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Property profile & analytics
OFF-MARKET
Estimated value
$6,630,000
Medical Office Space
220 Rowan Ave Spokane, WA 99207-1202
Entity Owned
5-yr Hold
Free & Clear
Property ID
US90-0458733
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2005
Total area
30,600 SF
Lot
0.42 ac (18,431 SF)
APN
36323.1929
UPID
US90-0458733
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Franklin Park Medical Center Physician
-
Northwest Spokane Pediatrics Physician
-
The Doctors Clinic Medical Clinic
-
Interpath Laboratory Medical Laboratory
-
MI Portable Toilets Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.19M
CAP Approach
CAP
$6.08M
Comparable Approach
Comparable
$6.74M
Blend (final)
Blend
$6.63M
Owner & transaction history
Franklin Park Medical LLC · 5 yrs held
Franklin Park Medical LLC
since 2021
Last sale
$6.9M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$7.7M
+5.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Spokane submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Spokane submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$9,190,000
CAP Approach
CAP Return
Estimation
6%
$6,590,000
6.5%
$6,080,000
7%
$5,645,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$7,280,000
Current use
OFFICE BUILDING
$7,655,000
Change: +5% · Conversion: Easy
RETAIL STORES
$7,265,000
Change: 0% · Conversion: Difficult
RESTAURANT
$6,780,000
Change: -7% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,050,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$6.63M
Range $5.97M – $7.29M · ±10% · vs last sale $6.85M (Apr 20 2021)
Last sale anchor
$6.85M
Apr 20 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$217 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$62,360
Tax year 2023
Assessed value
$6,394,360
Assessed 2024
Previous assessed
$6,140,660
+4.1% YoY
Effective rate
0.98%
On assessed value
Assessed land
$156,660
Assessed improvement
$6,237,700
Land market value
$156,660
Improvement market value
$6,237,700
Total market value
$6,394,360
Applied tax rate
10.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2005
Heating
NONE
Stories
3
Total area
30,600 SF
Lot
0.42 ac (18,431 SF)
APN
36323.1929
UPID
US90-0458733
Jurisdiction
SPOKANE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$7.3M
OFFICE BUILDING
Est. value
$7.7M
RETAIL STORES
Est. value
$7.3M
RESTAURANT
Est. value
$6.8M
AUTO REPAIR, GARAGE
Est. value
$6.1M
MEDICAL BUILDING Current
OFFICE BUILDING
RETAIL STORES
RESTAURANT
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2005
Heating
NONE
Stories
3
Lot
0.42 ac
Current owner
From public records · entity-resolved
Franklin Park Medical LLC
Entity
Free & Clear · 5 yrs held
Mailing address
1333 COLUMBIA PARK TRL STE #210, RICHLAND, WA 99352-4713
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 5, 2022
—
Franklln Park Medical LLC
—
Deed
related
$500,000 · First Fed Bank
Apr 20, 2021
—
Franklin Park Medical LLC
Pacific Manor Estates LLC
Quit Claim Deed
related
—
Apr 24, 2020
$6,850,000
Hendrickson Parkview LLC
Franklin Park Medical Center LLC
Bargain And Sale Deed
$4,400,000 · Columbia State Bank
Nov 19, 2018
—
Franklin Park Medical Center LLC
—
Deed
related
$210,000 · Banner Bank
May 8, 2017
—
Franklin Park Medical Center LLC
—
Deed
related
$230,000 · Banner Bank
Sep 7, 2016
$3,000,000
Franklin Park Medical Center LLC
Life Insurance Company Of The South
Bargain And Sale Deed
$2,975,000 · Banner Bank
Jul 28, 2016
—
Life Ins Co Of Southwest
Franklin Park LLC
Quit Claim Deed
related
—
Jul 28, 2016
$2,999,999
Life Ins Co Of Southwest
Trustee & Corporate Svcs|franklin Park Medical Ctr
Trustees Deed
related
—
Dec 24, 2009
$7,017,869
Franklin Park LLC
Franklin Park Medical Ctr LLC
Warranty Deed
$475,000 · Franklin Park Medical Ctr LLC
Sep 23, 2009
—
Franklin Park Medical Ctr LLC
—
Trustees Deed
related
$220,000 · Neighborhood Economic Dev
—
—
Franklin Park Medical Ctr LLC
—
Deed Of Trust
related
$4,100,000 · Life Insurance Of Southwest
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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