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Property profile & analytics
OFF-MARKET
Estimated value
$5,045,000
Retail space
2215 Wellesley Ave, Spokane, WA 99205-5000
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-0645074
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1973
Total area
33,904 SF
Lot
3.67 ac (159,778 SF)
APN
25015.0021
UPID
US90-0645074
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
-
Laundry Land (Bike/Boat/Book/etc) Store
-
Spokane Cops Northwest Police Department
-
Dollar Tree Discount Store
-
Western Union Bank Credit Union
-
Mariedilia Shelton Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.41M
Comparable Approach
Comparable
$5.00M
Blend (final)
Blend
$5.05M
Owner & transaction history
P2j2 Shadle Associates LLC · 6 yrs held
P2j2 Shadle Associates LLC
since 2020
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$8.1M
+97.4%
Restaurant
$7.5M
+84.0%
Office building
$7.4M
+82.2%
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
by Request
CAP Approach
CAP Return
Estimation
6%
$5,865,000
6.5%
$5,410,000
7%
$5,025,000
Alternative Use
Use
Estimation
RETAIL STORES
$4,085,000
Current use
MEDICAL BUILDING
$8,065,000
Change: +97% · Conversion: Difficult
RESTAURANT
$7,515,000
Change: +84% · Conversion: Easy
OFFICE BUILDING
$7,445,000
Change: +82% · Conversion: Easy
AUTO REPAIR, GARAGE
$6,700,000
Change: +64% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$6,105,000
Change: +49% · Conversion: Difficult
COMMERCIAL (GENERAL)
$5,470,000
Change: +34% · Conversion: Easy
Blend value · Realmo final
$5.05M
Range $4.54M – $5.55M · ±10%
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
$149 / 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
$43,120
Tax year 2023
Assessed value
$4,421,090
Assessed 2024
Previous assessed
$4,203,290
+5.2% YoY
Effective rate
0.98%
On assessed value
Assessed land
$798,890
Assessed improvement
$3,622,200
Land market value
$798,890
Improvement market value
$3,622,200
Total market value
$4,421,090
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1973
Heating
NONE
Buildings
2
Stories
1
Total area
33,904 SF
Lot
3.67 ac (159,778 SF)
APN
25015.0021
UPID
US90-0645074
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
RETAIL STORES Current
Est. value
$4.1M
MEDICAL BUILDING
Est. value
$8.1M
RESTAURANT
Est. value
$7.5M
OFFICE BUILDING
Est. value
$7.4M
AUTO REPAIR, GARAGE
Est. value
$6.7M
INDUSTRIAL (GENERAL)
Est. value
$6.1M
COMMERCIAL (GENERAL)
Est. value
$5.5M
RETAIL STORES Current
MEDICAL BUILDING
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
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
1973
Heating
NONE
Stories
1
Buildings
2
Lot
3.67 ac
Current owner
From public records · entity-resolved
P2j2 Shadle Associates LLC
Entity
Mailing address
225 W MAIN AVE STE #200, SPOKANE, WA 99201-0208
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 10, 2020
—
P2j2 Shadle Associates LLC
—
Deed
related
$22,500,000 · Miscellaneous Ins Co
May 2, 2013
—
P2j2 Shadle Associates LLC
—
Deed Of Trust
related
$25,000,000 · Miscellaneous Ins Co
Jul 23, 2003
—
P2j2 Shadle Associates LLC
—
Deed Of Trust
related
$24,500,000 · Key Bank NA
—
—
P2j2 Shadle Associates LLC
—
Loan Modification
related
$22,500,000 · Miscellaneous Ins Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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