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Property profile & analytics
OFF-MARKET
Estimated value
$1,075,000
Banks
225 3rd Ave, Spokane, WA 99202-1422
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1374387
Property summary
AI-generated overview
This exceptional Spokane, WA property at 225 E 3rd Ave, 99202 offers 2,300 square feet of combined medical and traditional office space, currently divided into Suites #4 and #5, each approximately 1,150 square feet. The space is available for lease as a whole or potentially divisible. Located in a high-traffic area with an average daily traffic count of approximately 6,704 vehicles on 3rd Avenue, this property benefits from excellent visibility and accessibility. On-site parking is provided for tenants and clients. The property also offers the opportunity for pylon signage, enhancing visibility and brand recognition. Current tenants include Washington State University Real Estate & Business Opportunities (Suites #1 & #2), West & Company Realty LLC (Suite #3), and Two Maids & A Mop (Suite #6). The net-net-net (NNN) expense is $3.50 per square foot. This versatile space is ideal for a variety of medical or office uses and presents a unique opportunity in a thriving Spokane location. Contact for rental rate information.
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,999 SF
Lot
0.33 ac (14,200 SF)
APN
35202.2413
UPID
US90-1374387
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
-
Empower Clinics Washington Medical Clinic
-
West&Co. Property Management Company
-
Advanced Foot & Ankle Center DPM Physician
-
Two Maids Hardware & Home Improvement
-
A Home of Happy Feet Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$970k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.28M
Blend (final)
Blend
$1.08M
Owner & transaction history
225 Spokane LLC · 4 yrs held
225 Spokane LLC
since 2022
Last sale
$1.1M
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.8M
+47.0%
Medical building
$1.7M
+39.8%
Restaurant
$1.6M
+30.3%
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
$975,000
ML approach
$970,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$1,190,000
Current use
OFFICE BUILDING
$1,750,000
Change: +47% · Conversion: Difficult
MEDICAL BUILDING
$1,665,000
Change: +40% · Conversion: Difficult
RESTAURANT
$1,550,000
Change: +30% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,385,000
Change: +16% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,260,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,130,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$1.08M
Range $968k – $1.18M · ±10% · vs last sale $1.08M (Jan 31 2022)
Last sale anchor
$1.08M
Jan 31 2022
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
$154 / 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
$9,482
Tax year 2023
Assessed value
$971,200
Assessed 2024
Previous assessed
$829,800
+17.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$198,800
Assessed improvement
$772,400
Land market value
$198,800
Improvement market value
$772,400
Total market value
$971,200
Applied tax rate
14.0000
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Bathrooms
3
Total area
6,999 SF
Lot
0.33 ac (14,200 SF)
APN
35202.2413
UPID
US90-1374387
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
FINANCIAL BUILDING Current
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.7M
RESTAURANT
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.1M
FINANCIAL BUILDING Current
OFFICE BUILDING
MEDICAL BUILDING
RESTAURANT
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
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Bathrooms
3
Lot
0.33 ac
Current owner
From public records · entity-resolved
225 Spokane LLC
Entity
Mailing address
14716 SE 39TH ST, BELLEVUE, WA 98006-1620
Ownership since
2022
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
Jan 31, 2022
$1,075,000
225 Spokane LLC
Tga Properties LLC
Warranty Deed
$806,250 · Spokane Teacher Cu
Apr 30, 2019
$987,500
Tga Properties LLC
Peterson,william L
Warranty Deed
$740,625 · Spokane Teachers Cu
Sep 3, 1996
$419,680
William L Peterson
Stimers,r D
Grant Deed
—
—
—
William L Peterson
—
Deed Of Trust
related
$180,000 · First Northwest Mortgage
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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