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Property profile & analytics
OFF-MARKET
Estimated value
$19,230,000
Outlet malls
2301 Wellesley Ave Spokane, WA 99205-5004
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US90-1145263
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1999
Total area
154,455 SF
Lot
11.29 ac (491,967 SF)
APN
25012.0022
UPID
US90-1145263
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
-
Subway Take-out & Catering Catering Service
-
Walmart Photo Center (Bike/Boat/Book/etc) Store
-
Walmart Grocery & Convenience Store Food Market
-
Walmart Vision & Glasses Ophthalmologist (Bike/Boat/Book/etc) Store
-
Minute Key Locksmith (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$24.66M
Comparable Approach
Comparable
$16.97M
Blend (final)
Blend
$19.23M
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
Auto repair, garage
$30.5M
+64.1%
Industrial (general)
$27.8M
+49.4%
Commercial (general)
$24.9M
+34.0%
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%
$26,710,000
6.5%
$24,655,000
7%
$22,895,000
Alternative Use
Use
Estimation
RETAIL STORES
$18,605,000
Current use
AUTO REPAIR, GARAGE
$30,525,000
Change: +64% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$27,800,000
Change: +49% · Conversion: Difficult
COMMERCIAL (GENERAL)
$24,925,000
Change: +34% · Conversion: Easy
Blend value · Realmo final
$19.23M
Range $17.31M – $21.15M · ±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
$125 / 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
$146,352
Tax year 2023
Assessed value
$15,008,240
Assessed 2024
Previous assessed
$13,142,940
+14.2% YoY
Effective rate
0.98%
On assessed value
Assessed land
$2,459,840
Assessed improvement
$12,548,400
Land market value
$2,459,840
Improvement market value
$12,548,400
Total market value
$15,008,240
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1999
Heating
NONE
Stories
1
Total area
154,455 SF
Lot
11.29 ac (491,967 SF)
APN
25012.0022
UPID
US90-1145263
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
$18.6M
AUTO REPAIR, GARAGE
Est. value
$30.5M
INDUSTRIAL (GENERAL)
Est. value
$27.8M
COMMERCIAL (GENERAL)
Est. value
$24.9M
RETAIL STORES Current
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
1999
Heating
NONE
Stories
1
Lot
11.29 ac
Current owner
From public records · entity-resolved
P2j2 Shadle Associates LLC
Entity
Mailing address
PO BOX 8050, BENTONVILLE, AR 72712-8055
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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