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    Property profile & analytics

    4023 Sprague Ave Spokane, WA 99202-4848

    • Retail space
    • 5,238 SF
    • 0.51 lot acres
    OFF-MARKET
    Value Estimations
    $325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0054302
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Computer Guruz / Data Recovery Service / Computer Repair Service
    • Sticker Shock Signs / Sign Shop
    • A Banner Co / Sign Shop

    Property Details for 4023 Sprague Ave

    Year built
    1955
    Lot size
    0.51 lot acres
    Property size
    5,238 SF
    Property type
    Retail space
    APN
    35154.4803
    APU
    351544803

    Description

    This exceptional Spokane, WA retail investment opportunity encompasses ±1.06 acres of prime commercial real estate on Sprague Avenue, boasting approximately 14,737 square feet of building space across two buildings. The property features ±385 feet of frontage along this high-traffic arterial, placing it in close proximity to major retailers such as Costco, Home Depot, Lowe's, and Walmart, ensuring high visibility and accessibility. The two buildings offer diverse options. One building, constructed in 1955, offers approximately 7,031 square feet on a 0.51-acre lot (APN 35154.4803). The second building, built in 1929 (retail portion) and 2001 (mini-storage portion), comprises approximately 7,706 square feet (3,106 sq ft retail and 4,600 sq ft mini-storage) on a 0.51-acre lot (APN 35154.4905). Both parcels are zoned General Commercial with a 70-foot height limit (GC-70), presenting a multitude of development possibilities. The asking price for this combined property is $1,500,000. The property's location at 4023 & 4107 E Sprague Ave, Spokane, WA 99202, offers unparalleled exposure and potential for significant return on investment. This is a rare chance to acquire a substantial retail property in a thriving Spokane location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $320,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $335,000
      6.5%
      $360,000
      7%
      $310,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $340,000
      Geo Method
      $355,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $310,000
      Retail
      $320,000
      Mixed-Use
      $305,000
      Hospitality
      $290,000
      Educational
      $385,000
      Residential Income
      $310,000
      Energy
      $300,000
      Income-Based Land
      $300,000
      Food Service
      $345,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.35
    Latitude
    47.6575
    CBSA code
    44060
    CBSA name
    SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,610
    $199,400
    $169,600
    $369,000
    -
    $199,400
    $169,600
    $369,000

    Comparable in this City

    • Value Estimation by Request
      3,286 SF

      1720 Sprague Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,286 SF
      1720 Sprague Ave, Spokane, WA 99202-3117
      View Details
    • Value Estimation by Request
      143,038 SF

      400 Thor St

      RETAIL STORES (PERSONAL SERVICES) • 143,038 SF
      400 Thor St, Spokane, WA 99202-5075
      View Details
    • Value Estimation by Request
      1,576 SF

      130 3rd Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,576 SF
      130 3rd Ave, Spokane, WA 99202-1410
      View Details
    • Value Estimation by Request
      5,607 SF

      15 Boone Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,607 SF
      15 Boone Ave, Spokane, WA 99202-1704
      View Details
    • Value Estimation
      $500,000
      3,840 SF

      1926 Sprague Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,840 SF
      1926 Sprague Ave, Spokane, WA 99202-3121
      View Details
    • Value Estimation by Request
      4,361 SF

      2008 Sprague Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,361 SF
      2008 Sprague Ave, Spokane, WA 99202
      View Details

    Similar Nearby for Sale

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      Prime Spokane Retail Space, High Traffic
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    • $2,525,000
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      Spokane U-District Showroom and Warehouse

      18,720 SF free-standing building in Spokane's University District.
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      Mixed-Use Building on Sprague Avenue

      5,315 SF mixed-use building with ample parking for sale.
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    • $990,000
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      Spokane Commercial Property For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      8,880 SF

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    • $4,000 /Mo
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      Sublease opportunity for retail space within a Fred Meyer.
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      Retail Space with High Ceilings

      Open retail space featuring high ceilings and new HVAC system.
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      Retail Space Available For Lease

      Retail space available for lease, offering 4160 square feet.
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    • $2,000 /Mo
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      Retail Space on Sprague Avenue

      Retail space available on Sprague Avenue with basement.
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    • $14 SF/Yr
      2,700 SF

      Retail Space on Sprague Avenue

      Retail space available for lease, 2700 square feet.
      4202-4224 E Sprague Ave, Spokane, WA 99202
      View Details
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    4023 Sprague Ave
    Spokane, WA 99202-4848
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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.

    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
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