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    304 Barker St Medical Lake, WA 99022
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    304 Barker St Medical Lake, WA 99022

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    • Commercial real estate
    Off-Market
    Property ID
    US90-3250760
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 304 Barker St

    Year built
    1966
    Property type
    Commercial real estate
    APN
    14181.4106

    Description

    This exceptional 10-unit apartment building in Medical Lake, WA, presents a compelling investment opportunity. Located at 304 E Barker St, this property boasts a 9,000 square foot net rentable area across a two-story building constructed in 1966. The property sits on a 13,144 square foot lot and includes 10 parking spaces. Currently operating at 100% occupancy (as of July 9, 2024), the property offers a 7.06% cap rate and a pro-forma cap rate of 5.10%, with a pro-forma NOI of $61,226. The asking price is $1,200,000, or $120,000 per unit. The property is zoned R-3 and offers a mix of one and two-bedroom units averaging 900 square feet. Significant upside potential exists through renovations and operational improvements, with units currently renting below market rates, allowing for a potential $95 monthly increase per unit post-renovation. The property benefits from its location within 20 minutes of downtown Spokane and its proximity to major employers including Amazon, Fairchild Air Force Base, and Providence Health Care. The strong rental submarket in Medical Lake, a landlord-friendly community, further enhances the investment appeal. This property offers a clear path to significant returns for the savvy investor. The APN is 14181.4106.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Medical Lake
    County
    Spokane
    State
    Washington
    Longitude
    -117.6794775
    Latitude
    47.5754966

    Comparable in this City

    • $1,350,000

      Downtown Mixed-Use Investment Opportunity

      Two downtown Spokane properties with apartments, retail, and office space.
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      West Spokane Industrial Land Available

      Vacant industrial land for sale in West Spokane area.
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    • $2,400,000

      Vacant Land in Spokane Growth

      55+ acres of vacant land in West Plains growth area.
      14113.9039 14113.9040, Medical Lake, WA 99022
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    • $100,000
      9.00 Acres

      Medical Lake Acreage with Power

      9-acre parcel near Fairchild AFB with territorial views.
      1119 S Dover Rd, Medical Lake, WA 99022
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    • $139,950
      10.00 Acres

      10-Acre Lot Near Spokane Airport

      10-acre lot near Spokane Airport with owner financing opportunity.
      S Dover Rd, Medical Lake, WA 99022
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    • New
      $125,000
      4.68 Acres

      Medical Lake Land For Sale

      4.68 acre lot near Hwy 2, Medical Lake, WA
      12XX S Fairview Heights Rd, Medical Lake, WA 99022
      View Details

    Similar Nearby for Sale

    • $1,350,000

      Downtown Mixed-Use Investment Opportunity

      Two downtown Spokane properties with apartments, retail, and office space.
      210-222 S Washington St, Spokane, WA 99022
      View Details
    • Contact for pricing

      West Spokane Industrial Land Available

      Vacant industrial land for sale in West Spokane area.
      14000 West Mcfarlane Rd, Medical Lake, WA 99022
      View Details
    • $2,400,000

      Vacant Land in Spokane Growth

      55+ acres of vacant land in West Plains growth area.
      14113.9039 14113.9040, Medical Lake, WA 99022
      View Details
    • $100,000
      9.00 Acres

      Medical Lake Acreage with Power

      9-acre parcel near Fairchild AFB with territorial views.
      1119 S Dover Rd, Medical Lake, WA 99022
      View Details
    • $139,950
      10.00 Acres

      10-Acre Lot Near Spokane Airport

      10-acre lot near Spokane Airport with owner financing opportunity.
      S Dover Rd, Medical Lake, WA 99022
      View Details
    • New
      $125,000
      4.68 Acres

      Medical Lake Land For Sale

      4.68 acre lot near Hwy 2, Medical Lake, WA
      12XX S Fairview Heights Rd, Medical Lake, WA 99022
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Medical Office Space Available

      Medical office space for lease with exam and lab rooms.
      725 N Stanley St, Medical Lake, WA 99022
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    • Contact for pricing

      38 Acre Land Parcel

      Single tenant land available for rent, 38 acres.
      S Craig Rd, Airway Heights, WA 99022
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    • $25 SF/Yr
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      Medical Office Space For Rent

      Five-story medical office building in a flourishing medical corridor.
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    • $11 SF/Yr
      12,528 SF

      Medical Office Building, Medical Lake

      Prime Medical Office Space Available
      725 Stanley St, Medical Lake, WA 99022
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    • Contact for pricing

      Retail Space in Medical Lake

      Retail space suitable for shop, restaurant, or coffee shop.
      106 N Lefevre St, Medical Lake, WA 99022
      View Details
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    Medical Lake, WA 99022
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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.

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