Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1520-1540 E Illinois Ave Spokane, WA 99207

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Multi-family development opportunity with sweeping views in Spokane, Washington.

    Lot size:
    0.83 Acres

    Property Features for 1520-1540 E Illinois Ave

    General Information

    Lot size
    0.83 Acres

    We can help!

    Listing Contact
    Steve Jones
    Steve Jones
    Source: Moodyscre

    Listing Agency: Windermere Valley Listing Agent: Steve Jones

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

    Learn more

    Overview

    Spokane Development Opportunity with Views

    This is a development opportunity featuring sweeping views over Spokane. The property consists of four parcels that can potentially be aggregated for a large project. It is zoned for multi-family use, allowing for buildings up to 55 feet tall, with potential for up to 65 feet with below-grade height. There is unlimited density, no on-site parking requirements, and the property is located on a bus route with an adjacent walking path. Centrally located, it offers quick access to all areas of Spokane and is situated on the hill above Spokane Community College (SCC) and Gonzaga University. This multi-family development could provide the opportunity to build out 100+ units. The listing includes 1520, 1524, 1530 & 1540 E Illinois Ave.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.3875369
    Latitude
    47.6785531

    Nearby Similar for Sale

    • New
      $800,000
      6,056 SF

      Spokane Commercial Property on Hayford

      4.39 acre commercial property with city water and possibilities.
      1625 S Hayford Rd, Spokane, WA 99224
      View Details
    • $999,000
      9,000 SF

      Spokane Commercial Flex Space Available

      9,000 SF flex space on 1.89 acres in Spokane.
      1611 W Geiger Blvd, Spokane, WA 99224
      View Details
    • $990,000
      8,020 SF

      Spokane Commercial Property For Sale

      Commercial property with showroom and easy freeway access in Spokane.
      3626 E Trent Ave, Spokane, WA 99202
      View Details
    • New
      $700,000
      Pending

      South Hill Adult Family Home

      Well-established, income-producing adult family home in a peaceful Spokane neighborhood.
      4414 S Helena St, Spokane, WA 99223
      View Details
    • New
      $675,000
      Pending

      South Hill Adult Family Home

      Well-established, income-producing adult family home in a peaceful Spokane neighborhood.
      2214 E 36Th Ave, Spokane, WA 99203
      View Details
    • New
      $350,000
      0.47 Acres

      Versatile Commercial Property in Spokane

      Industrial Mixed Use property with shop, house, and detached garage.
      10807 E Trent Ave, Spokane, WA 99206
      View Details
    • $389,000
      2,608 SF

      Versatile Church Property on Large Lot

      Church property with development potential on a large corner lot.
      4315 N Evergreen Rd, Spokane, WA 99216
      View Details
    • $1,490,000
      14,896 SF

      Versatile Spokane Commercial Warehouse Space

      15,000 sq ft warehouse with office space in Spokane.
      3303 E Ferry Ave, Spokane, WA 99202
      View Details
    • New
      $599,900
      2,776 SF

      Spokane Duplex: Income and Flexibility

      Well-maintained duplex on Spokane's Upper South Hill.
      2716 E 37Th Ave, Spokane, WA 99223
      View Details
    • New
      $675,000
      Pending

      Spokane Landmark Apartment Building

      Unique apartment building with expansion potential in Spokane, Washington.
      5634 E Commerce Ave, Spokane, WA 99207
      View Details
    • New
      $375,000
      Pending

      Updated Duplex in Perry District

      Charming, updated duplex in Spokane's desirable Perry District.
      522 E 8Th Ave, Spokane, WA 99202
      View Details
    • New
      $329,000
      1,828 SF

      Spokane Duplex Near Kendall Yards

      Duplex near Kendall Yards with updated systems and separate meters.
      2507 W Gardner Ave, Spokane, WA 99201
      View Details

    FAQs

    What type of property is this?
    Land - Multi-family development opportunity with sweeping views in Spokane, Washington.
    Where is this land located?
    The property is located at 1520-1540 E Illinois Ave Spokane, WA.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: - Multi-family zoning with potential for 100+ units.; - Unlimited density and height potential up to 65 feet.; - Sweeping views over Spokane.
    (509) 928-1991 Call to check price and availability
    Request Owner's contact information
    1520-1540 E Illinois Ave Spokane, WA 99207
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1520-1540 E Illinois Ave
    Spokane, WA 99207
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1520-1540 E Illinois Ave Spokane, WA 99207
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steve Jones
    Steve Jones
    Real Estate License ID: 15029
    (509) 928-1991 (509) 951-9155
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!