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

    206 E Wellesley Ave Spokane, WA 99207

    • Retail space
    • 1,723 SF
    • 0.13 lot acres
    For Sale
    View listing
    $310,000
    Last Sale
    Apr 04, 2025
    $155,000
    Value Estimations
    Cap Rate Potential
    9.8%
    Retail space
    Location Intelligence
    Property ID
    US90-1325973
    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

    • Sparky's Bird Store / Pet Store / Pet Supply Store
    • Bird Lovers Outlet / Store

    Property Details for 206 E Wellesley Ave

    Year built
    1952
    Construction
    STEEL FRAME
    Lot size
    0.13 lot acres
    Property size
    1,723 SF
    Property type
    Retail space
    APN
    35052.0304
    APU
    350520304

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $180,000
      ML approach
      $195,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $300,000
      6.5%
      $275,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $163,000
      Market price range: $92.7k - $370k

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.407
    Latitude
    47.7004
    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
    $1,723
    $49,220
    $126,300
    $175,520
    -
    $49,220
    $126,300
    $175,520

    Comparable in this City

    • Value Estimation
      $740,000
      16,230 SF

      3131 Division St

      RETAIL STORES (PERSONAL SERVICES) • 16,230 SF
      3131 Division St, Spokane, WA 99207-1900
      View Details
    • Value Estimation
      $535,000
      10,364 SF

      3201 Division St

      RETAIL STORES (PERSONAL SERVICES) • 10,364 SF
      3201 Division St, Spokane, WA 99207-1945
      View Details
    • Value Estimation
      $265,000
      1,824 SF

      2725 Division St

      RETAIL STORES (PERSONAL SERVICES) • 1,824 SF
      2725 Division St, Spokane, WA 99207
      View Details
    • Value Estimation
      $240,000
      1,200 SF

      2914 Market St

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      2914 Market St, Spokane, WA 99207-5554
      View Details
    • Value Estimation
      $390,000
      18,257 SF

      2020 Division St

      RETAIL STORES (PERSONAL SERVICES) • 18,257 SF
      2020 Division St, Spokane, WA 99207-2254
      View Details
    • Value Estimation
      $345,000
      1,560 SF

      2010 Ruby St

      RETAIL STORES (PERSONAL SERVICES) • 1,560 SF
      2010 Ruby St, Spokane, WA 99207-2264
      View Details

    Similar Nearby for Sale

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      Versatile Commercial Property For Sale

      2,580 SF commercial property suitable for retail or office.
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      High-Visibility Retail Space for Sale

      Retail space with high visibility and signage opportunities on Wellesley.
      206 E Wellesley Ave, Spokane, WA 99207
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    • $950,000
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      Spokane Retail Property with Warehouse

      Freestanding retail property with warehouse space in Spokane, Washington.
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    • $340,000
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      Updated Commercial Property with GC-70 Zoning

      Updated property with GC-70 zoning, suitable for various uses.
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    • $5,950,000
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      Modern Multifamily Investment Opportunity

      Turnkey multifamily property with strong income and modern construction.
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      New construction Valvoline in rapidly growing Spokane, Washington.
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    Similar Nearby for Lease

    • $2,475 /Mo
      2,000 SF

      Remodeled Retail Space Available

      2,000 SF retail space with parking and high traffic.
      923 East Hoffman Ave, Spokane, WA 99207
      View Details
    • Contact for pricing
      9,190 SF

      Retail Space on Division Street

      Retail space with on-site parking and pylon signage.
      3609 N Division St, Spokane, WA 99207
      View Details
    • Contact for pricing
      10,962 SF

      Spokane Commercial Land For Lease

      Prime Spokane location, 10,962 sq ft lot.
      3300 Division St, Spokane, WA 99207
      View Details
    • Contact for pricing
      2,648 SF

      Northtown Mall Retail Space

      Retail spaces available for lease in Northtown Mall.
      4730-4750 N Division St, Spokane, WA 99207
      View Details
    • Contact for pricing
      927,729 SF

      North Town Mall: Spokane Retail Space

      Prime Spokane retail space, multiple units available.
      4750 Division St, Spokane, WA 99207
      View Details
    • $6 SF/Yr
      1,750 SF

      Retail Space in Garland District

      Retail space featuring a full kitchen and bathroom in unit.
      914-924 W Garland Ave, Spokane, WA 99207
      View Details
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    206 E Wellesley Ave
    Spokane, WA 99207
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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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