Light Industrial Ranch
For Sale
$320,000
627 N Madelia St, Spokane, WA 99202
Commercial Sale, Spokane, WA
Property Size2,366 SF
Lot Size0.32 Acres
Price / SF$135.25
Days on Market142
Property Features for 627 N Madelia St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LI
Basement
Partial, Unfinished
Lot features
Fenced Yard, Oversized Lot
Elementary school district
Spokane Dist 81
Directions
1/2 Block North of Madelia and Trent.
Standard status
Active
APN
35163.1013
Size
2,366 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
4071
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1968
Floors in Building
1
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Spokane
(509) 489-7000
Listed By:
Aaron Bell
(509) 218-6810
Added: Apr 17
Changed: Sep 3
Last Checked: Sep 5 at 2:06AM
MLS# 202615736
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1968 ranch home sits on a double lot and is zoned Light Industrial (LI). The main floor totals 1,690 square feet with three bedrooms and two full baths, along with a large laundry room featuring a closet and storage. A partial, unfinished 670 square foot basement adds additional space. Heating includes a gas furnace installed in 2015, supported by electric baseboard heat, and the property has two hot water heaters. Outside, there is a covered rear deck, a nicely landscaped 6-foot privacy fenced back yard, and a sprinkler system. The oversized three-car garage includes three openers, providing ample enclosed parking or work storage.
Located in Spokane, the property offers great access to I-90 and Spokane’s University District.
For buyers or operators seeking a light industrial zoned site with on-site enclosed space, this property combines a residential building with practical utility features such as substantial garage capacity, in-house laundry/storage, and outdoor functional improvements like the fenced yard and covered deck. The unfinished basement may be useful for additional storage or expansion depending on intended use and code requirements.
Located in Spokane, the property offers great access to I-90 and Spokane’s University District.
For buyers or operators seeking a light industrial zoned site with on-site enclosed space, this property combines a residential building with practical utility features such as substantial garage capacity, in-house laundry/storage, and outdoor functional improvements like the fenced yard and covered deck. The unfinished basement may be useful for additional storage or expansion depending on intended use and code requirements.
Key Highlights
- 1968 ranch home with 1,690 SF main level featuring 3 bedrooms and 2 full baths
- Light Industrial (LI) double lot; zoned LI
- Total 2,366 SF including a partial unfinished 670 SF basement
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
$23,532
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
7.35%
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%
$470,640
$470.6K
Cap Rate 7%
$336,171
$336.2K
Cap Rate 9%
$261,467
$261.5K
Market Conditions
NOI Build-Up for 2,366 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
$45.7K $19.32/SF
− Vacancy
−$2.9K −$1.24/SF
EGI
$42.8K $18.08/SF
− OpEx
−$19.3K −$8.14/SF
NOI
$23.5K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$470,640
Cap Rate 7%
$336,171
Cap Rate 9%
$261,467
Alternative Uses
Best Use
Apartment 5plus
$336.2K
$294.2K – $392.2K
NOI $23,532 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$610.4K
$534.1K – $712.2K
NOI $42,730 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Single family property - Light industrial zoned double-lot ranch with oversized three-car garage and fenced yard near I-90.
Where is this single family property located?
The property is located at 627 N Madelia St Spokane, WA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 1968 ranch home with 1,690 SF main level featuring 3 bedrooms and 2 full baths; Light Industrial (LI) double lot; zoned LI; Total 2,366 SF including a partial unfinished 670 SF basement
