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    Division St. Us 2 & Rowan Ave Fairwood, WA 99208

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    Division St. Us 2 & Rowan Ave Fairwood, WA 99208

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    • Retail properties & Spaces
    • 124,954 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Division St. Us 2 & Rowan Ave

    Property size
    124,954 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    Franklin Park Shopping Center, located at the high-traffic intersection of Division St. (US 2) and Rowan Ave. in Spokane, Washington (zip code 99208), offers exceptional retail and restaurant opportunities. This established center boasts a total of 124,954 square feet and features two suites currently available for lease. The minimum leasable space is 3,700 square feet, while the maximum contiguous space available is 6,090 square feet. A total of 9,790 square feet is currently vacant, presenting a significant opportunity for expansion or new tenancy. The property is situated in Spokane County and provides ample parking with 513 spaces for customer convenience. The property's prime location on a major thoroughfare ensures high visibility and accessibility for businesses. This is an ideal location for businesses seeking a strong presence in a thriving Spokane community. The property is classified as retail and restaurant space, making it suitable for a variety of commercial uses. The property's address is Division St. (US 2) & Rowan Ave., Fairwood, WA 99208.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Fairwood
    County
    Spokane
    State
    Washington
    Longitude
    -117.464
    Latitude
    47.7872

    Comparable in this City

    • Value Estimation by Request
      0.16 Acres

      1010 Rosewood Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 0.16 Acres
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    • Value Estimation
      $3,005,000
      374 SF

      6804 Nevada St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 374 SF
      6804 Nevada St, Spokane, WA 99208-5109
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    • Value Estimation
      $690,000
      8,440 SF

      422 Francis Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 8,440 SF
      422 Francis Ave, Spokane, WA 99208-1037
      View Details
    • Value Estimation
      $1,355,000
      17,300 SF

      6909 Division St

      DEPARTMENT STORE • 17,300 SF
      6909 Division St, Spokane, WA 99208-3945
      View Details
    • Value Estimation
      $10,455,000
      141,666 SF

      5830 Division St

      DEPARTMENT STORE • 141,666 SF
      5830 Division St, Spokane, WA 99208-1207
      View Details
    • Value Estimation by Request
      1,386 SF

      6309 Wall St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,386 SF
      6309 Wall St, Spokane, WA 99208-4144
      View Details

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    Similar Nearby for Lease

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      Spokane Retail Strip Center

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    • $14 SF/Yr
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      Retail Space Available For Rent

      Retail space available for lease in Spokane, Washington.
      7414-7458 N Division St, Spokane, WA 99208
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    • $22 SF/Yr
      1,920 SF

      Retail Space Available For Rent

      Retail space available for lease in Spokane, Washington.
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    • $2,800 /Mo

      Retail Space on N Division

      Retail space with frontage on N Division Street.
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      Retail Space on Division Street

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      High-Traffic Retail Space Available

      Retail space with high visibility and excellent access.
      1500 E Francis Ave, Spokane, WA 99208
      View Details
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    Division St. Us 2 & Rowan Ave
    Fairwood, WA 99208
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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.

    More about this property
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