Light Industrial Warehouse
For Sale
Contact for pricing
5823 N Florida St, Spokane, WA 99217
Steel, clear-span warehouses on two parcels with fenced, mostly paved yard and HVAC heat.
Property Size11,760 SF
Lot Size0.43 Acres
Price / SF$97.79
Days on Market187
Property Features for 5823 N Florida St
General Information
Standard status
Active
Size
11,760 SF
Lot size
0.43 Acres
Property subtype
INDUSTRIAL
Zoning
Light Industrial
Additional Details
Fenced Yard
Yes
Building Details
Construction
steel, clear span
Listing Agency:
SDS Realty Inc
(509) 462-9310
Listed By:
Vic Overholser
(509) 462-9310
Source:
Moodyscre
Added: Feb 1
Changed: Jul 28
Last Checked: Jul 28 at 3:11AM
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 SDS Realty Inc
Investment Insights
Based on property information with market context.
This light industrial warehouse property includes two separate buildings on two parcels: 5817 N Florida and 5827 N Florida. 5817 offers approximately 1,200 SF of shop/warehouse space with a roll-up door, heat, and no restroom. 5827 provides approximately 10,560 SF with two large bays of roughly 5,000 SF each, plus approximately 1,200 SF of total office space and an additional small bay of about 560 SF. Both structures are steel, clear span, with insulated metal exterior and industrial HVAC/heat elements in place as described.
The property is zoned Light Industrial and features industrial service power (to verify), crane tracks (two; tenant to verify rating), and a fenced, mostly paved yard. Crane track rating and industrial power should be verified. Current occupancy allows flexibility: 5817 is available with 30-day notice, and 5827 is planned to be vacated by April 1, 2026. The main building at 5827 can be leased as either approximately 5,000 SF or 10,560 SF.
The property is zoned Light Industrial and features industrial service power (to verify), crane tracks (two; tenant to verify rating), and a fenced, mostly paved yard. Crane track rating and industrial power should be verified. Current occupancy allows flexibility: 5817 is available with 30-day notice, and 5827 is planned to be vacated by April 1, 2026. The main building at 5827 can be leased as either approximately 5,000 SF or 10,560 SF.
Key Highlights
- Two steel, clear‑span light industrial buildings on separate parcels: 5817 (1,200 SF) and 5827 (10,560 SF)
- 5817 N. Florida shop includes roll‑up door and heat; no restroom; tenant can be available with 30‑day notice
- 5827 N. Florida features two large bays (~5,000 SF each) plus ~1,200 SF office; includes an additional ~560 SF small bay
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
$76,820
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
6.68%
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%
$1,536,400
$1.5M
Cap Rate 7%
$1,097,429
$1.1M
Cap Rate 9%
$853,556
$853.6K
Market Conditions
NOI Build-Up for 11,760 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
$100.2K $8.52/SF
− Vacancy
−$9.8K −$0.83/SF
EGI
$90.4K $7.69/SF
− OpEx
−$13.6K −$1.15/SF
NOI
$76.8K $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%
$1,536,400
Cap Rate 7%
$1,097,429
Cap Rate 9%
$853,556
Alternative Uses
Best Use
Warehouse
$1.10M
$960.3K – $1.28M
NOI $76,820 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.54M
NOI $212,386 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Well-served
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.
Similar Off Market Nearby
- Conseal Containers, LLC — 3811 E Queen Ave, Spokane, WA 99217
- Guardian Self Storage — 3727 E Queen Ave, Spokane, WA 99217
- The Armory — 3605 E Rowan Ave, Spokane, WA 99217
Frequently Asked Questions
What type of property is this?
Warehouse - Steel, clear-span warehouses on two parcels with fenced, mostly paved yard and HVAC heat.
Where is this warehouse located?
The property is located at 5823 N Florida St Spokane, WA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two steel, clear‑span light industrial buildings on separate parcels: 5817 (1,200 SF) and 5827 (10,560 SF); 5817 N. Florida shop includes roll‑up door and heat; no restroom; tenant can be available with 30‑day notice; 5827 N. Florida features two large bays (~5,000 SF each) plus ~1,200 SF office; includes an additional ~560 SF small bay
