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    12003 Sunset Hwy Airway Heights, WA 99001
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    12003 Sunset Hwy, Airway Heights, WA 99001

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    • Land
    • 5.15 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 12003 Sunset Hwy

    Lot size
    5.15 lot acres
    Property type
    Land

    Description

    This exceptional 5.15-acre commercial land parcel, located at 12003 W Sunset Hwy in Airway Heights, WA 99001, presents a unique investment opportunity. Priced at $1,122,000, this property boasts 820 feet of Highway 2 frontage, offering unparalleled visibility and accessibility. The zoning allows for General Commercial and Light Industrial uses, providing flexibility for a wide range of development possibilities. Its strategic location is less than 10 miles from Downtown Spokane, ensuring convenient access to a thriving urban center. The property benefits from a strong commercial presence in the immediate vicinity, with established neighbors including Zak Designs, KFC, Panda Express, Zips, AutoZone, and Cenex, among others. This parcel is part of a larger offering of four available parcels, providing the option to acquire additional acreage to meet specific development needs. The property's size and location make it ideal for a variety of commercial ventures, offering significant potential for growth and return on investment. Detailed site plans and zoning information are available upon request. Don't miss this chance to secure a prime piece of commercial real estate in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Airway Heights
    County
    Spokane
    State
    Washington
    Longitude
    -117.58
    Latitude
    47.6429

    Comparable in this City

    • Value Estimation by Request

      12061 Sunset Hwy

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      12061 Sunset Hwy, Airway Heights, WA 99001
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      10.44 Acres

      Highway 2

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      0 Highway 2, Airway Heights, WA 99001
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      36.11 Acres

      Thomas Mallen Rd

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      0 Thomas Mallen Rd, Airway Heights, WA 99001
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      12001 Sunset Hwy

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      12001 Sunset Hwy, Airway Heights, WA 99001
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      Garfield Rd

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      0 Garfield Rd, Airway Heights, WA 99001
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      7.90 Acres

      12827 14Th Ave

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      12827 14Th Ave, Airway Heights, WA 99001
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      Land Available in Airway Heights

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      Airway Heights Land For Sale

      Land available in Airway Heights, Washington.
      2024-2024 S Hayden Rd, Airway Heights, WA 99001
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      West Spokane Land Opportunity

      Land acquisition opportunity in rapidly growing West Spokane submarket.
      11109 Us-2, Airway Heights, WA 99001
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      Airway Heights Land Parcel

      Land parcel available in Airway Heights, Washington.
      Between Russell St & Garfield Rd, Airway Heights, WA 99001
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      Land For Sale

      Land available for sale in Airway Heights, Washington.
      12100 W Sunset Hwy, Airway Heights, WA 99001
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    Similar Nearby for Lease

    • $0.05 SF/Yr

      Secured Land Near Highway 2

      Graveled, fenced land near Hwy 2, suitable for industrial use.
      12032 W 21St Ave, Airway Heights, WA 99001
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      Prime Land for Lease

      1.45 acres of graded land available for lease.
      11109 Us-2, Airway Heights, WA 99001
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      Airway Heights Fenced Land

      Secure, graveled, and fenced commercial land available for rent.
      2310 S Hayden Rd, Airway Heights, WA 99001
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      Commercial Land for Ground Lease

      Land available for ground lease next to busy Panda Express.
      Hwy 2 & Garfield Rd, Airway Heights, WA 99001
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      202,800 SF

      Airway Heights Warehouse Space Available

      202,800 SF warehouse/industrial space in Airway Heights, Washington.
      11603 West Mcfarlane Rd, Airway Heights, WA 99001
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    Airway Heights, WA 99001
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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.

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