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    Property profile & analytics

    2625 Monroe St Spokane, WA 99205-3354

    • Turn key restaurants
    • 1,840 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2022
    $340,000
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0265209
    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

    • Waffles Plus / Restaurant

    Property Details for 2625 Monroe St

    Year built
    1958
    Construction
    STEEL FRAME
    Lot size
    0.32 lot acres
    Property size
    1,840 SF
    Property type
    Turn key restaurants
    APN
    35072.3901
    APU
    350723901

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $310,000
      ML approach
      $295,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $265,000
      Market price range: $225k - $801k
      AI Estimate
      $189,000
      Market price range: $183k - $459k

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.427
    Latitude
    47.6819
    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
    $2,114
    $139,200
    $76,400
    $215,600
    -
    $139,200
    $76,400
    $215,600

    Comparable in this City

    • Value Estimation
      $340,000
      11,000 SF

      1602 Ash St

      RESTAURANT • 11,000 SF
      1602 Ash St, Spokane, WA 99205-4285
      View Details
    • Value Estimation
      $340,000
      1,344 SF

      5520 Maple St

      RESTAURANT • 1,344 SF
      5520 Maple St, Spokane, WA 99205-6733
      View Details
    • Value Estimation
      $325,000
      2,717 SF

      3318 Wnw Blvd

      RESTAURANT • 2,717 SF
      3318 Wnw Blvd, Spokane, WA 99205-2142
      View Details
    • Value Estimation
      $325,000
      1,029 SF

      3317 Gordon Ave

      RESTAURANT • 1,029 SF
      3317 Gordon Ave, Spokane, WA 99205
      View Details
    • Value Estimation
      $335,000
      1,900 SF

      1104 Garland Ave

      RESTAURANT • 1,900 SF
      1104 Garland Ave, Spokane, WA 99205-2735
      View Details
    • Value Estimation
      $345,000
      5,000 SF

      4428 Wall St

      RESTAURANT • 5,000 SF
      4428 Wall St, Spokane, WA 99205-1173
      View Details

    Similar Nearby for Sale

    • $2,230,000
      616 SF

      Established Espresso Stand For Sale

      Turnkey espresso stand business and real estate opportunity on high-traffic corner.
      2503 W Northwest Blvd, Spokane, WA 99205
      View Details
    • $1,495,000
      3,930 SF

      Turn-Key Spokane Restaurant Opportunity

      Versatile property with restaurant build-out and investment appeal.
      3315 W Northwest Blvd, Spokane, WA 99205
      View Details
    • Contact for pricing
      2,786 SF

      Drive-Thru Restaurant Opportunity

      2nd generation drive-thru restaurant space available for sale.
      1812 W Northwest Blvd, Spokane, WA 99205
      View Details
    • $35,000,000
      163,161 SF

      Grocery Anchored Retail Center

      Established retail destination with diverse tenants and strong market presence.
      1628-1902 W Francis Ave, Spokane, WA 99205
      View Details
    • $800,000

      Spokane Investment Opportunity

      Free-standing building with residential home and development potential.
      3301 N Monroe St, Spokane, WA 99205
      View Details
    • $275,000
      1,938 SF

      High-Profile Corner Site Available

      Corner lot suitable for commercial, retail, or mixed-use redevelopment.
      2011 N Jefferson St, Spokane, WA 99205
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    Similar Nearby for Lease

    • $24 SF/Yr
      1,974 SF

      Spokane Retail Space - Monroe St.

      Prime Spokane retail space, 1974 sq ft.
      3320 Monroe St, Spokane, WA 99205
      View Details
    • $1,700 /Mo
      12,114 SF

      Retail Space Near Northwest Blvd

      Retail spaces available near Northwest Blvd and Alberta Street intersection.
      2613 W 2611 - Blvd Northwest, Spokane, WA 99205
      View Details
    • $10 SF/Yr
      4,920 SF

      Division Street Warehouse Opportunity

      Prime Spokane Warehouse, High Traffic
      1711 Division St, Spokane, WA 99205
      View Details
    • Contact for pricing
      5,200 SF

      Prime Spokane Retail Space

      High-traffic corner location, 1,200 SF available
      319 Indiana Ave, Spokane, WA 99205
      View Details
    • $1,650 /Mo
      5,701 SF

      Corner Retail and Office Space

      Retail and office space available on corner of N. Wall.
      5524 N Wall St, Spokane, WA 99205
      View Details
    • $14 SF/Yr
      29,000 SF

      Retail Center Space Available

      Retail spaces available in high-visibility Spokane location.
      4411-4507 W Wellesley Ave, Spokane, WA 99205
      View Details
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    2625 Monroe St
    Spokane, WA 99205-3354
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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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