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    1521 Illinois Ave Spokane, WA 99207-5147
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    1521 Illinois Ave Spokane, WA 99207-5147

    View on Map
    • Office buildings
    • 8,570 SF
    • 0.45 lot acres
    Off-Market
    Property ID
    US90-3146104
    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
    $1,155,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Blissful Balms & Bath / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • Mountain View Vital Medicine / Alternative Medicine Practice
    • Cutboard Studio / Advertising Agency / Marketing & Advertising
    • Spokane Lifeline / Security Service
    • New Dawn Healing and Detox / Alternative Medicine Practice

    Property Details for 1521 Illinois Ave

    Year built
    1918
    Lot size
    0.45 lot acres
    Property size
    8,570 SF
    Property type
    Office buildings
    APN
    35092.5505
    APU
    350925505

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,512,000
      Market price range: $1.24M - $3.19M
      AI Estimate
      $740,000
      Market price range: $347k - $1.67M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,900,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.387
    Latitude
    47.6793
    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
    $7,585
    $117,710
    $793,000
    $910,710
    -
    $117,710
    $793,000
    $910,710

    Comparable in this City

    • Value Estimation
      $3,555,000
      16,870 SF

      4401 Division St

      OFFICE BUILDING • 16,870 SF
      4401 Division St, Spokane, WA 99207-1612
      View Details
    • Value Estimation
      $3,015,000
      21,320 SF

      411 En Foothills Dr

      OFFICE BUILDING • 21,320 SF
      411 En Foothills Dr, Spokane, WA 99207-2106
      View Details
    • Value Estimation
      $2,380,000
      11,606 SF

      2714 Mayfair St

      OFFICE BUILDING • 11,606 SF
      2714 Mayfair St, Spokane, WA 99207-2050
      View Details
    • Value Estimation
      $3,920,000
      18,650 SF

      1901 Nn Ctr St

      OFFICE BUILDING • 18,650 SF
      1901 Nn Ctr St, Spokane, WA 99207-5079
      View Details
    • Value Estimation by Request
      600 SF

      4507 Nevada St

      OFFICE BUILDING • 600 SF
      4507 Nevada St, Spokane, WA 99207-3240
      View Details
    • Value Estimation by Request
      4,186 SF

      34 Wellesley Ave

      OFFICE BUILDING • 4,186 SF
      34 Wellesley Ave, Spokane, WA 99207-1412
      View Details

    Similar Nearby for Sale

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      Spokane Office Building with Potential

      Centrally located office building with conversion potential in Spokane, WA.
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    • $699,900
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      Centrally Located Office Building

      4,440 SF office building near Spokane Convention Center.
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    • $675,000
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      Spokane Mixed-Use Commercial Landmark

      Historic mixed-use property with income potential in Spokane, Washington.
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    • New
      $324,900
      2,234 SF

      Updated Commercial Property in Spokane

      Extensively updated commercial property with high visibility and flexible zoning.
      2012 N Ruby St, Spokane, WA 99207
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    • Contact for pricing
      36,114 SF

      Spokane Multifamily Property For Sale

      55-unit multifamily property in central Spokane with investment upside.
      2611 N Market St, Spokane, WA 99207
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    • New
      $699,999
      3,000 SF

      New Duplex Near University District

      New construction duplex, ideal for investors or owner-occupants.
      420 E Euclid Ave, Spokane, WA 99207
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      3,422 SF

      Updated Medical Building Near Hospital

      Newly updated medical building with move-in ready and expandable spaces.
      220 E Rowan Ave, Spokane, WA 99207
      View Details
    • $18 SF/Yr

      Professional Office Space Available

      Office suites for lease near Providence Holy Family Hospital.
      318 East Rowan Ave, Spokane, WA 99207
      View Details
    • Contact for pricing

      Professional Office Space Available

      Main floor office space for rent.
      1912 N Division St, Spokane, WA 99207
      View Details
    • $0.92 SF/Yr

      Spokane Warehouse with Office Space

      8,237 SF warehouse with office space for lease.
      411 North Foothills Dr, Spokane, WA 99207
      View Details
    • Contact for pricing

      Office Space with Fenced Lot

      1,991 SF office space with six offices and kitchenette.
      210 E Wellesley Ave, Spokane, WA 99207
      View Details
    • Contact for pricing

      Retail Space on Corner Lot

      Retail space available on corner lot with high traffic volume.
      3220 N Division St, Spokane, WA 99207
      View Details
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    1521 Illinois Ave
    Spokane, WA 99207-5147
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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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