Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2003 Sprague Ave Spokane, WA 99202-3122
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2003 Sprague Ave Spokane, WA 99202-3122

    View on Map
    • Office buildings
    • 936 SF
    • 0.28 lot acres
    Off-Market
    Property ID
    US90-0380555
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rick's Kar Korner / Car Dealership
    • River City Auto Sales / Car Dealership

    Property Details for 2003 Sprague Ave

    Year built
    1962
    Construction
    STEEL FRAME
    Lot size
    0.28 lot acres
    Property size
    936 SF
    Property type
    Office buildings
    APN
    35163.4210
    APU
    351634210

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.381
    Latitude
    47.6575
    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
    $1,688
    $84,000
    $87,900
    $171,900
    -
    $84,000
    $87,900
    $171,900

    Comparable in this City

    • Value Estimation by Request
      0.30 Acres

      325 10th Ave

      PROFESSIONAL BUILDING • 0.30 Acres
      325 10th Ave, Spokane, WA 99202-1219
      View Details
    • Value Estimation by Request
      0.20 Acres

      2103 1st Ave

      PROFESSIONAL BUILDING • 0.20 Acres
      2103 1st Ave, Spokane, WA 99202
      View Details
    • Value Estimation
      $8,255,000
      68,800 SF

      601 Sherman St

      PROFESSIONAL BUILDING • 68,800 SF
      601 Sherman St, Spokane, WA 99202-1311
      View Details
    • Value Estimation
      $1,935,000
      11,670 SF

      520 Cowley St

      PROFESSIONAL BUILDING • 11,670 SF
      520 Cowley St, Spokane, WA 99202-1315
      View Details
    • Value Estimation by Request
      240 SF

      545 Cowley St

      PROFESSIONAL BUILDING • 240 SF
      545 Cowley St, Spokane, WA 99202
      View Details
    • Value Estimation
      $950,000
      4,723 SF

      25 Ferrall St

      OFFICE BUILDING • 4,723 SF
      25 Ferrall St, Spokane, WA 99202
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,153 SF

      Spokane Retail and Office Building

      Remodeled retail and office building in Spokane with rental income.
      1325 N Division St, Spokane, WA 99202
      View Details
    • Contact for pricing
      18,789 SF

      Spokane Office Building on Mission

      Centrally located office building with strong visibility and accessibility.
      2919 E Mission Ave, Spokane, WA 99202
      View Details
    • Contact for pricing
      21,895 SF

      University District Medical Building ForSale

      Two-building medical property in University District, Spokane, Washington.
      324 S Sherman St, Spokane, WA 99202
      View Details
    • $390,000
      3,600 SF

      Historic Office Building in Spokane

      Multi-tenant office building with spaces available for lease.
      29 W Pacific Ave, Spokane, WA 99202
      View Details
    • Contact for pricing

      Downtown Spokane Professional Office Building

      Two-story office/retail building with basement and rooftop deck.
      425-427 W 1St Ave, Spokane, WA 99202
      View Details
    • $219,900
      1,504 SF

      Spokane Commercial Building with Kitchen

      Two-story commercial building with USDA-approved kitchen and recent upgrades.
      318 E Pacific Ave, Spokane, WA 99202
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Catalyst Building: Innovation Hub Anchor

      Five-story, 159,000 SF building fostering innovation and collaboration.
      601 E Riverside Ave, Spokane, WA 99202
      View Details
    • $10 SF/Yr
      1,800 SF

      Office Space on Sprague Avenue

      Office building for lease with off-street parking included.
      3625 E Sprague Ave, Spokane, WA 99202
      View Details
    • Contact for pricing
      2,300 SF

      Prime Spokane Medical/Office Space

      High-traffic location, flexible suites, ample parking.
      225 3Rd Ave, Spokane, WA 99202
      View Details
    • Contact for pricing

      Restaurant and Office Spaces Available

      Restaurant and office spaces available for rent.
      223 S Thor St, Spokane, WA 99202
      View Details
    • Contact for pricing

      Office and Restaurant Space Available

      Located off Interstate 90, convenient for businesses and customers.
      104 S Freya St, Spokane, WA 99202
      View Details
    • $20 SF/Yr
      10,104 SF

      Spokane Office Space For Rent

      10,104 square feet of office space available for lease.
      116 W Pacific Ave, Spokane, WA 99202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2003 Sprague Ave
    Spokane, WA 99202-3122
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!