Office/Warehouse Property For
For Sale
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4230 E Mission Ave, Spokane, WA 99202
Office/warehouse property with recent updates, available for sale or lease.
Property Size7,199 SF
Price / SF$118.07
Days on Market783
Property Features for 4230 E Mission Ave
General Information
Standard status
Active
Size
7,199 SF
Property subtype
Industrial
Zoning
Industrial
Building Details
Year Built
1951
Year Renovated
2022
Buildings
1
Listing Agency:
Kiemle HaGood
(509) 755-7588
Listed By:
Tracy Poff · License #WA
Source:
Crexi
Added: Jul 10, 2024
Changed: Aug 15
Last Checked: Aug 28 at 5:52PM
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 office and warehouse property is located on the border between the city of Spokane and Spokane Valley. It is available for sale at a reduced price and is also available for lease. The property has undergone many recent updates. On-site parking is paved. The warehouse includes a grade-level overhead door and new LED lighting. The office area features newer carpet and new storefront siding and glass. The building has a total area of 7199 square feet.
Key Highlights
- Reduced Sale Price
- Office / Warehouse Property
- Located on Spokane/Spokane Valley Border
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
$47,026
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
5.53%
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%
$940,520
$940.5K
Cap Rate 7%
$671,800
$671.8K
Cap Rate 9%
$522,511
$522.5K
Market Conditions
NOI Build-Up for 7,199 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
$61.3K $8.52/SF
− Vacancy
−$6.0K −$0.83/SF
EGI
$55.3K $7.69/SF
− OpEx
−$8.3K −$1.15/SF
NOI
$47.0K $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%
$940,520
Cap Rate 7%
$671,800
Cap Rate 9%
$522,511
Alternative Uses
Best Use
Office B
$1.47M
$1.29M – $1.72M
NOI $103,082 @ 7.0% cap · market cap 12.13%
Second Best
Warehouse
$671.8K
$587.8K – $783.8K
NOI $47,026 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,014 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
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
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Frequently Asked Questions
What type of property is this?
Warehouse - Office/warehouse property with recent updates, available for sale or lease.
Where is this warehouse located?
The property is located at 4230 E Mission Ave Spokane, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Reduced Sale Price; Office / Warehouse Property; Located on Spokane/Spokane Valley Border
