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    1508 Rustle St Spokane, WA 99224-2022
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    Property profile & analytics

    1508 Rustle St, Spokane, WA 99224-2022

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    • Hotels
    • 21,856 SF
    • 1.43 lot acres
    Off-Market
    Property ID
    US90-0848817
    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.
    Value Estimations
    $815,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motel 6 Spokane, WA - West / Hotel & Motel

    Property Details for 1508 Rustle St

    Year built
    1972
    Construction
    STEEL FRAME
    Lot size
    1.43 lot acres
    Property type
    Hotels
    Property subtype
    Motels
    APN
    25262.0201
    APU
    252620201

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 30, 2024 — Sapphire Hospitality LLC — Deed · related $3.7M · Oregon Coast Bank
    Oct 2, 2019 — Sapphire Hospitality LLC — Deed · related $2.1M · Numerica Cu
    Dec 18, 2018 — Sapphire Hospitality LLC — Deed · related $3.2M · Centerstone Sba Lending INC
    Apr 11, 2018 — Sapphire Hospitality LLC — Deed · related $100k · New Millennium Bank
    Oct 30, 2017 — Sapphire Hospitality LLC — Deed · related $1.3M · New Millennium Bank Isaoa
    Jun 23, 2017 — Sapphire Hospitality LLC — Deed · related $2M · New Millennium Bank
    Jun 20, 2014 $1,545,000 Sapphire Hospitality LLC Rormiston Properties LLC Warranty Deed $1.4M · Rormiston Properties LLC
    Jul 19, 2006 — Triple Harmony Investments Ormiston,joseph B Quit Claim Deed · related —
    Jun 28, 2006 — Rormiston Properties LLC Ormiston D Family Trust Quit Claim Deed —
    — — Sapphire Hospitality Vly LLC — Deed Of Trust · related $3.2M · Centerstone
    — — Sapphire Hospitality LLC — Deed Of Trust · related $100k · Private Individual
    — — Sapphire Hospitality LLC — Deed Of Trust · related $2.1M · Numerica Cu

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $880,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $754,000
      Market price range: $604k - $4.53M

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.473
    Latitude
    47.6421
    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
    $20,040
    $312,500
    $1,741,500
    $2,054,000
    -
    $312,500
    $1,741,500
    $2,054,000

    Comparable in this City

    • Value Estimation by Request
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      9030 Us 2nd Hwya

      HOTEL/MOTEL
      9030 Us 2nd Hwya, Spokane, WA 99224
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    • Value Estimation
      $1,190,000
      12,238 SF

      11102 Westbow Ln

      HOTEL/MOTEL
      11102 Westbow Ln, Spokane, WA 99224-9475
      View Details
    • Value Estimation
      $1,640,000
      36,600 SF

      3711 Geiger Blvd

      HOTEL/MOTEL
      3711 Geiger Blvd, Spokane, WA 99224-5416
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    • Value Estimation by Request
      6,863 SF

      2901 Elliott Dr

      HOTEL/MOTEL
      2901 Elliott Dr, Spokane, WA 99224-5808
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    • Value Estimation by Request
      1,500 SF

      2905 Sunset Blvd

      HOTEL/MOTEL
      2905 Sunset Blvd, Spokane, WA 99224-1901
      View Details
    • Value Estimation
      $1,015,000
      27,104 SF

      3102 Whistalks Way

      HOTEL/MOTEL
      3102 Whistalks Way, Spokane, WA 99224-5203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      18,774 SF

      Spokane Motel Near Downtown

      Two-level, 33-room motel with renovation and expansion potential.
      2701 W Sunset Blvd, Spokane, WA 99224
      View Details
    • $1,600,000

      Motel Hospitality Property

      For sale motel asset positioned for new operators seeking a hands-on hospitality opportunity.
      2922 W Hartson Ave, Spokane, WA 99224
      View Details
    • Contact for pricing
      1,440 SF

      Luxury Customizable Storage Condo

      Customizable warehouse/storage condo in secure, gated complex.
      1551 S Deer Heights Rd, Spokane, WA 99224
      View Details
    • $54,000
      0.16 Acres

      Spokane Buildable Lot in Latah

      0.16-acre lot in established neighborhood, utilities stubbed at lot.
      1915 W 27Th Ave, Spokane, WA 99224
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Airway Heights Commercial Lot Available

      Commercial land for lease in rapidly growing Airway Heights.
      10525 W Sunset Hwy, Spokane, WA 99224
      View Details
    • Contact for pricing

      Land Available For Lease

      Land available for lease in Spokane, Washington.
      9260 21St Ave, Spokane, WA 99224
      View Details
    • Contact for pricing
      87,780 SF

      Hayford Business Park Leasable Space

      Developing business park with industrial, flex, and office spaces.
      2001 S Hayford Rd, Spokane, WA 99224
      View Details
    • Contact for pricing

      Sunset West Flex Center

      Versatile flex/office and production facility near downtown Spokane.
      4212 W Sunset Blvd, Spokane, WA 99224
      View Details
    • Contact for pricing

      Land For Lease

      Land available for lease.
      1825 S Technology Blvd, Spokane, WA 99224
      View Details
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    Spokane, WA 99224-2022
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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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