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    22111 Elk Chattaroy Rd Colbert, WA 99005
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    Property profile & analytics

    22111 Elk Chattaroy Rd Colbert, WA 99005

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    • Commercial real estate
    Off-Market
    Property ID
    US90-2362769
    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

    • Commercial real estate

    Property Details for 22111 Elk Chattaroy Rd

    Property type
    Commercial real estate
    APN
    37101.9083

    Description

    This exceptional 1.2-acre commercial land parcel, located at 22111 N Elk Chattaroy Rd, Colbert, WA 99005 (APN 37101.9083), presents a unique investment opportunity. Currently zoned LDAC (Limited Development Area Commercial), this property enjoys a highly desirable location along Highway 2, boasting the distinction of being the only commercially zoned land within an 8-mile radius between Colbert and Chattaroy. The asking price is $1,400,000. This strategic positioning offers unparalleled visibility and accessibility for a wide range of commercial ventures. The property's potential is further enhanced by pre-approved development plans for luxury garage condos. Phase 1 permits are already secured and paid for, allowing for immediate commencement of construction should the buyer choose this route. This turnkey opportunity combines the benefits of a prime location with the convenience of readily available development plans, making it an ideal investment for both seasoned developers and astute entrepreneurs seeking a high-return venture in a rapidly growing area. The property's latitude and longitude coordinates are 47.8585867761721 and -117.3550841083285 respectively. This is a rare chance to acquire a strategically located commercial property with significant development potential in Spokane County, Washington.

    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
    Colbert
    County
    Spokane
    State
    Washington
    Longitude
    -117.35508410833
    Latitude
    47.858586776172

    Comparable in this City

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      Chattaroy Land with Well

      15-acre parcel with well, close to amenities and recreation.
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    • $1,400,000

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      26-acre property with shop, dwellings, barn, and highway exposure.
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      Prime Land in Green Bluff

      14.52 acres in Green Bluff with well and barns.
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      Land and Buildings For Sale

      Land with multiple buildings zoned as Rural Traditional.
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    Similar Nearby for Sale

    • $1,400,000
      26.77 Acres

      26-Acre Commercial Property Opportunity

      26-acre commercial property with multiple buildings and subdivision potential.
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    • $250,000
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      Chattaroy Land with Well

      15-acre parcel with well, close to amenities and recreation.
      N Hardesty Rd, Chattaroy, WA 99005
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    • $1,400,000

      26-Acre Land with Multiple Buildings

      26-acre property with shop, dwellings, barn, and highway exposure.
      4109 E Woolard Rd, Colbert, WA 99005
      View Details
    • $399,900
      14.52 Acres

      Prime Land in Green Bluff

      14.52 acres in Green Bluff with well and barns.
      N Day Mount Spokane Rd, Colbert, WA 99005
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    • Contact for pricing

      Land and Buildings For Sale

      Land with multiple buildings zoned as Rural Traditional.
      4109 E Woolard Rd, Colbert, WA 99005
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      North Spokane Regenerative Farmland Acreage

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      Office Space For Lease

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    Colbert, WA 99005
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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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