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

    15612 Sprague Ave Spokane Valley, WA 99037

    • Parking lots & garages
    • 1,440 SF
    • 1.70 lot acres
    For Sale
    View listing
    $1,975,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0262296
    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

    • Parking lots & garages

    Property Details for 15612 Sprague Ave

    Year built
    1995
    Construction
    STEEL FRAME
    Lot size
    1.70 lot acres
    Property size
    1,440 SF
    Property type
    Parking lots & garages
    APN
    45242.0439
    APU
    452420439

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $198,000
      Market price range: $88.9k - $199k
      AI Estimate
      $325,000
      Market price range: $135k - $326k

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $130,000
      Current use
      OFFICE BUILDING
      $310,000
      Change: +135% Conversion: Difficult
      MEDICAL BUILDING
      $290,000
      Change: +121% Conversion: Difficult
      RETAIL STORES
      $230,000
      Change: +73% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $220,000
      Change: +65% Conversion: Difficult
      WAREHOUSE, STORAGE
      $170,000
      Change: +29% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Veradale
    County
    Spokane
    State
    Washington
    Longitude
    -117.195
    Latitude
    47.6561
    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
    $6,715
    $444,760
    $203,700
    $648,460
    -
    $444,760
    $203,700
    $648,460

    Comparable in this City

    • Value Estimation
      $190,000
      3,285 SF

      15906 Sprague Ave

      PARKING GARAGE, PARKING STRUCTURE • 3,285 SF
      15906 Sprague Ave, Spokane Valley, WA 99037-8964
      View Details
    • Value Estimation
      $165,000
      5,776 SF

      15915 Sprague Ave

      AUTO REPAIR, GARAGE • 5,776 SF
      15915 Sprague Ave, Spokane Valley, WA 99037-8711
      View Details
    • Value Estimation
      $190,000
      3,069 SF

      16428 Sprague Ave

      AUTO REPAIR, GARAGE • 3,069 SF
      16428 Sprague Ave, Spokane Valley, WA 99037-8906
      View Details
    • Value Estimation
      $205,000
      1,664 SF

      15902 Sprague Ave

      VEHICLE SALES, RENTALS • 1,664 SF
      15902 Sprague Ave, Veradale, WA 99037
      View Details
    • Value Estimation
      $180,000
      8,480 SF

      16811 Sprague Ave

      AUTO REPAIR, GARAGE • 8,480 SF
      16811 Sprague Ave, Spokane Valley, WA 99037-8979
      View Details
    • Value Estimation
      $520,000
      1,152 SF

      17017 Sprague Ave

      AUTO REPAIR, GARAGE • 1,152 SF
      17017 Sprague Ave, Spokane Valley, WA 99037-8978
      View Details

    Similar Nearby for Sale

    • $1,836,686
      7,178 SF

      Retail Store on Sprague Avenue

      Retail space for sale, leased through April 2028.
      11812 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $1,975,000
      10,464 SF

      Versatile Commercial Property on Sprague

      Retail space with greenhouses in growing Spokane Valley area.
      15612 Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $757,000
      2,738 SF

      Established Spokane Valley Pub ForSale

      Well-established pub with full kitchen and ample parking.
      11723 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $1,350,000

      Sprague Avenue Frontage Opportunity

      2.03 acre site with retail, office, and warehouse space.
      14909 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $799,000
      2,406 SF

      Spokane Valley Retail Redevelopment Opportunity

      High-traffic location with drive-thru, ideal for redevelopment or owner-user.
      6505 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $1,615,000
      9,000 SF

      High Visibility Retail Center

      Retail center with income potential in Spokane Valley, WA.
      8401 E Sprague Ave, Spokane Valley, WA 99037
      View Details

    Similar Nearby for Lease

    • $0.58 SF/Yr
      5,133 SF

      Sprague Avenue Auto Shop Space

      Auto shop/showroom space available for rent on Sprague Avenue.
      7501-7505 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $9 SF/Yr
      3,852 SF

      Spokane Valley Retail/Flex Space

      Retail/Flex space with grade level doors and parking.
      12613-12623 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $17 SF/Yr
      7,000 SF

      Spokane Valley Retail Space Available

      Retail space available for lease in Spokane Valley, Washington.
      13510-13516 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $19 SF/Yr
      1,500 SF

      Retail Space Available For Rent

      Retail space available for lease in Spokane Valley, WA.
      15701-15703 E Sprague Ave, Spokane Valley, WA 99037
      View Details
    • $22 SF/Yr
      7,617 SF

      Broadway Ave Retail/Office Space

      Prime Retail Location, High Traffic Area
      16001 Broadway Ave, Spokane Valley, WA 99037
      View Details
    • $14 SF/Yr
      1,367 SF

      Spokane Creative Office Space

      Prime Spokane location, flexible suites available.
      1009 Washington St, Spokane, WA 99037
      View Details
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    15612 Sprague Ave
    Spokane Valley, WA 99037
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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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