Building Details

Year Built 2023

Buildings 4

Stories 1

Listing Agency: Sds Realty Inc.

Listed By: Chris Bornhoft · License #22004552 Show Phone

Source: Crexi

Added: Jul 12, 2023 Changed: Oct 10 Last Checked: Oct 12 at 7:31PM

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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.

Garage Lodge is a luxury storage condo complex featuring customizable units within three separate buildings. These units are available for sale and are ideal for individuals seeking a warehouse, shop, office, or storage space that can be personalized. Each unit is sold as a shell, providing a blank canvas for customization. Individual units are separately metered for both gas and electricity, with a 100amp panel installed and gas stubbed outside the back wall. Garage Lodge provides amenities to enhance the condominium lifestyle. The complex is located within a secure gated area. The owner's lodge serves as a central hub and offers amenities that provide additional convenience and comfort for owners, allowing them to utilize shared spaces for work, relaxation, and socializing. The property is located just south of the roundabout on Hwy 2 (Sunset Hwy) on the corner of Deer Heights Rd & Flight Dr.

Key Highlights

• Customizable shell unit: personalize as warehouse, shop, office, or storage.
• Secure, gated complex ensuring safety.
• Separately metered for gas and electricity.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,982

Cap Rate

3.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$139,640 $139.6K

Cap Rate 7%

$99,743 $99.7K

Cap Rate 9%

$77,578 $77.6K

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$10.7K $8.88/SF

− Vacancy

−$682 −$0.57/SF

EGI

$10.0K $8.31/SF

− OpEx

−$3.0K −$2.49/SF

NOI

$7.0K $5.82/SF

Area

Spokane, WA

Vacancy

6.40%

Lease Rate

$8.88 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$139,640

Cap Rate 7%

$99,743

Cap Rate 9%

$77,578

Alternative Uses

Best Use

Industrial

$99.7K

$87.3K – $116.4K (±1% cap)

NOI $6,982 @ 7.0% cap · market cap 3.33%

Second Best

Flex RnD

$92.6K

$81.0K – $108.1K (±1% cap)

NOI $6,483 @ 7.0% cap · market cap 3.09%

Theoretical Best

Office A

$309.6K

$270.9K – $361.2K (±1% cap)

NOI $21,672 @ 7.0% cap · market cap 10.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Garage Lodge Storage Facility Detail Bros Spokane ... Car Wash CDA National Car Dealership

Suggested Use

Top Pick Electrical Service Locksmith Pharmacy (Bike/Boat/Book/etc) Store Carpet & Flooring Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

215

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 99224, WA

24,085

Population

10,559

Households

2.3

Avg Household Size

39

Median Age

41%

College-Educated

96%

High-School Grad

118.8 sq mi

ZIP Area

203

Density / Sq Mi

$76,785

Median Household Income

$50,678

Median Earnings

$1,290

Median Rent

$439,700

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Luxury storage condos offering customizable units for warehouse, shop, office.

Where is this flex space located?

The property is located at 1551 S Deer Heights Rd. Spokane, WA.

What is the asking price?

The asking price for this property is $209,900.

What are key features of this property?

This property features: Customizable shell unit: personalize as warehouse, shop, office, or storage.; Secure, gated complex ensuring safety.; Separately metered for gas and electricity.