For Sale
$1,295,000
521 S Fir Avenue, Deer Park, WA 99006
Flex space
Property Size6,364 SF
Lot Size0.92 Acres
Price / SF$185
Days on Market155
Property Features for 521 S Fir Avenue
General Information
Standard status
Active
Size
6,364 SF
Lot size
0.92 Acres
Property subtype
Office/Warehouse
Building Details
Building Size
6,364 SF
Year Built
1986
Listing Agency:
NAI Black - Spokane
(509) 710-2819
Listed By:
Mark C. McLees
(509) 710-2819
Source:
Naiblack
Added: Mar 26
Changed: Aug 26
Last Checked: Aug 25 at 9:34PM
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 NAI Black - Spokane
Investment Insights
Based on property information with market context.
Key Highlights
- 7,000± SF Office/Warehouse Space
- Four warehouse spaces with overhead doors
- Two executive offices featuring built‑in desks
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
$40,786
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
3.15%
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%
$815,720
$815.7K
Cap Rate 7%
$582,657
$582.7K
Cap Rate 9%
$453,178
$453.2K
Market Conditions
NOI Build-Up for 7,000 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
$69.7K $9.96/SF
− Vacancy
−$7.0K −$1.00/SF
EGI
$62.7K $8.96/SF
− OpEx
−$22.0K −$3.14/SF
NOI
$40.8K $5.83/SF
Area
Spokane County, WA
Vacancy
10.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$815,720
Cap Rate 7%
$582,657
Cap Rate 9%
$453,178
Alternative Uses
Best Use
Flex RnD
$582.7K
$509.8K – $679.8K
NOI $40,786 @ 7.0% cap · market cap 3.15%
Second Best
Industrial
$576.5K
$504.4K – $672.5K
NOI $40,352 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,225 @ 7.0% cap · market cap 8.74%
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this flex space 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 Office/Warehouse Space; Four warehouse spaces with overhead doors; Two executive offices featuring built‑in desks
