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

    2406 3rd Ave Spokane, WA 99201-6429

    • Apartment buildings
    • 3,576 SF
    • 0.35 lot acres
    OFF-MARKET
    Last Sale
    Mar 16, 2021
    $1,398,500
    Value Estimations
    $1,885,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0768194
    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

    • The Lee Apartments / Apartment Complex
    • Richter Painting Co / Painter

    Property Details for 2406 3rd Ave

    Year built
    1943
    Construction
    STEEL FRAME
    Lot size
    0.35 lot acres
    Property size
    3,576 SF
    Property type
    Apartment buildings
    APN
    25242.0505
    APU
    252420505

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,990,000
      ML approach
      $1,975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,570,000
      Market price range: $856k - $2.87M

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.448
    Latitude
    47.6539
    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
    $13,360
    $153,110
    $1,215,890
    $1,369,000
    -
    $153,110
    $1,215,890
    $1,369,000

    Comparable in this City

    • Value Estimation by Request
      21,444 SF

      176 Howard St

      Multifamily properties • 21,444 SF
      176 Howard St, Spokane, WA 99201
      View Details
    • Value Estimation
      $1,200,000
      35,148 SF

      107 Howard St

      APARTMENT HOUSE (5+ UNITS) • 35,148 SF
      107 Howard St, Spokane, WA 99201-3831
      View Details
    • Value Estimation
      $1,025,000
      25,674 SF

      2136 Riverside Ave

      APARTMENT HOUSE (5+ UNITS) • 25,674 SF
      2136 Riverside Ave, Spokane, WA 99201-1444
      View Details
    • Value Estimation
      $1,195,000
      8,500 SF

      926 Sprague Ave

      APARTMENT HOUSE (5+ UNITS) • 8,500 SF
      926 Sprague Ave, Spokane, WA 99201-5076
      View Details
    • Value Estimation
      $620,000
      18,500 SF

      1310 College Ave

      APARTMENT HOUSE (5+ UNITS) • 18,500 SF
      1310 College Ave, Spokane, WA 99201-2048
      View Details
    • Value Estimation
      $615,000
      2,808 SF

      1717 Pacific Ave

      APARTMENT HOUSE (5+ UNITS) • 2,808 SF
      1717 Pacific Ave, Spokane, WA 99201-6801
      View Details

    Similar Nearby for Sale

    • $835,000
      4,590 SF

      Spokane Multifamily Investment Opportunity

      Eight-unit apartment building with value-add potential in Spokane, WA.
      929 N Ash St, Spokane, WA 99201
      View Details
    • $595,000
      1,728 SF

      Spokane Tri-Plex Investment Opportunity

      Historic Browne's Addition, 3-unit building, high potential.
      2314 2Nd Ave, Spokane, WA 99201
      View Details
    • $2,500,000

      Spokane Multifamily Investment Opportunity

      Two buildings with development potential in Spokane's downtown periphery.
      1306 N Monroe St, Spokane, WA 99201
      View Details
    • $1,900,000
      20,634 SF

      Downtown Spokane Mixed-Use Building

      40 apartments and 2 retail suites in downtown Spokane.
      218-224 S Howard St, Spokane, WA 99201
      View Details
    • Contact for pricing

      Spokane Multifamily Development Opportunity

      Prime Spokane location, high development potential.
      1315 Monroe St, Spokane, WA 99201
      View Details
    • $795,000
      9,683 SF

      West Central Multifamily Investment Opportunity

      Well-maintained multifamily property with AirBnB potential in West Central neighborhood.
      2623 W Maxwell Ave, Spokane, WA 99201
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,148 SF

      Renovated Apartment Building Restaurant Opportunity

      Restaurant space available in renovated downtown Spokane apartment building.
      120 W 3Rd Ave, Spokane, WA 99201
      View Details
    • $14 SF/Yr
      43,200 SF

      Spokane Auto Lofts Office Space

      Historic Spokane Office Building, Multiple Spaces Available
      152 Jefferson St, Spokane, WA 99201
      View Details
    • $22 SF/Yr
      6,979 SF

      Spokane Medical Office Space For Lease

      Prime Medical Office Suites Available Now
      601 5Th Ave, Spokane, WA 99201
      View Details
    • $15 SF/Yr
      28,010 SF

      Prime Spokane Office Building

      Downtown Spokane, 10 Suites Available
      827 1St Ave, Spokane, WA 99201
      View Details
    • $11 SF/Yr
      11,753 SF

      Spokane Office Space Available

      Prime Spokane office suites, flexible options.
      601 1St Ave, Spokane, WA 99201
      View Details
    • $16 SF/Yr
      4,000 SF

      Spokane Office Space Available

      Prime Spokane Office: 4,000 sq ft.
      427 Sinto Ave, Spokane, WA 99201
      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.
    2406 3rd Ave
    Spokane, WA 99201-6429
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.