Leased Flex Space with
For Sale
Contact for pricing
414 N Sycamore, Spokane, WA 99202
Industrial flex property combining warehouse and office areas with multiple loading options and an existing NNN lease.
Property Size26,143 SF
Lot Size0.86 Acres
Price / SF$70.76
Days on Market233
Property Features for 414 N Sycamore
General Information
Standard status
Active
Size
26,143 SF
Lot size
0.86 Acres
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Building Details
Building Size
26,143 SF
Construction
steel frame
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 3:30AM
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 flex property at 414 N. Sycamore St. includes approximately 37,500 SF of site area and 26,143 SF of warehouse and office space. The improvements feature steel-frame construction, forced-air heating, and multiple loading doors serving both dock and grade-level access. The property is leased to Valley Ford Metal Crafters through January 31, 2028, under an NNN lease structure.
The Spokane property is located minutes from I-90 and the city’s Central Business District. Its address is 414 N. Sycamore, Spokane, WA 99202, providing an industrial setting with access to major transportation and downtown Spokane. The existing lease and combined office-warehouse configuration support continued industrial occupancy.
The Spokane property is located minutes from I-90 and the city’s Central Business District. Its address is 414 N. Sycamore, Spokane, WA 99202, providing an industrial setting with access to major transportation and downtown Spokane. The existing lease and combined office-warehouse configuration support continued industrial occupancy.
Key Highlights
- Approximately 37,500 SF site area with 26,143 SF of warehouse and office space
- Leased to Valley Ford Metal Crafters through January 31, 2028
- NNN lease structure
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
$152,105
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
8.22%
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%
$3,042,100
$3.0M
Cap Rate 7%
$2,172,929
$2.2M
Cap Rate 9%
$1,690,056
$1.7M
Market Conditions
NOI Build-Up for 26,143 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
$232.1K $8.88/SF
− Vacancy
−$14.9K −$0.57/SF
EGI
$217.3K $8.31/SF
− OpEx
−$65.2K −$2.49/SF
NOI
$152.1K $5.82/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$8.88 /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%
$3,042,100
Cap Rate 7%
$2,172,929
Cap Rate 9%
$1,690,056
Alternative Uses
Best Use
Office B
$5.35M
$4.68M – $6.24M
NOI $374,342 @ 7.0% cap · market cap 20.23%
Second Best
Warehouse
$2.44M
$2.13M – $2.85M
NOI $170,774 @ 7.0% cap · market cap 9.23%
Theoretical Best
Office A
$6.74M
$5.90M – $7.87M
NOI $472,143 @ 7.0% cap · market cap 25.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
729
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property combining warehouse and office areas with multiple loading options and an existing NNN lease.
Where is this flex space located?
The property is located at 414 N Sycamore Spokane, WA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Approximately 37,500 SF site area with 26,143 SF of warehouse and office space; Leased to Valley Ford Metal Crafters through January 31, 2028; NNN lease structure
