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    2622 29Th Ave Spokane, WA 99223
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    2622 29Th Ave, Spokane, WA 99223

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    • Retail properties & Spaces
    • 14,550 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Club Pilates / Gym & Fitness Center
    • Fringe Salon Darla Ellis / Hair Salon

    Property Details for 2622 29Th Ave

    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 2622 E 29th Ave in Spokane County, offers 14,550 square feet of versatile space in a thriving South Hill location. Currently, two retail suites are available, measuring 1,103 and 1,315 square feet respectively, presenting a unique opportunity for multiple tenants or a single occupant seeking expansion. The property boasts excellent visibility and high traffic counts, with 29th Avenue registering 17,800 average daily traffic and Southeast Boulevard showing 12,800 ADT. This translates to significant foot traffic and potential customer exposure for businesses operating within this center. The building's multiple tenancy structure allows for flexibility and diverse occupancy options. This prime retail location is ideal for businesses seeking high visibility and accessibility in a bustling commercial area. The property's size and layout offer considerable potential for a variety of retail uses, making it an attractive investment opportunity in a strong Spokane market. Serious inquiries are encouraged to explore the possibilities this exceptional retail space presents.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.372
    Latitude
    47.6273

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      2917 Regal St

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      3029 30th Ave

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      15,728 SF

      3203 57Th Ave

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    Similar Nearby for Sale

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      8,311 SF

      Retail Buildings with Development Potential

      Two retail buildings with RMF zoned secondary lot.
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      South Hill Retail Space Available

      Retail space on Spokane's South Hill, corner lot location.
      3020 E 29Th Ave, Spokane, WA 99223
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      15,728 SF

      Fully Leased Spokane Shopping Center

      Prime location with strong demographics and future development potential.
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      Land Parcels on Spokane's South Hill

      Available land parcels on Spokane's South Hill for sale/lease.
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      8,500 SF

      Spokane Church and Religious Facility

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    Similar Nearby for Lease

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      Retail Property in Spokane, WA

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      3,000 SF

      Retail Space Available For Lease

      Retail property available for lease in Spokane, Washington.
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      Retail Spaces on Regal Street

      Retail spaces available with high traffic exposure on Regal.
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      South Hill Retail Space Available

      Centrally located retail space with high traffic and excellent exposure.
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      9,300 SF

      New Retail & Residential Development

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    2622 29Th Ave
    Spokane, WA 99223
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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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