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    Spokane Mixed-Use Commercial Landmark Title is generated by Realmo AI

    5634 E Commerce Ave, Spokane, WA 99207

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    Claim this Listing
    Pending
    $675,000

    COMMERCIAL - Spokane, WA

    Property size:
    8,832 SF
    Added:
    Apr 16, 2025
    Days on Market:
    401
    Last Refresh:
    May 21 at 9:06 am

    Property Features for 5634 E Commerce Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    GC-70
    Parking
    25
    Basement
    Full, Unfinished, Walk-Out Access
    Standard status
    Pending
    APN
    35114.1701
    Size
    8,832 SF

    Utilities

    Heating system
    Natural Gas

    Building Details

    Year built
    1913
    Floors in Building
    2
    Building materials
    Brick
    Roof type
    Flat

    We can help!

    Listing Contact
    Marianne Bornhoft
    Marianne Bornhoft

    Listing agent Marianne Bornhoft License #34021

    Listing office REAL Broker LLC 1400 112th Ave SE, Ste 100, Bellevue, WA

    Listing date Apr 16, 2025

    MLS# 202515145

    Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Unique mixed‑use commercial property with diverse income streams.
    • Large 8,832 sq ft building on over half an acre with 25 parking spaces, located on a corner lot.
    • Zoned GC‑70, offering flexible commercial usage and development potential.
    • Full, unfinished basement with conveyor belt and loading dock provides further development opportunities.
    • Historic 1913 brick building, offering unique character.
    • Natural Gas Heating

    Overview

    This classic 1913 brick landmark in Spokane is a two-story former schoolhouse. The building, once a brewery and later a winery, has been reimagined as a mixed-use commercial property. Zoned GC-70, the property includes four residential apartments, two professional offices, a lash salon, and two commercial studios, one currently operating as a martial arts dojo. Situated on a corner lot, the 8,832-square-foot building is located on over half an acre and provides 25 parking spaces. The full, unfinished basement features a conveyor belt and loading dock, offering potential for further development. The property offers flexible income opportunities and a chance to own a piece of Spokane's past.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Parkwater Schoolhouse Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Nail Salon Pharmacy Gym & Fitness Center Accounting Firm Hotel & Motel Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.325864
    Latitude
    47.676887

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    FAQs

    What type of property is this?
    Mixed-use property - Historic mixed-use property with income potential in Spokane, Washington.
    Where is this mixed-use property located?
    The property is located at 5634 E Commerce Ave Spokane, 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: Unique mixed‑use commercial property with diverse income streams.; Large 8,832 sq ft building on over half an acre with **25 parking spaces**, located on a corner lot.; Zoned GC‑70, offering flexible commercial usage and development potential.
    (855) 450-0442
    We can help!
    Listing Contact
    Marianne Bornhoft
    Marianne Bornhoft
    Real Estate License ID: 34021
    Learn More
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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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