Office Warehouse Flex
For Sale
Contact for pricing
9629 North Colfax Road, Spokane, WA 99218
Renovated office space and warehouse with a fully fenced yard, overhead door, and 20 parking stalls.
Property Size2,948 SF
Price / SF$303.60
Days on Market67
Property Features for 9629 North Colfax Road
General Information
Standard status
Active
Size
2,948 SF
Class
B
Total Parking Spaces
20
Property subtype
Office, Mixed Use, Land
Zoning
GC
Building Details
Year Built
1997
Buildings
1
Stories
1
Listing Agency:
Daines Capital Commercial Real Estate
Listed By:
Seth Peterson · License #22017594
Source:
Crexi
Added: Jul 2
Changed: Aug 8
Last Checked: Jul 31 at 12:16PM
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 Daines Capital Commercial Real Estate
Investment Insights
Based on property information with market context.
This office, warehouse, and fenced yard property offers a combined workspace configuration with approximately 1,982 square feet of professional office and 966 square feet of warehouse. The office building has recently undergone interior renovations and includes five private offices, two restrooms, updated finishes, and abundant natural light. The warehouse features a 10' x 12' overhead door, 13'9" clear height, and 200-amp electrical service to support a range of operational needs. A fully fenced yard area on the property provides secure outdoor storage, along with approximately 20 parking stalls.
Located near Division Street, Newport Highway, and major North Spokane retailers, the property provides practical access to Downtown Spokane, Mead, Spokane Valley, and surrounding markets.
The existing month-to-month tenancy offers flexibility for owner-users or investors seeking a value-add opportunity.
Located near Division Street, Newport Highway, and major North Spokane retailers, the property provides practical access to Downtown Spokane, Mead, Spokane Valley, and surrounding markets.
The existing month-to-month tenancy offers flexibility for owner-users or investors seeking a value-add opportunity.
Key Highlights
- 0.84‑acre property with 2,948 SF total: 1,982 SF professional office and 966 SF warehouse
- Renovated office with five private offices, two restrooms, updated finishes, and abundant natural light
- Warehouse features a 10' x 12' overhead door, 13'9" clear height, and 200‑amp electrical service
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
$42,212
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
4.72%
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%
$844,240
$844.2K
Cap Rate 7%
$603,029
$603.0K
Cap Rate 9%
$469,022
$469.0K
Market Conditions
NOI Build-Up for 2,948 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
$65.4K $22.20/SF
− Vacancy
−$9.2K −$3.11/SF
EGI
$56.3K $19.09/SF
− OpEx
−$14.1K −$4.77/SF
NOI
$42.2K $14.32/SF
Area
Spokane, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$844,240
Cap Rate 7%
$603,029
Cap Rate 9%
$469,022
Alternative Uses
Best Use
Office B
$603.0K
$527.7K – $703.5K
NOI $42,212 @ 7.0% cap · market cap 4.72%
Second Best
Warehouse
$275.1K
$240.7K – $321.0K
NOI $19,257 @ 7.0% cap · market cap 2.15%
Theoretical Best
Office A
$760.6K
$665.5K – $887.4K
NOI $53,241 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,088
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 99218, WA
15,591
Population
6,464
Households
2.4
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,293
Density / Sq Mi
$73,723
Median Household Income
$40,854
Median Earnings
$1,147
Median Rent
$404,500
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated office space and warehouse with a fully fenced yard, overhead door, and 20 parking stalls.
Where is this flex space located?
The property is located at 9629 North Colfax Road Spokane, WA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 0.84‑acre property with 2,948 SF total: 1,982 SF professional office and 966 SF warehouse; Renovated office with five private offices, two restrooms, updated finishes, and abundant natural light; Warehouse features a 10' x 12' overhead door, 13'9" clear height, and 200‑amp electrical service
