Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    221 Riverside Ave Spokane, WA 99201-0162
    Property profile & analytics

    221 Riverside Ave, Spokane, WA 99201-0162

    View on Map
    • Turn key restaurants
    • 4,000 SF
    • 0.10 lot acres
    Off-Market
    Property ID
    US90-0644232
    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
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Riverside Apartments / Apartment Building

    Property Details for 221 Riverside Ave

    Year built
    1896
    Lot size
    0.10 lot acres
    Property type
    Turn key restaurants
    APN
    35184.1207
    APU
    351841207

    Description

    This exceptional mixed-use retail property, located at 221 W Riverside Ave in Spokane, WA 99201, offers three available spaces ranging from 805 to 3,296 square feet. Situated in Spokane County, this property presents a fantastic opportunity for businesses seeking high-visibility locations. The units boast attractive features including high ceilings and a large, open layout, ideal for a variety of retail concepts. The flexible space allows for customization to suit individual tenant needs. This prime location on Riverside Avenue ensures high foot traffic and excellent exposure to potential customers. The property's mixed-use zoning provides additional versatility and potential for expansion. Tenant improvement allowances are available, making this an even more attractive proposition for prospective tenants. The address is easily accessible, offering convenient access for both customers and employees. This is a rare opportunity to secure retail space in a vibrant and growing area of Spokane. Contact us today to schedule a viewing and explore the possibilities this property offers. Don't miss out on this chance to establish your business in a prime Spokane location. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $599,000
      Market price range: $300k - $600k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $790,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.414
    Latitude
    47.6577
    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
    $13,567
    $198,000
    $1,500,000
    $1,698,000
    -
    $198,000
    $1,500,000
    $1,698,000

    Comparable in this City

    • Value Estimation
      $3,305,000
      44,639 SF

      825 Main Ave, Unit B

      RESTAURANT
      825 Main Ave, Spokane, WA 99201
      View Details
    • Value Estimation
      $655,000
      6,425 SF

      520 Main Ave

      RESTAURANT
      520 Main Ave, Spokane, WA 99201-0510
      View Details
    • Value Estimation by Request
      4,656 SF

      2341 Centennial Pl

      RESTAURANT
      2341 Centennial Pl, Spokane, WA 99201
      View Details
    • Value Estimation by Request
      2,458 SF

      1011 Broadway Ave

      RESTAURANT
      1011 Broadway Ave, Spokane, WA 99201-2001
      View Details
    • Value Estimation
      $555,000
      5,040 SF

      719 Monroe St

      RESTAURANT
      719 Monroe St, Spokane, WA 99201-2107
      View Details
    • Value Estimation by Request
      1,900 SF

      1618 3rd Ave

      RESTAURANT
      1618 3rd Ave, Spokane, WA 99201-5633
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,237 SF

      Established Restaurant in Downtown Spokane

      Turnkey restaurant for sale in a prime downtown location.
      409-415 W Main Ave, Spokane, WA 99201
      View Details
    • Contact for pricing
      4,700 SF

      Turnkey Brewery with Taproom

      Fully operational brewery with taproom and outdoor courtyard for rent.
      154 S Madison St, Spokane, WA 99201
      View Details
    • Contact for pricing
      1,707 SF

      Versatile Retail Space For Sale

      Retail property suitable for various uses with recent upgrades.
      213 S Bernard St, Spokane, WA 99201
      View Details
    • Contact for pricing
      15,000 SF

      Retail Property on Broadway Avenue

      15,000 SF retail property available for sale.
      1522 W Broadway Ave, Spokane, WA 99201
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Renovated Apartment Building Restaurant Opportunity

      Restaurant space available in renovated downtown Spokane apartment building.
      120 W 3Rd Ave, Spokane, WA 99201
      View Details
    • Contact for pricing

      Creative Space with Historic Charm

      Creative office or retail/restaurant space with tall ceilings.
      120 N Wall St, Spokane, WA 99201
      View Details
    • Contact for pricing
      2,158 SF

      Restaurant/Retail Space with Equipment

      Restaurant or retail space with equipment in central location.
      115 N Washington St, Spokane, WA 99201
      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.
    221 Riverside Ave
    Spokane, WA 99201-0162
    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

    Thank You for Inquiry
    221 Riverside Ave, Spokane, WA, 99201
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!