Spokane Industrial Space For
For Sale
$749,000
3003 E Courtland Ave, Spokane, WA 99207
8,872 SF industrial space with dock high access.
Property Size8,872 SF
Price / SF$84.42
Days on Market264
Property Features for 3003 E Courtland Ave
General Information
Standard status
Active
Size
8,872 SF
Property subtype
Industrial
Zoning
GC-70
Building Details
Building Size
8,872 SF
Listing Agency:
(509) 435-5866
Listed By:
Drew Ulrick, SIOR
(509) 435-5866
Source:
Tokcommercial
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: May 8 at 8:58PM
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 Drew Ulrick, SIOR
Investment Insights
Based on property information with market context.
This 8,872 square foot industrial space, renovated in 2000, offers functionality and versatility. The property features GC zoning, dock high access, and ample power with 400 Amps; 3 Phase. Constructed with CMU, the building ensures durability. The property is centrally located with access to a new North/South Freeway. The zoning is GC-70.
Key Highlights
- 8,872 SF of industrial space provides ample room for various business operations.
- GC zoning allows for a wide range of commercial and industrial uses.
- Dock high access facilitates efficient loading and unloading of goods.
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
$57,954
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
7.74%
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%
$1,159,080
$1.2M
Cap Rate 7%
$827,914
$827.9K
Cap Rate 9%
$643,933
$643.9K
Market Conditions
NOI Build-Up for 8,872 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
$75.6K $8.52/SF
− Vacancy
−$7.4K −$0.83/SF
EGI
$68.2K $7.69/SF
− OpEx
−$10.2K −$1.15/SF
NOI
$58.0K $6.53/SF
Area
Spokane, WA
Vacancy
9.80%
Lease Rate
$8.52 /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%
$1,159,080
Cap Rate 7%
$827,914
Cap Rate 9%
$643,933
Alternative Uses
Best Use
Warehouse
$827.9K
$724.4K – $965.9K
NOI $57,954 @ 7.0% cap · market cap 7.74%
Second Best
Industrial
$737.4K
$645.2K – $860.3K
NOI $51,619 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,228 @ 7.0% cap · market cap 21.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 8,872 SF industrial space with dock high access.
Where is this warehouse located?
The property is located at 3003 E Courtland Ave Spokane, WA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 8,872 SF of industrial space provides ample room for various business operations.; GC zoning allows for a wide range of commercial and industrial uses.; Dock high access facilitates efficient loading and unloading of goods.
