in 1992 and renovated in 2015, offers approximately 36,498 square feet of space. Situated on approximately 2.46 acres of land, the property is zoned for industrial use. The building features a multi-tenant layout and a single-level design. Parking is ample, with approximately 176 stalls, equating to about 4.82 spaces per 1,000 square feet. The property includes gym and warehouse spaces, complemented by an outdoor break area. It benefits from convenient freeway access and is equipped with 440V power. The building has a newer roofing system. This property presents a rare opportunity in Liberty Lake and is suitable for either an owner-user or an investor.
Key Highlights
- High‑quality flex industrial property suitable for owner‑user or investor
- Ample parking with ±176 stalls (±4.82 per 1,000 SF)
- Convenient freeway access
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
$430,788
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
7.43%
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%
$8,615,760
$8.6M
Cap Rate 7%
$6,154,114
$6.2M
Cap Rate 9%
$4,786,533
$4.8M
Market Conditions
NOI Build-Up for 36,498 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
$731.4K $20.04/SF
− Vacancy
−$157.0K −$4.30/SF
EGI
$574.4K $15.74/SF
− OpEx
−$143.6K −$3.93/SF
NOI
$430.8K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /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%
$8,615,760
Cap Rate 7%
$6,154,114
Cap Rate 9%
$4,786,533
Alternative Uses
Best Use
Office B
$6.15M
$5.38M – $7.18M
NOI $430,788 @ 7.0% cap · market cap 7.43%
Second Best
Warehouse
$3.65M
$3.19M – $4.26M
NOI $255,477 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$8.43M
$7.38M – $9.84M
NOI $590,357 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99019, WA
12,813
Population
5,202
Households
2.5
Avg Household Size
41
Median Age
48%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
575
Density / Sq Mi
$106,780
Median Household Income
$65,754
Median Earnings
$1,790
Median Rent
$558,100
Median Home Value
Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- Bobby's Cafe & Catering — 1620 N. Signal Drive, Rm. N102B, Liberty Lake, WA 99019
- Le Catering — 24001 E Mission Ave, Liberty Lake, WA 99019
Frequently Asked Questions
What type of property is this?
Flex space - High-quality flex industrial property in Liberty Lake, suitable for various uses.
Where is this flex space located?
The property is located at 22820 E Appleway Ave Liberty Lake, WA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: High‑quality flex industrial property suitable for owner‑user or investor; Ample parking with ±176 stalls (±4.82 per 1,000 SF); Convenient freeway access
