Heavy Industrial Distribution
For Sale
Contact for pricing
707 N Freya St, Spokane, WA 99202
Fenced heavy industrial site with three bays, multiple grade-level doors, and 3-phase power across three buildings.
Property Size6,416 SF
Lot Size1.36 Acres
Price / SF$155.70
Days on Market108
Property Features for 707 N Freya St
General Information
Standard status
Active
Size
6,416 SF
Lot size
1.36 Acres
Property subtype
INDUSTRIAL
Site & Location
Traffic Count
30,397 vehicles/day
Fenced Yard
Yes
Warehouse & Industrial
Drive-In Doors
8
Heavy Power
Yes
Listing Agency:
Coldwell Banker Tomlinson
(509) 921-7400
Listed By:
Barb Pielli · License #41414
(509) 714-5071
Source:
Moodyscre
Added: May 29
Changed: Aug 8
Last Checked: Sep 13 at 8:56AM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
Positioned just north of Sprague Avenue on Freya Street, the property offers visibility from a prominent corner lot and strong daily traffic counts of approximately 30,397 vehicles per day. Two income-producing Lamar billboard signs are located on the property.
The site includes approximately 6,416 SF of total building area across three separate buildings, with a covered breezeway connecting building #1 and building #2. Set on 1.364 acres across two parcels, the fully fenced yard has two roll-gate entrances for controlled access and security.
Functionality is supported by a layout with three bays, including two pass-through bays, along with eight grade-level overhead doors and 3-phase power. The property is described as heavy industrial zoned and is presented as suitable for a range of heavy industrial and commercial uses, including warehouse and distribution facilities, manufacturing and fabrication, equipment sales, storage, and repair services, as well as contractor-oriented storage and industrial service operations.
The site includes approximately 6,416 SF of total building area across three separate buildings, with a covered breezeway connecting building #1 and building #2. Set on 1.364 acres across two parcels, the fully fenced yard has two roll-gate entrances for controlled access and security.
Functionality is supported by a layout with three bays, including two pass-through bays, along with eight grade-level overhead doors and 3-phase power. The property is described as heavy industrial zoned and is presented as suitable for a range of heavy industrial and commercial uses, including warehouse and distribution facilities, manufacturing and fabrication, equipment sales, storage, and repair services, as well as contractor-oriented storage and industrial service operations.
Key Highlights
- Prominent corner lot on Freya St just north of Sprague Ave with approx. 30,397 vehicles/day traffic count
- Two income‑producing Lamar billboard signs on‑site
- Heavy industrial zoned property on 1.364 acres (59,434 SF) across two parcels (35153.0302 & 35155.0307)
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
$41,911
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
4.20%
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%
$838,220
$838.2K
Cap Rate 7%
$598,729
$598.7K
Cap Rate 9%
$465,678
$465.7K
Market Conditions
NOI Build-Up for 6,416 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
$54.7K $8.52/SF
− Vacancy
−$5.4K −$0.83/SF
EGI
$49.3K $7.69/SF
− OpEx
−$7.4K −$1.15/SF
NOI
$41.9K $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%
$838,220
Cap Rate 7%
$598,729
Cap Rate 9%
$465,678
Alternative Uses
Best Use
Warehouse
$598.7K
$523.9K – $698.5K
NOI $41,911 @ 7.0% cap · market cap 4.20%
Second Best
Industrial
$533.3K
$466.6K – $622.2K
NOI $37,329 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,873 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Drive-in doors
30,397 VPD
Traffic count
Yes
Heavy power
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Well-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - Fenced heavy industrial site with three bays, multiple grade-level doors, and 3-phase power across three buildings.
Where is this warehouse located?
The property is located at 707 N Freya St Spokane, WA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Prominent corner lot on Freya St just north of Sprague Ave with approx. 30,397 vehicles/day traffic count; Two income‑producing Lamar billboard signs on‑site; Heavy industrial zoned property on 1.364 acres (59,434 SF) across two parcels (35153.0302 & 35155.0307)
