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    Former Honeywell Manufacturing Facility Title is generated by Realmo AI

    1500 W 1st St, Cheney, WA 99004

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    112,500 SF manufacturing facility on 10.08 acres.

    Type:Industrial
    Property size:
    112,501 SF
    Lot size:
    10.08 Acres
    Price / SF:
    $66/SF
    Added:
    Mar 8, 2024
    Days on Market:
    815
    Last Refresh:
    May 12 at 9:08 pm

    Property Features for 1500 W 1st St

    General Information

    Standard status
    Active
    Size
    112,501 SF
    Lot size
    10.08 Acres
    Property subtype
    Industrial

    We can help!

    Listing Contact
    CRAIG SOEHREN

    Listing agent CRAIG SOEHREN License #22137

    Listing office Kiemle Hagood

    Listing date Mar 8, 2024

    Source Crexi

    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 Kiemle Hagood

    HighLights

    • ±112,500 square foot manufacturing facility.
    • Absolute net lease in place with Allpack, tenant responsible for all repairs and operating costs.
    • Heavy power infrastructure suitable for manufacturing.
    • New roof completed in 2017.
    • Concrete walls and concrete roof trusses.
    • Located on a 10.08‑acre site.

    Overview

    The Former Honeywell Building, a manufacturing facility with ±112,500 square feet, is located in Cheney, WA. Constructed in 1982, it was originally built as a microchip manufacturing plant for Honeywell. The building includes heavy power, concrete walls, and concrete roof trusses, and is situated on a 10.08-acre site. The current lease, held by Allpack, is structured as an “absolute net” lease, making the tenant responsible for all repairs and operating costs. The interior of the building is in good condition. Recent exterior improvements include a new roof completed in 2017 and new interior paint completed in 2019.

    Local Financial Insights For Industrial

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $1.01M $9.00
    − Vacancy −$86.1k −$0.77
    EGI $926.4k $8.24
    − OpEx −$277.9k −$2.47
    NOI $648.5k $5.76
    112,501 SF · lease $9.00/SF/yr · vacancy 8.50% · expense 30.00%

    Alternative Uses

    Best Use
    Industrial
    $9.26M
    $8.11M – $10.81M (±1% cap)
    NOI $648,512 @ 7.0% cap · market cap 8.65%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $26.00M
    $22.75M – $30.33M (±1% cap)
    NOI $1,819,708 @ 7.0% cap · market cap 24.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Building Supply Auto Repair Shop Gym & Fitness Center Kitchen & Bath Showroom Storage Facility HVAC Service Grocery & Convenience Store Computer & Electronic Repair Tech Support Center Veterinary Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheney
    County
    Spokane
    State
    Washington
    Longitude
    -117.6037867
    Latitude
    47.4746552

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    FAQs

    What type of property is this?
    Manufacturing property - 112,500 SF manufacturing facility on 10.08 acres.
    Where is this manufacturing property located?
    The property is located at 1500 W 1st St Cheney, WA.
    What is the asking price?
    The asking price for this property is $7,500,000.
    What are key features of this property?
    This property features: ±112,500 square foot manufacturing facility.; Absolute net lease in place with Allpack, tenant responsible for all repairs and operating costs.; Heavy power infrastructure suitable for manufacturing.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    CRAIG SOEHREN
    Real Estate License ID: 22137
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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