Flex Space with Clear-Span
For Sale
$1,200,000
7321 E Nora Ave, Spokane, WA 99212
Industrial flex property combines a steel warehouse, detached office area, overhead doors, and a partially fenced gravel lot.
Property Size7,928 SF
Lot Size1.04 Acres
Price / SF$194.30
Days on Market68
Property Features for 7321 E Nora Ave
General Information
Standard status
Active
Size
7,928 SF
Lot size
1.04 Acres
Property subtype
Industrial
Warehouse & Industrial
Clear Height
21 ft
Clear Span
Yes
Warehouse Space
5,000 SF
Office Build-Out
1,176 SF
Drive-In Doors
4
Additional Details
Fenced Yard
Yes
Building Details
Building Size
7,928 SF
Year Built
2009
Buildings
2
Construction
steel
Listing Agency:
(509) 993-4440
Listed By:
Nate Gant · License #WA #88430
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 31 at 4:02PM
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 Nate Gant
Investment Insights
Based on property information with market context.
Located at 7321 E Nora Ave, this flex property includes a 5,000 SF steel clear-span warehouse and a 1,176 SF detached office building with additional basement space. The warehouse measures 50' x 100' and offers 21' of clear ceiling height, supporting a range of industrial and storage configurations.
Three 12' and one 14' grade-level overhead doors provide direct access to the warehouse. The site covers 1.04 acres split between two parcels and includes a graveled lot with partial fencing. Built in 2009, the property has a 7:1 FAR building-to-land ratio.
Three 12' and one 14' grade-level overhead doors provide direct access to the warehouse. The site covers 1.04 acres split between two parcels and includes a graveled lot with partial fencing. Built in 2009, the property has a 7:1 FAR building-to-land ratio.
Key Highlights
- 5,000 SF steel clear‑span warehouse with 21' clear ceiling height
- 1,176 SF detached office space with additional basement
- Three 12' and one 14' grade‑level overhead doors
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
$88,434
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
7.37%
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%
$1,768,680
$1.8M
Cap Rate 7%
$1,263,343
$1.3M
Cap Rate 9%
$982,600
$982.6K
Market Conditions
NOI Build-Up for 6,176 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
$137.1K $22.20/SF
− Vacancy
−$19.2K −$3.11/SF
EGI
$117.9K $19.09/SF
− OpEx
−$29.5K −$4.77/SF
NOI
$88.4K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /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%
$1,768,680
Cap Rate 7%
$1,263,343
Cap Rate 9%
$982,600
Alternative Uses
Best Use
Office B
$1.26M
$1.11M – $1.47M
NOI $88,434 @ 7.0% cap · market cap 7.37%
Second Best
Warehouse
$576.3K
$504.3K – $672.4K
NOI $40,343 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,539 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21 ft
Clear height
4
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99212, WA
21,672
Population
9,496
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
12.3 sq mi
ZIP Area
1,762
Density / Sq Mi
$66,250
Median Household Income
$39,829
Median Earnings
$1,184
Median Rent
$314,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property combines a steel warehouse, detached office area, overhead doors, and a partially fenced gravel lot.
Where is this flex space located?
The property is located at 7321 E Nora Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5,000 SF steel clear‑span warehouse with 21' clear ceiling height; 1,176 SF detached office space with additional basement; Three 12' and one 14' grade‑level overhead doors
