Warehouse with Secured Paved
For Sale
Contact for pricing
512 E Pacific Ave, Spokane, WA 99202
Warehouse with a mezzanine plus two paved, fenced lots on either side.
Property Size9,860 SF
Lot Size0.54 Acres
Price / SF$121.60
Days on Market408
Property Features for 512 E Pacific Ave
General Information
Standard status
Active
Size
9,860 SF
Lot size
0.54 Acres
Property subtype
INDUSTRIAL
Additional Details
Fenced Yard
Yes
Listing Agency:
Live Real Estate LLC
(509) 998-2404
Listed By:
Greg Tapley
(509) 998-2404
Source:
Moodyscre
Added: Jul 1, 2025
Changed: Aug 8
Last Checked: Aug 11 at 9:13AM
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 Live Real Estate LLC
Investment Insights
Based on property information with market context.
This property consists of a warehouse building with a mezzanine, along with two paved lots positioned on either side of the warehouse. The warehouse totals 6,860 square feet and includes an additional mezzanine area of 3,000 square feet. Both lots are paved and are fully secured by security fencing across the property. The lots extend into and include the alley area behind the fencing.
The property is located on the periphery of Downtown Spokane and includes three parcels: #35202.1605, #35202.1604, and #35202.1603. A tenant currently leases one of the lots at 518 E Pacific under a month-to-month arrangement at $800 per month, with the owner indicating the tenant could remain or depart based on the needs of the new owner.
The previous tenant reportedly operated a cannabis production use and added additional air conditioning units during that tenancy. The property is for sale with the existing warehouse configuration, fenced yard, and current lot lease in place.
The property is located on the periphery of Downtown Spokane and includes three parcels: #35202.1605, #35202.1604, and #35202.1603. A tenant currently leases one of the lots at 518 E Pacific under a month-to-month arrangement at $800 per month, with the owner indicating the tenant could remain or depart based on the needs of the new owner.
The previous tenant reportedly operated a cannabis production use and added additional air conditioning units during that tenancy. The property is for sale with the existing warehouse configuration, fenced yard, and current lot lease in place.
Key Highlights
- 6,860 SF warehouse with a mezzanine providing an additional 3,000 SF
- Two paved lots (7,900 SF each) on either side of the warehouse, totaling 23,700 SF of land
- Property includes three parcels: #35202.1605, #35202.1604, and #35202.1603
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
$64,408
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
5.37%
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%
$1,288,160
$1.3M
Cap Rate 7%
$920,114
$920.1K
Cap Rate 9%
$715,644
$715.6K
Market Conditions
NOI Build-Up for 9,860 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
$84.0K $8.52/SF
− Vacancy
−$8.2K −$0.83/SF
EGI
$75.8K $7.69/SF
− OpEx
−$11.4K −$1.15/SF
NOI
$64.4K $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%
$1,288,160
Cap Rate 7%
$920,114
Cap Rate 9%
$715,644
Alternative Uses
Best Use
Warehouse
$920.1K
$805.1K – $1.07M
NOI $64,408 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.23M – $2.97M
NOI $178,072 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
678
Businesses Nearby
Under-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 Industrial 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 - Warehouse with a mezzanine plus two paved, fenced lots on either side.
Where is this warehouse located?
The property is located at 512 E Pacific Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 6,860 SF warehouse with a mezzanine providing an additional 3,000 SF; Two paved lots (7,900 SF each) on either side of the warehouse, totaling 23,700 SF of land; Property includes three parcels: #35202.1605, #35202.1604, and #35202.1603
