Fenced Warehouse Distribution
For Sale
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4616 S BEN FRANKLIN LN, Spokane, WA 99224
Light Industrial warehouse with office space, dock access, and a secured site.
Property Size25,200 SF
Lot Size3.36 Acres
Price / SF$158.73
Days on Market13
Property Features for 4616 S BEN FRANKLIN LN
General Information
Standard status
Active
Size
25,200 SF
Lot size
3.36 Acres
Property subtype
Industrial
Zoning
Light Industrial
Lease Type
NNN
Warehouse & Industrial
Clear Height
21 ft
Office Build-Out
2,000 SF
Dock-High Doors
7
Drive-In Doors
1
Power
1,200 amps
Three-Phase Power
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1987
Buildings
1
Stories
2
Units
1
Tenancy
Single
Building Size
25,200 SF
Listing Agency:
Kiemle HaGood
(509) 755-7588
Listed By:
Tracy Poff · License #WA
Source:
Crexi
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 11 at 12:27PM
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 25,200-square-foot warehouse occupies a fully fenced 3.36-acre site and includes 2,000 square feet of office area. The facility provides 21-foot warehouse clearance, seven dock loading doors, one grade-level loading door, and 1,200 amps of three-phase power. Built in 1987, the property is zoned Light Industrial and is configured for distribution or warehouse operations.
Located at 4616 S Ben Franklin Ln in Spokane, Washington, the property offers a combination of substantial warehouse area, dedicated office space, loading infrastructure, and secured outdoor grounds. The existing lease runs through April 30, 2027, with occupancy available beginning May 1, 2027.
Located at 4616 S Ben Franklin Ln in Spokane, Washington, the property offers a combination of substantial warehouse area, dedicated office space, loading infrastructure, and secured outdoor grounds. The existing lease runs through April 30, 2027, with occupancy available beginning May 1, 2027.
Key Highlights
- 25,200 building SF on a fully fenced 3.36‑acre site
- 21' warehouse height with 2,000 SF of office area
- Seven dock loading doors and one grade loading door
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
$360,839
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
9.02%
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%
$7,216,780
$7.2M
Cap Rate 7%
$5,154,843
$5.2M
Cap Rate 9%
$4,009,322
$4.0M
Market Conditions
NOI Build-Up for 25,200 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
$559.4K $22.20/SF
− Vacancy
−$78.3K −$3.11/SF
EGI
$481.1K $19.09/SF
− OpEx
−$120.3K −$4.77/SF
NOI
$360.8K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$7,216,780
Cap Rate 7%
$5,154,843
Cap Rate 9%
$4,009,322
Alternative Uses
Best Use
Office B
$5.15M
$4.51M – $6.01M
NOI $360,839 @ 7.0% cap · market cap 9.02%
Second Best
Warehouse
$2.35M
$2.06M – $2.74M
NOI $164,614 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$6.50M
$5.69M – $7.59M
NOI $455,112 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
7
Dock-high doors
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99224, WA
24,085
Population
10,559
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
96%
High-School Grad
118.8 sq mi
ZIP Area
203
Density / Sq Mi
$76,785
Median Household Income
$50,678
Median Earnings
$1,290
Median Rent
$439,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Light Industrial warehouse with office space, dock access, and a secured site.
Where is this warehouse located?
The property is located at 4616 S BEN FRANKLIN LN Spokane, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 25,200 building SF on a fully fenced 3.36‑acre site; 21' warehouse height with 2,000 SF of office area; Seven dock loading doors and one grade loading door
