4-Bay Flex Industrial
For Sale
Contact for pricing
4817 N Freya St, Spokane, WA 99217
Four industrial/office flex units in a 1979 light-industrial building with open access on Freya Avenue.
Property Size7,200 SF
Price / SF$166.67
Days on Market168
Property Features for 4817 N Freya St
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Industrial
Zoning
Light Industrial
Additional Details
Highway Access
Yes
Building Details
Year Built
1979
Buildings
1
Stories
1
Units
4
Listing Agency:
Kiemle Hagood
Listed By:
Tony Villelli · License #WA - 25738
(208) 661-3044
Source:
Crexi
Added: Mar 24
Changed: Sep 5
Last Checked: Sep 4 at 4:49PM
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 property features four industrial/office flex units within a 4-bay layout. Built in 1979 and zoned light industrial, the space is designed to support flexible uses, including office, warehouse, or light manufacturing operations.
Located on Freya Avenue, the property provides open access and exposure along the corridor. Easy access to the north-south freeway (Highway 395) can support convenient transportation and logistics for day-to-day operations.
The building configuration is well-suited for tenants seeking a combined industrial and office setup, with multiple bays available within one property.
Located on Freya Avenue, the property provides open access and exposure along the corridor. Easy access to the north-south freeway (Highway 395) can support convenient transportation and logistics for day-to-day operations.
The building configuration is well-suited for tenants seeking a combined industrial and office setup, with multiple bays available within one property.
Key Highlights
- Four industrial/office flex units in a light‑industrial building built in 1979.
- Zoned light industrial and designed for office, warehouse, or light manufacturing uses.
- Open access on Freya Avenue with frontage for visibility and easy customer/vehicle access.
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
$47,032
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
3.92%
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%
$940,640
$940.6K
Cap Rate 7%
$671,886
$671.9K
Cap Rate 9%
$522,578
$522.6K
Market Conditions
NOI Build-Up for 7,200 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
$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%
$940,640
Cap Rate 7%
$671,886
Cap Rate 9%
$522,578
Alternative Uses
Best Use
Warehouse
$671.9K
$587.9K – $783.9K
NOI $47,032 @ 7.0% cap · market cap 3.92%
Second Best
Industrial
$598.4K
$523.6K – $698.2K
NOI $41,891 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,032 @ 7.0% cap · market cap 10.84%
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
461
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Four industrial/office flex units in a 1979 light-industrial building with open access on Freya Avenue.
Where is this flex space located?
The property is located at 4817 N Freya St Spokane, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four industrial/office flex units in a light‑industrial building built in 1979.; Zoned light industrial and designed for office, warehouse, or light manufacturing uses.; Open access on Freya Avenue with frontage for visibility and easy customer/vehicle access.
