Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2221 Garfield Rd Airway Heights, WA 99001-9026

    • Auto shops
    • 3,780 SF
    • 4.63 lot acres
    OFF-MARKET
    Last Sale
    Mar 11, 2022
    $1,100,000
    Value Estimations
    $1,030,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0497976
    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

    • Auto shops

    Property Details for 2221 Garfield Rd

    Year built
    1991
    Lot size
    4.63 lot acres
    Property size
    3,780 SF
    Property type
    Auto shops
    APN
    15253.0164
    APU
    152530164

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $900,000
      ML approach
      $910,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,143,000
      Market price range: $451k - $1.14M
      AI Estimate
      $687,000
      Market price range: $224k - $687k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $745,000
      Current use
      OFFICE BUILDING
      $945,000
      Change: +27% Conversion: Difficult
      MEDICAL BUILDING
      $900,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $870,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Airway Heights
    County
    Spokane
    State
    Washington
    Longitude
    -117.576
    Latitude
    47.6351
    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
    $7,962
    $151,120
    $861,500
    $1,012,620
    -
    $151,120
    $861,500
    $1,012,620

    Comparable in this City

    • Value Estimation by Request
      2,000 SF

      12925 17th Ave

      AUTO REPAIR, GARAGE • 2,000 SF
      12925 17th Ave, Airway Heights, WA 99001-5904
      View Details
    • Value Estimation by Request
      1,455 SF

      13023 14th Ave

      AUTO REPAIR, GARAGE • 1,455 SF
      13023 14th Ave, Airway Heights, WA 99001-9453
      View Details
    • Value Estimation
      $970,000
      4,092 SF

      11005 Fast Ln

      AUTO REPAIR, GARAGE • 4,092 SF
      11005 Fast Ln, Airway Heights, WA 99001-4501
      View Details
    • Value Estimation
      $1,435,000
      16,000 SF

      11011 21st Ave

      AUTO REPAIR, GARAGE • 16,000 SF
      11011 21st Ave, Airway Heights, WA 99001-9703
      View Details
    • Value Estimation by Request
      3,200 SF

      12400 21st Ave

      AUTO REPAIR, GARAGE • 3,200 SF
      12400 21st Ave, Airway Heights, WA 99001
      View Details
    • Value Estimation by Request
      6,140 SF

      1307 Craig Rd

      AUTO REPAIR, GARAGE • 6,140 SF
      1307 Craig Rd, Airway Heights, WA 99001
      View Details

    Similar Nearby for Sale

    • New
      $1,150,000
      11,980 SF

      Airway Heights Commercial Opportunity

      Updated commercial property near Spokane, ideal for various business ventures.
      1927 S Garfield Rd, Airway Heights, WA 99001
      View Details
    • $1,395,000
      0.43 Acres

      Airway Heights Commercial Property For Sale

      Commercial property in Airway Heights, WA, suitable for various uses.
      13504 W Sunset Hwy, Airway Heights, WA 99001
      View Details
    • $3,799,900

      51-Unit Mobile Home & RV Park

      51-unit mobile home, RV park, and motel on 4.17 acres.
      12525 W Sunset Hwy, Airway Heights, WA 99001
      View Details
    • $599,900

      Commercial Land on Busy Highway

      0.76 acres of vacant commercial land for sale.
      12431 W Sunset Hwy, Airway Heights, WA 99001
      View Details
    • $200,000
      1,800 SF

      Airway Heights Commercial Property For Sale

      Commercial property in growing corridor, suitable for office or retail.
      1414 S Mullen St, Airway Heights, WA 99001
      View Details
    • $4,800,000
      49,410 SF

      Former Grocery Store in Airway Heights

      High-visibility commercial property suitable for retail, restaurant, or bar.
      12824 W 14Th Ave, Airway Heights, WA 99001
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      35,081 SF

      Airway Heights Warehouse Space Available

      Industrial warehouse space for lease in Spokane County.
      13026 Mcfarlane Rd, Airway Heights, WA 99001
      View Details
    • Contact for pricing
      21,840 SF

      Modern Industrial Warehouse Space

      New industrial warehouse space with heavy industrial zoning.
      11307 W Mcfarlane Rd, Spokane, WA 99001
      View Details
    • $0.50 SF/Yr
      13,014 SF

      West Spokane Industrial Park Suites

      Industrial park suites available for rent in West Spokane.
      13026 W Mcfarlane Rd, Airway Heights, WA 99001
      View Details
    • $2,000 /Mo
      5,663 SF

      Commercial Land for Ground Lease

      Commercial land available for ground lease.
      12518 W Sunset Hwy, Airway Heights, WA 99001
      View Details
    • $525,000

      Airway Heights Industrial Land Parcel

      4.55 acres of light industrial land for lease.
      S Garfield Rd, Airway Heights, WA 99001
      View Details
    • $10 SF/Yr
      34,976 SF

      Commercial Land Available For Rent

      Commercial land available for rent or build to suite.
      12100 E Sunset Hwy, Airway Heights, WA 99001
      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.
    2221 Garfield Rd
    Airway Heights, WA 99001-9026
    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

    Google sign-in failed. Please try again or use another login method.