Flex Property with Fenced
New
For Sale
Contact for pricing
3624 E Springfield Ave, Spokane, WA 99202
Office and warehouse areas share a site zoned HI (Heavy Industrial).
Property Size5,768 SF
Price / SF$169.04
Days on Market7
Property Features for 3624 E Springfield Ave
General Information
Standard status
Active
Size
5,768 SF
Property subtype
INDUSTRIAL
Listing Agency:
Daines Capital
Listed By:
Steven Daines
(509) 590-9114
Source:
Moodyscre
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 4 at 11:22AM
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 Daines Capital
Investment Insights
Based on property information with market context.
This 5,768-square-foot flex property on approximately 0.54 acres combines 1,128 square feet of office space with 4,640 square feet of warehouse space. The office layout includes five private offices, a reception area, a conference room, LED lighting, and a restroom. Warehouse features include a 15-foot clear height, a 14' x 12' overhead door, a shop office, storage room, restroom, and an approximately 800-square-foot mezzanine.
An approximately 0.22-acre fenced yard supplements the building, with about 15 parking stalls on site. The property is zoned HI (Heavy Industrial) and is approximately 3.5 miles from Downtown Spokane, 6 miles from Spokane Valley, and 9.6 miles from Spokane International Airport.
An approximately 0.22-acre fenced yard supplements the building, with about 15 parking stalls on site. The property is zoned HI (Heavy Industrial) and is approximately 3.5 miles from Downtown Spokane, 6 miles from Spokane Valley, and 9.6 miles from Spokane International Airport.
Key Highlights
- 5,768 square feet on approximately 0.54 acres
- Approximately 0.22‑acre fenced yard and 15 parking stalls
- HI (Heavy Industrial) zoning
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
$37,678
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
3.86%
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%
$753,560
$753.6K
Cap Rate 7%
$538,257
$538.3K
Cap Rate 9%
$418,644
$418.6K
Market Conditions
NOI Build-Up for 5,768 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
$49.1K $8.52/SF
− Vacancy
−$4.8K −$0.83/SF
EGI
$44.3K $7.69/SF
− OpEx
−$6.6K −$1.15/SF
NOI
$37.7K $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%
$753,560
Cap Rate 7%
$538,257
Cap Rate 9%
$418,644
Alternative Uses
Best Use
Warehouse
$538.3K
$471.0K – $628.0K
NOI $37,678 @ 7.0% cap · market cap 3.86%
Second Best
Industrial
$479.4K
$419.5K – $559.3K
NOI $33,559 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,170 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Office and warehouse areas share a site zoned HI (Heavy Industrial).
Where is this flex space located?
The property is located at 3624 E Springfield Ave Spokane, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 5,768 square feet on approximately 0.54 acres; Approximately 0.22‑acre fenced yard and 15 parking stalls; HI (Heavy Industrial) zoning
