Customizable Storage Condos For
For Sale
Contact for pricing
1551 S Deer Heights Rd., Spokane, WA 99224
Luxury storage condos offering customizable units for warehouse, shop, office.
Property Size1,200 SF
Price / SF$174.92
Days on Market1145
Property Features for 1551 S Deer Heights Rd.
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Industrial
Zoning
Light Industrial
Investment Type
Owner/User
Building Details
Year Built
2023
Buildings
4
Stories
1
Listing Agency:
Sds Realty Inc.
(509) 747-1051
Listed By:
Chris Bornhoft · License #22004552
Source:
Crexi
Added: Jul 12, 2023
Changed: Aug 23
Last Checked: Aug 29 at 8:20AM
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 = 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
$6,982
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
3.33%
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%
$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
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
$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 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%
$139,640
Cap Rate 7%
$99,743
Cap Rate 9%
$77,578
Alternative Uses
Best Use
Industrial
$99.7K
$87.3K – $116.4K
NOI $6,982 @ 7.0% cap · market cap 3.33%
Second Best
Flex RnD
$92.6K
$81.0K – $108.1K
NOI $6,483 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$309.6K
$270.9K – $361.2K
NOI $21,672 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
