Flex Space with Loading
For Sale
$1,490,000
Pending
3303 E Ferry Ave, Spokane, WA 99202
COMMERCIAL - Spokane, WA
Property Size15,000 SF
Lot Size0.48 Acres
Days on Market216
Property Features for 3303 E Ferry Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
8
Lot features
Level, City Bus (w/in 6 blks)
Elementary school district
Spokane Dist 81
Standard status
Pending
APN
35153.1407
Size
14,896 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Annual Amount
8436
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Building materials
Brick, Block
Roof type
Flat, Metal
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Joe Nichols
(509) 747-1051
Added: Jan 8
Changed: Aug 4
Last Checked: Aug 12 at 2:06AM
MLS# 202610587
Copyright © 2026 Spokane Association of REALTORS®. 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.
This flex space combines warehouse capability with a dedicated office component for day-to-day administration and team operations. The building offers approximately 14,896 SF total, including 1,300 SF of office space with two private offices, a meeting room, two bathrooms, and an open area outfitted with cubicles. The warehouse portion features 17- and 21-foot ceilings and includes two 10 ft roll-up doors, while additional warehouse space has a metal tilt-up roof and a 12 ft roll-up door.
The property is constructed of brick and cinder block and is supported by a newer flat membrane roof. Heating is natural gas with forced air, and cooling is central air. A loading dock is included, supporting logistics, distribution, and light manufacturing use.
With a 0.48-acre lot size and ample parking for the warehouse and office areas, the layout is designed for convenient access and straightforward operations.
The property is constructed of brick and cinder block and is supported by a newer flat membrane roof. Heating is natural gas with forced air, and cooling is central air. A loading dock is included, supporting logistics, distribution, and light manufacturing use.
With a 0.48-acre lot size and ample parking for the warehouse and office areas, the layout is designed for convenient access and straightforward operations.
Key Highlights
- Approximately 14,896 SF flex space with 1,300 SF office buildout
- 0.48‑acre lot size with ample parking for warehouse and office access
- Warehouse has 17- and 21‑foot ceilings
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
$97,305
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
6.53%
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%
$1,946,100
$1.9M
Cap Rate 7%
$1,390,071
$1.4M
Cap Rate 9%
$1,081,167
$1.1M
Market Conditions
NOI Build-Up for 14,896 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
$126.9K $8.52/SF
− Vacancy
−$12.4K −$0.83/SF
EGI
$114.5K $7.69/SF
− OpEx
−$17.2K −$1.15/SF
NOI
$97.3K $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%
$1,946,100
Cap Rate 7%
$1,390,071
Cap Rate 9%
$1,081,167
Alternative Uses
Best Use
Office B
$3.05M
$2.67M – $3.55M
NOI $213,296 @ 7.0% cap · market cap 14.32%
Second Best
Warehouse
$1.39M
$1.22M – $1.62M
NOI $97,305 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$3.84M
$3.36M – $4.48M
NOI $269,022 @ 7.0% cap · market cap 18.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
Location Intelligence
Trade Area within ½ mile
831
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Office 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 - Flex space with office buildout, central air, natural gas forced-air heating, and roll-up doors for flexible warehouse operations.
Where is this flex space located?
The property is located at 3303 E Ferry Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Approximately 14,896 SF flex space with 1,300 SF office buildout; 0.48‑acre lot size with ample parking for warehouse and office access; Warehouse has 17- and 21‑foot ceilings
