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    40212 Newport Hwy Elk, WA 99009

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    For Sale
    Contact for pricing

    9,098 SF Warehouse, Vacant, $675,000

    Property size:
    9,098 SF

    Property Features for 40212 Newport Hwy

    General Information

    Property type
    Distribution properties
    Square Feet
    9,098 SF
    Class
    C

    We can help!

    Listing Contact
    Jesse Fox
    Jesse Fox

    Listing Agency: Marcus & Millichap Seattle Listing Agent: Jesse Fox

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 9,098-square-foot warehouse, located at 40212 N Newport Hwy in Elk, Washington, presents a compelling investment or owner-occupied opportunity. The property boasts a prime location on a major commercial thoroughfare (Newport Hwy) experiencing over 12,000 average daily traffic counts, ensuring excellent visibility and accessibility. Strategically situated between Spokane, WA and Sandpoint, ID, this warehouse offers significant advantages for businesses seeking a central location. The building itself comprises a 7,898 square foot main warehouse area complemented by a 1,200 square foot mezzanine office space, totaling 9,098 square feet. Features include open and private office areas, dedicated warehouse space, and sales/showroom areas, providing versatility for various business needs. The warehouse is equipped with a 13'6" dock-high door and a 10' bay door, facilitating efficient shipping and receiving. Ample storage space is available, enhanced by existing racking systems. The building benefits from heating and insulation, and is currently in good condition. The asking price is $675,000, translating to $87.38 per square foot. The property's vacant status presents an immediate opportunity for customization and expansion to suit specific business requirements, offering potential for significant value appreciation through improvements and development. This is a rare chance to acquire a well-located, functional warehouse in a thriving area. The property is classified as Class C and is currently vacant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Picture Peddler Photography Service

    Suggested Use

    Restaurant Building Supply Department Store Food Market Grocery & Convenience Store Cafe & Coffee Shop Plumbing Service Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk
    County
    Spokane
    State
    Washington
    Longitude
    -117.3485243
    Latitude
    48.0205798

    Nearby Similar for Sale

    • Contact for pricing

      Elk, WA Country Retreat

      9.9-acre country retreat with horse setup near North Spokane.
      38911 N Newport Hwy, Elk, WA 99009
      View Details

    FAQs

    What type of property is this?
    Distribution property - 9,098 SF Warehouse, Vacant, $675,000
    Where is this distribution property located?
    The property is located at 40212 Newport Hwy Elk, WA.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: High-traffic location on Newport Hwy, boasting over 12,000 ADT.; Strategically positioned between Spokane, WA and Sandpoint, ID.; Significant potential for expansion and value enhancement.
    (509) 850-2805 Call to check price and availability
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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
    40212 Newport Hwy Elk, WA 99009
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jesse Fox
    Jesse Fox
    Real Estate License ID: WA23158
    (509) 850-2805 (206) 826-5700 (206) 826-5677
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