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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1415 Houk Rd Spokane Valley, WA 99216-1043

    • Medical offices
    • 10,463 SF
    • 0.54 lot acres
    OFF-MARKET
    Last Sale
    May 18, 2021
    $3,800,000
    Value Estimations
    $3,205,000
    Show details
    Cap Rate Potential
    4.6%
    Medical offices
    Location Intelligence
    Property ID
    US90-1251980
    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

    • Medical offices

    Property Details for 1415 Houk Rd

    Year built
    1999
    Lot size
    0.54 lot acres
    Property size
    10,463 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    45152.0803
    APU
    451520803

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,940,000
      ML approach
      $3,440,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,250,000
      6.5%
      $2,080,000
      7%
      $1,930,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,173,000
      Market price range: $1.45M - $3.33M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,490,000
      Current use
      OFFICE BUILDING
      $2,615,000
      Change: +5% Conversion: Easy
      RESTAURANT
      $2,320,000
      Change: -7% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $2,070,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane Valley
    County
    Spokane
    State
    Washington
    Longitude
    -117.238
    Latitude
    47.6702
    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
    $32,575
    $326,770
    $3,123,200
    $3,449,970
    -
    $326,770
    $3,123,200
    $3,449,970

    Comparable in this City

    • Value Estimation
      $2,280,000
      23,266 SF

      16010 Indiana Ave

      MEDICAL BUILDING • 23,266 SF
      16010 Indiana Ave, Spokane Valley, WA 99216-1813
      View Details
    • Value Estimation by Request
      1,464 SF

      12418 Saltese Ave

      MEDICAL BUILDING • 1,464 SF
      12418 Saltese Ave, Spokane Valley, WA 99216-0357
      View Details
    • Value Estimation by Request
      1,776 SF

      1414 Vercler Rd Ste, Unit 3

      MEDICAL BUILDING • 1,776 SF
      1414 Vercler Rd Ste, Spokane Valley, WA 99216-1092
      View Details
    • Value Estimation by Request
      2,872 SF

      13007 Msn Ave

      MEDICAL BUILDING • 2,872 SF
      13007 Msn Ave, Spokane Valley, WA 99216-1028
      View Details
    • Value Estimation by Request
      3,280 SF

      14805 Msn Ave

      MEDICAL BUILDING • 3,280 SF
      14805 Msn Ave, Spokane Valley, WA 99216-3305
      View Details
    • Value Estimation
      $970,000
      6,933 SF

      13424 Msn Ave

      MEDICAL BUILDING • 6,933 SF
      13424 Msn Ave, Spokane Valley, WA 99216-2759
      View Details

    Similar Nearby for Sale

    • $7,400,000
      27,668 SF

      Class A Medical Office Building

      Well-maintained medical office building with freeway signage and flexible zoning.
      15920 E Indiana Ave, Spokane Valley, WA 99216
      View Details
    • $975,000
      4,846 SF

      Spokane Valley Office Building For Sale

      Historic Office Building, 4,846 SF
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    • $9,950,000
      42,660 SF

      River's Edge Office Building, Spokane Valley

      Class A Office Building, River Views, Excellent Location
      12939 Pinecroft Way, Spokane Valley, WA 99216
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    • $600,000
      4,308 SF

      Prime Office/Retail Space Available

      Ground floor office/retail space with high traffic and accessibility.
      6607 E Broadway Ave, Spokane Valley, WA 99216
      View Details
    • New
      $850,000
      3,328 SF

      Spokane Valley Multi-Use Investment Property

      High-traffic, income-generating property with diverse development potential in Spokane Valley.
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    • $1,900,000
      5,300 SF

      Spokane Valley Commercial Property

      Commercial property with office, shop, and event center buildings.
      9230 E Mission Ave, Spokane Valley, WA 99216
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      32,000 SF

      Medical Office Space Near Hospital

      Medical office space available near MultiCare Valley Hospital.
      1303 N Mcdonald Rd, Spokane, WA 99216
      View Details
    • $9 SF/Yr
      6,249 SF

      Spokane Valley Office Space

      Flexible workspace solutions in Spokane Valley.
      0 Mirabeau Pkwy, Spokane Valley, WA 99216
      View Details
    • $20 SF/Yr
      36,820 SF

      Medicus Building: Spokane Valley Office Space

      Prime Medical Office Space Available in Spokane Valley
      12615 Mission Ave, Spokane Valley, WA 99216
      View Details
    • $35 SF/Yr
      24,000 SF

      Evergreen Medical Office Space

      Spokane Valley, WA: Build-to-suit medical office
      606 Evergreen Rd, Spokane Valley, WA 99216
      View Details
    • $20 SF/Yr
      7,056 SF

      Spokane Valley Office Space For Lease

      Prime Medical/Executive Office Space Available
      13221 32Nd Ave, Spokane Valley, WA 99216
      View Details
    • $32,400
      21,180 SF

      Spokane Valley Office Suite 315

      1,332 SF Office Space Available
      16114 Indiana Ave, Spokane Valley, WA 99216
      View Details
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    1415 Houk Rd
    Spokane Valley, WA 99216-1043
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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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