Versatile Industrial Property in Deer
For Sale
$1,295,000
521 S Fir Avenue, Deer Park, WA 99006
Industrial property with office space, warehouse, and fenced yard.
Property Size6,364 SF
Price / SF$203.49
Days on Market274
Property Features for 521 S Fir Avenue
General Information
Standard status
Active
Size
6,364 SF
Property subtype
Office/Warehouse
Building Details
Building Size
6,364 SF
Year Built
1986
Listing Agency:
Black Commercial, Inc.
(509) 710-2819
Listed By:
Mark C. McLees
(509) 710-2819
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 17
Last Checked: Aug 22 at 5:05AM
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 Black Commercial, Inc.
Investment Insights
Based on property information with market context.
This property, constructed in 1986, features approximately 7,000 square feet of improvements, including a 6,364-square-foot main level and a 636-square-foot second floor. The site encompasses approximately 40,229 square feet (0.92 acres) and includes a fenced yard of approximately 12,000 square feet. The property is alarmed and equipped with security cameras. It offers 11 paved and striped car parks, including one ADA-compliant space. The interior includes two executive offices with built-in desks and drawers, two standard offices, and two conference rooms. A built-in reception desk is present, along with two ADA-compliant restrooms, one standard restroom with a shower, and a kitchenette. The property incorporates four warehouse spaces, each with overhead doors (OHDs) of varying sizes: 10'x10', 10'x11', 10'x6', 9'x8', and 9'x9.5'. Multiple work rooms are also included. Located in Deer Park.
Key Highlights
- 7,000± SF of total space including office and warehouse areas.
- Four warehouse spaces with multiple overhead doors of varying sizes.
- Fenced yard of approximately 12,000± SF.
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
$75,115
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
5.80%
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%
$1,502,300
$1.5M
Cap Rate 7%
$1,073,071
$1.1M
Cap Rate 9%
$834,611
$834.6K
Market Conditions
NOI Build-Up for 6,364 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
$127.5K $20.04/SF
− Vacancy
−$27.4K −$4.30/SF
EGI
$100.2K $15.74/SF
− OpEx
−$25.0K −$3.93/SF
NOI
$75.1K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /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%
$1,502,300
Cap Rate 7%
$1,073,071
Cap Rate 9%
$834,611
Alternative Uses
Best Use
Office B
$1.07M
$938.9K – $1.25M
NOI $75,115 @ 7.0% cap · market cap 5.80%
Second Best
Warehouse
$636.4K
$556.8K – $742.4K
NOI $44,546 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,938 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99006, WA
13,711
Population
5,287
Households
2.6
Avg Household Size
43
Median Age
16%
College-Educated
94%
High-School Grad
164.1 sq mi
ZIP Area
84
Density / Sq Mi
$65,375
Median Household Income
$41,198
Median Earnings
$970
Median Rent
$366,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- J Street Storage & Ladybug Car Wash — 112 Meadowmere Rd, Deer Park, WA 99006
- Dp storage & Uhaul — 404 S Fir Ave, Deer Park, WA 99006
- Deer Park Diamond Storage — 209 W D St, Deer Park, WA 99006
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial property with office space, warehouse, and fenced yard.
Where is this warehouse located?
The property is located at 521 S Fir Avenue Deer Park, WA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 7,000± SF of total space including office and warehouse areas.; Four warehouse spaces with multiple overhead doors of varying sizes.; Fenced yard of approximately 12,000± SF.
