Fenced Flex Industrial
For Sale
$1,498,995
275 Industrial Park Ave, Spirit Lake, ID 83869
COMMERCIAL - Spirit Lake, ID
Property Size9,600 SF
Lot Size2.00 Acres
Price / SF$156.15
Days on Market120
Property Features for 275 Industrial Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
3 Phase Power, Moveable Walls
Basement
None
Lot features
Open Lot
View
City, Territorial
Directions
Hwy 41 - 1 mile north of Spirit Lake (across from Spirit Lake Cut Off Rd.)
Subdivision
North (Bonner & Boundary)
Standard status
Active
APN
RP0140200202A0A
Size
9,600 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
31-54N-4W Spirit Lake Indust Blk 2 Lot 2A Park Replat Logan's Landscape
Tax Annual Amount
2111
Legal Description
31-54N-4W Spirit Lake Indust Blk 2 Lot 2A Park Replat Logan's Landscape
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating), Radiant, Electric (Heating)
Building Details
Year built
2021
Building materials
Steel Siding, Steel Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
Mike Icardo Realty
(208) 661-0439
Listed By:
Brenda Olson · License #SP56049
(702) 575-9628
Added: Apr 25
Changed: Aug 13
Last Checked: Aug 22 at 3:06AM
MLS# 26-3989
Copyright © 2026 Coeur d'Alene Multiple Listing Service. 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.
Built in 2021, this 9,600-square-foot flex facility occupies a 2-acre industrial parcel in Spirit Lake. The steel-framed building has steel siding, a metal roof, 6-inch concrete flooring, and radiant heating. Its interior includes two private offices and two restrooms, creating a practical division between administrative and work areas. The site is fully fenced and provides room for parking or outdoor storage.
Access is configured with two 14-foot by 14-foot roll-up doors and one 12-foot by 12-foot roll-up door. The property is served by a septic tank and is identified with Industrial zoning. Three-phase power is referenced in the property information, but its stated location is inconsistent, so it is not characterized here as an on-site feature.
Access is configured with two 14-foot by 14-foot roll-up doors and one 12-foot by 12-foot roll-up door. The property is served by a septic tank and is identified with Industrial zoning. Three-phase power is referenced in the property information, but its stated location is inconsistent, so it is not characterized here as an on-site feature.
Key Highlights
- 9,600 SF flex building on 2 acres
- Built in 2021 with steel frame, steel siding, and metal roof
- 6‑inch concrete floors with radiant heating
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
$57,335
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
3.82%
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%
$1,146,700
$1.1M
Cap Rate 7%
$819,071
$819.1K
Cap Rate 9%
$637,056
$637.1K
Market Conditions
NOI Build-Up for 9,600 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
$86.4K $9.00/SF
− Vacancy
−$4.5K −$0.47/SF
EGI
$81.9K $8.53/SF
− OpEx
−$24.6K −$2.56/SF
NOI
$57.3K $5.97/SF
Area
Kootenai County, ID
Vacancy
5.20%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,146,700
Cap Rate 7%
$819,071
Cap Rate 9%
$637,056
Alternative Uses
Best Use
Industrial
$819.1K
$716.7K – $955.6K
NOI $57,335 @ 7.0% cap · market cap 3.82%
Second Best
Flex RnD
$738.1K
$645.8K – $861.1K
NOI $51,667 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,774 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83869, ID
5,488
Population
2,197
Households
2.5
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
65.8 sq mi
ZIP Area
83
Density / Sq Mi
$64,625
Median Household Income
$42,419
Median Earnings
$737
Median Rent
$425,300
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 - Steel-framed facility with radiant-heated concrete floors, offices, restrooms, and multiple overhead doors.
Where is this flex space located?
The property is located at 275 Industrial Park Ave Spirit Lake, ID.
What is the asking price?
The asking price for this property is $1,498,995.
What are key features of this property?
This property features: 9,600 SF flex building on 2 acres; Built in 2021 with steel frame, steel siding, and metal roof; 6‑inch concrete floors with radiant heating
