Spokane Flex Center with Expansion
For Sale
Contact for pricing
4212 W Sunset Blvd, Spokane, WA 99224
Versatile flex/office facility near downtown Spokane and airport.
Property Size19,925 SF
Lot Size2.93 Acres
Price / SF$138.02
Days on Market680
Property Features for 4212 W Sunset Blvd
General Information
Standard status
Active
Size
19,925 SF
Lot size
2.93 Acres
Property subtype
Mixed Use, Office
Zoning
Community Business
Building Details
Year Built
1962
Year Renovated
2015
Buildings
1
Stories
1
Listing Agency:
Kiemle HaGood
Listed By:
Tracy Poff · License #WA
(509) 755-7588
Source:
Crexi
Added: Oct 30, 2024
Changed: Sep 8
Last Checked: Sep 8 at 8:45AM
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
Investment Insights
Based on property information with market context.
The Sunset West Flex Center, located at 4212 W. Sunset Blvd., Spokane, WA 99224, is a versatile flex, office, and production facility situated on a 2.93-acre parcel. The property offers approximately 19,925 square feet of main floor area. The masonry building was renovated in 2008, 2015, and 2020 and features roof-mounted HVAC units, 3-phase power, and a fire sprinkler system. Ample on-site parking is available, with 79 spaces and EV charging stations. The property is conveniently located minutes from downtown Spokane and Spokane International Airport. Additional land to the east of the building provides added privacy or future development potential. The property is suitable for various business needs and presents an investment opportunity. Building plans are available for a qualified purchaser.
Key Highlights
- Versatile flex/office and production facility with approximately 19,925 SF of main floor area.
- Ample on‑site parking with 79 spaces plus EV charging stations.
- Convenient location minutes from downtown Spokane and Spokane International Airport.
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
$115,927
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
4.22%
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%
$2,318,540
$2.3M
Cap Rate 7%
$1,656,100
$1.7M
Cap Rate 9%
$1,288,078
$1.3M
Market Conditions
NOI Build-Up for 19,925 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
$176.9K $8.88/SF
− Vacancy
−$11.3K −$0.57/SF
EGI
$165.6K $8.31/SF
− OpEx
−$49.7K −$2.49/SF
NOI
$115.9K $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%
$2,318,540
Cap Rate 7%
$1,656,100
Cap Rate 9%
$1,288,078
Alternative Uses
Best Use
Industrial
$1.66M
$1.45M – $1.93M
NOI $115,927 @ 7.0% cap · market cap 4.22%
Second Best
Flex RnD
$1.54M
$1.35M – $1.79M
NOI $107,647 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$5.14M
$4.50M – $6.00M
NOI $359,846 @ 7.0% cap · market cap 13.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Balanced
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 - Versatile flex/office facility near downtown Spokane and airport.
Where is this flex space located?
The property is located at 4212 W Sunset Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Versatile flex/office and production facility with approximately 19,925 SF of main floor area.; Ample on‑site parking with 79 spaces plus EV charging stations.; Convenient location minutes from downtown Spokane and Spokane International Airport.
