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    Property profile & analytics

    1517 Park Rd Spokane Valley, WA 99212-1161

    • Apartment buildings
    • 4,320 SF
    • 0.47 lot acres
    OFF-MARKET
    Value Estimations
    $570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0248719
    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

    • Apartment buildings

    Property Details for 1517 Park Rd

    Year built
    1977
    Lot size
    0.47 lot acres
    Property size
    4,320 SF
    Property type
    Apartment buildings
    APN
    35131.0102
    APU
    351310102

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $715,000
      6.5%
      $660,000
      7%
      $615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $406,000
      Market price range: $406k - $1.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane Valley
    County
    Spokane
    State
    Washington
    Longitude
    -117.304
    Latitude
    47.671
    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
    $5,236
    $56,670
    $450,430
    $507,100
    -
    $56,670
    $450,430
    $507,100

    Comparable in this City

    • Value Estimation by Request
      1,560 SF

      7415 Nora Ave

      APARTMENT HOUSE (5+ UNITS) • 1,560 SF
      7415 Nora Ave, Spokane Valley, WA 99212-1262
      View Details
    • Value Estimation by Request
      25,572 SF

      421 Mckinnon Rd

      Multifamily properties • 25,572 SF
      421 Mckinnon Rd, Spokane Valley, WA 99212
      View Details
    • Value Estimation by Request
      2,508 SF

      302 Argonne Rd

      APARTMENT HOUSE (5+ UNITS) • 2,508 SF
      302 Argonne Rd, Spokane Valley, WA 99212-2801
      View Details
    • Value Estimation
      $1,700,000
      15,300 SF

      6325 6th Ave

      APARTMENT HOUSE (5+ UNITS) • 15,300 SF
      6325 6th Ave, Spokane Valley, WA 99212-4905
      View Details
    • Value Estimation
      $875,000
      5,000 SF

      5312 Un Ave

      APARTMENT HOUSE (5+ UNITS) • 5,000 SF
      5312 Un Ave, Spokane, WA 99212-1328
      View Details
    • Value Estimation by Request
      5,272 SF

      6321 4th Ave

      APARTMENT HOUSE (5+ UNITS) • 5,272 SF
      6321 4th Ave, Spokane Valley, WA 99212-4508
      View Details

    Similar Nearby for Sale

    • $439,000
      Pending

      Spokane Valley Duplex on Corner Lot

      Well-maintained duplex with income potential on a large corner lot.
      7708 E Nora Ave, Spokane Valley, WA 99212
      View Details
    • $689,900
      2,984 SF

      Spokane Valley Multifamily Investment

      Four-unit rental portfolio, high occupancy.
      7314 7Th Ave, Spokane Valley, WA 99212
      View Details
    • $599,000
      2,948 SF

      Spokane Duplex: Investor Special

      Two new homes with rental potential in a convenient location.
      923 E Everett Ave, Spokane, WA 99212
      View Details
    • New
      $470,000
      Pending

      Updated Duplex on Large Lot

      Updated duplex with subdivision potential, solid rental history, great location.
      18711 E 8Th Ave, Greenacres, WA 99212
      View Details
    • $265,000
      Pending

      Remodeled Bungalow in Millwood

      Two-bedroom bungalow remodeled in 2023, offering investment potential.
      9014 E Frederick Ave, Millwood, WA 99212
      View Details
    • $399,000
      3,683 SF

      Versatile Industrial Corner Lot

      High-visibility Spokane Valley commercial property with live/work potential.
      1725 N Park Rd, Spokane Valley, WA 99212
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      18,675 SF

      Yardley Warehouse Space Available

      Industrial warehouse; two units, flexible space.
      1015 Yardley St, Spokane Valley, WA 99212
      View Details
    • $30 SF/Yr
      15,000 SF

      New Construction Office Space

      New construction office space available for lease in 2022.
      4418 E 8Th Ave, Spokane, WA 99212
      View Details
    • Contact for pricing
      6,000 SF

      Spokane Industrial Building with Yard

      6,000 SF industrial building with 23,000 SF fenced yard.
      1505 N Hough St, Spokane, WA 99212
      View Details
    • $1.20 SF/Yr
      11,000 SF

      Spokane Valley Flex Space Available

      Flex space available in Spokane Valley, ranging from 4,000-6,000 SF.
      5216 E Broadway Ave, Spokane Valley, WA 99212
      View Details
    • Contact for pricing
      2,400 SF

      Spokane Office/Production Suite For Lease

      Office/Production suite for lease at Vista Business Park.
      111 N Vista Rd, Spokane, WA 99212
      View Details
    • New
      Contact for pricing
      5,400 SF

      Spokane Industrial Building For Lease

      5,400 SF industrial building with office space for lease.
      1704 N Langley St, Spokane, WA 99212
      View Details
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    1517 Park Rd
    Spokane Valley, WA 99212-1161
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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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