Building Details

Year built 1996

Floors in Building 1

Building materials Steel Frame

Roof type Metal

Additional Structures Workshop

Listing Agency: Windermere Manito, LLC M***@windermere.com Show Phone

Listed By: Tony Vaughn · License #102531 Show Phone

Added: Mar 11 Changed: Sep 13 Last Checked: Sep 26 at 6:06PM

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MLS# 202613308

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 8,250-square-foot flex property, built in 1996, is arranged with finished office areas, a kitchen, a bathroom, and open interior space suited to vehicle storage or workshop functions. Concrete floors run throughout the building, which measures 50 X 165 feet. Tall garage doors support vehicle access, while four furnaces provide zoned heating. The structure also includes central air, a metal roof, and an accessible approach with ramp.

The property occupies 5 acres in Springdale, Washington, with a well producing 30 GPM +, two septic systems, security fencing, gated entry, and ample parking. The parcel is flat and open, with room for expansion. Additional 5 or 10 acres are available with the building.

Key Highlights

• 8,250 square feet on 5 acres
• 50 X 165 building dimensions
• Concrete floors, tall garage doors, and open workshop area

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

$48,000

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

8.73%

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%

$960,000 $960.0K

Cap Rate 7%

$685,714 $685.7K

Cap Rate 9%

$533,333 $533.3K

Market Conditions

NOI Build-Up for 8,250 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

$73.3K $8.88/SF

− Vacancy

−$4.7K −$0.57/SF

EGI

$68.6K $8.31/SF

− OpEx

−$20.6K −$2.49/SF

NOI

$48.0K $5.82/SF

Area

Stevens County, 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%

$960,000

Cap Rate 7%

$685,714

Cap Rate 9%

$533,333

Alternative Uses

Best Use

Warehouse

$769.9K

$673.6K – $898.2K (±1% cap)

NOI $53,891 @ 7.0% cap · market cap 9.80%

Second Best

Industrial

$685.7K

$600.0K – $800.0K (±1% cap)

NOI $48,000 @ 7.0% cap · market cap 8.73%

Theoretical Best

Office A

$2.13M

$1.86M – $2.48M (±1% cap)

NOI $148,995 @ 7.0% cap · market cap 27.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Lease Details

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 99173, WA

1,892

Population

747

Households

2.5

Avg Household Size

48

Median Age

25%

College-Educated

82%

High-School Grad

141.8 sq mi

ZIP Area

13

Density / Sq Mi

$53,227

Median Household Income

$25,036

Median Earnings

$850

Median Rent

$267,400

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Steel-frame commercial property combines finished offices with open vehicle and workshop areas on a secured rural parcel.

Where is this flex space located?

The property is located at 4341 B Springdale Hunters Rd Springdale, WA.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: 8,250 square feet on 5 acres; 50 X 165 building dimensions; Concrete floors, tall garage doors, and open workshop area