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    2612 27th Ave Spokane, WA 99223-4935
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    2612 27th Ave Spokane, WA 99223-4935

    View on Map
    • Apartment buildings
    • 18,716 SF
    • 2.29 lot acres
    Off-Market
    Property ID
    US90-2339168
    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.
    Value Estimations
    $2,375,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2612 27th Ave

    Year built
    1977
    Construction
    STEEL FRAME
    Lot size
    2.29 lot acres
    Property size
    18,716 SF
    Property type
    Apartment buildings
    APN
    35284.0150
    APU
    352840150

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,100,000
      6.5%
      $2,865,000
      7%
      $2,660,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.373
    Latitude
    47.6296
    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
    $29,184
    $697,900
    $2,293,900
    $2,991,800
    -
    $697,900
    $2,293,900
    $2,991,800

    Comparable in this City

    • Value Estimation
      $580,000
      4,455 SF

      3141 37th Ave

      APARTMENT HOUSE (5+ UNITS) • 4,455 SF
      3141 37th Ave, Spokane, WA 99223-4557
      View Details
    • Value Estimation
      $675,000
      4,345 SF

      2611 44th Ave

      APARTMENT HOUSE (5+ UNITS) • 4,345 SF
      2611 44th Ave, Spokane, WA 99223
      View Details
    • Value Estimation
      $555,000
      2,800 SF

      3002 30th Ave

      APARTMENT HOUSE (5+ UNITS) • 2,800 SF
      3002 30th Ave, Spokane, WA 99223-4765
      View Details
    • Value Estimation by Request
      2,391 SF

      3403 Cook St

      APARTMENT HOUSE (5+ UNITS) • 2,391 SF
      3403 Cook St, Spokane, WA 99223-7069
      View Details
    • Value Estimation
      $620,000
      4,800 SF

      2921 36th Ave

      APARTMENT HOUSE (5+ UNITS) • 4,800 SF
      2921 36th Ave, Spokane, WA 99223-4570
      View Details
    • Value Estimation by Request
      999 SF

      3405 Cook St

      APARTMENT HOUSE (5+ UNITS) • 999 SF
      3405 Cook St, Spokane, WA 99223-7071
      View Details

    Similar Nearby for Sale

    • New
      $535,000
      4,535 SF

      South Hill 5-Plex Investment

      Well-maintained 5-plex with rental history in Spokane, WA.
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      View Details
    • New
      $595,900
      2,776 SF

      South Hill Duplex Investment Opportunity

      Well-maintained duplex in desirable location with long-term leases.
      2716 E 37Th Ave, Spokane, WA 99223
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    • $2,305,620

      Prime South Hill Land Opportunity

      1.77 +/- acre land on Spokane's South Hill.
      2410 E 30Th Ave, Spokane, WA 99223
      View Details
    • $2,305,620

      Land Available in Spokane, WA

      Land for sale at 2410-2410 E 29th Ave, Spokane, WA
      2410-2410 E 29Th Ave, Spokane, WA 99223
      View Details
    • $384,900
      12.59 Acres

      Spokane Land with Palouse Views

      12.59 acres near Spokane with views and paved access.
      6707 E Sagewood Ln, Spokane, WA 99223
      View Details
    • $215,000
      10.00 Acres

      Spokane Land on Browne Mountain

      10-acre land parcel on Browne Mountain near South Hill.
      57xx S Corkery Rd, Spokane, WA 99223
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail Space in Spokane

      High-visibility shopping center in Spokane's South Hill area.
      2975 E 29Th Ave, Spokane, WA 99223
      View Details
    • Contact for pricing

      Retail Space Sub Lease

      Retail space available for sub lease until June 30, 2029.
      3020 E 29Th Ave, Spokane, WA 99223
      View Details
    • $15 SF/Yr

      Turnkey Fitness Center on Regal

      Turnkey fitness center for rent in desirable South Hill location.
      5505 S Regal St, Spokane, WA 99223
      View Details
    • $22 SF/Yr
      2,000 SF

      Spokane Office Space For Rent

      2000 square feet of office space available for lease.
      3022 E 57Th Ave, Spokane, WA 99223
      View Details
    • Contact for pricing

      South Hill Retail Space Available

      Centrally located retail space with high traffic and excellent exposure.
      4320 S Regal St, Spokane, WA 99223
      View Details
    • Contact for pricing

      Retail Spaces on Regal Street

      Retail spaces available with high traffic exposure on Regal.
      4508-4600 S Regal St, Spokane, WA 99223
      View Details
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    2612 27th Ave
    Spokane, WA 99223-4935
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    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
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