Leased Truck Terminal with
For Sale
Contact for pricing
408 N Sycamore St, Spokane, WA 99202
Heavy Industrial-zoned property combines freight operations, office space, warehouse areas, shop space, and multiple loading options.
Property Size12,565 SF
Lot Size2.24 Acres
Price / SF$133.31
Days on Market234
Property Features for 408 N Sycamore St
General Information
Standard status
Active
Size
12,565 SF
Lot size
2.24 Acres
Property subtype
INDUSTRIAL
Zoning
Heavy Industrial
Additional Details
Gross Income
$91,548
Outdoor Storage
Yes
Building Details
Buildings
2
Listing Agency:
Kiemle Hagood
(509) 755-7524
Listed By:
Mark Lucas
(509) 755-7524
Source:
Moodyscre
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 5:33AM
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 leased industrial property at 408 N Sycamore St. in Spokane, Washington, occupies approximately 97,500 SF of land and includes 12,565 SF of improvements. The primary building provides 10,045 SF configured for freight and truck terminal operations, with office and warehouse areas. Dock and grade loading serve Building 1, while the 2,520 SF shop building has grade-level loading.
The property is zoned Heavy Industrial within the City of Spokane. Building 1 is leased to ABF Freight through November 30, 2028 under an NNN lease structure. The second building is occupied by another tenant on a month-to-month basis, providing additional shop-oriented space within the site.
The property is zoned Heavy Industrial within the City of Spokane. Building 1 is leased to ABF Freight through November 30, 2028 under an NNN lease structure. The second building is occupied by another tenant on a month-to-month basis, providing additional shop-oriented space within the site.
Key Highlights
- Approximately 97,500 SF of land zoned Heavy Industrial
- 12,565 SF of total building area across two buildings
- 10,045 SF freight/truck terminal with office and warehouse space
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
$82,078
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
4.90%
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%
$1,641,560
$1.6M
Cap Rate 7%
$1,172,543
$1.2M
Cap Rate 9%
$911,978
$912.0K
Market Conditions
NOI Build-Up for 12,565 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
$107.1K $8.52/SF
− Vacancy
−$10.5K −$0.83/SF
EGI
$96.6K $7.69/SF
− OpEx
−$14.5K −$1.15/SF
NOI
$82.1K $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%
$1,641,560
Cap Rate 7%
$1,172,543
Cap Rate 9%
$911,978
Alternative Uses
Best Use
Warehouse
$1.17M
$1.03M – $1.37M
NOI $82,078 @ 7.0% cap · market cap 4.90%
Second Best
Industrial
$1.04M
$913.8K – $1.22M
NOI $73,105 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $226,924 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Truck terminal - Heavy Industrial-zoned property combines freight operations, office space, warehouse areas, shop space, and multiple loading options.
Where is this truck terminal located?
The property is located at 408 N Sycamore St Spokane, WA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Approximately 97,500 SF of land zoned Heavy Industrial; 12,565 SF of total building area across two buildings; 10,045 SF freight/truck terminal with office and warehouse space
