Back to Search
Property profile & analytics
FOR SALE
Office buildings
324 S Sherman St Spokane, WA 99202
Individually Owned
12-yr Hold
Free & Clear
Property ID
US90-2011627
For Sale
1 / 3
$8,600,000
324 S Sherman St, Spokane, WA 99202
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1985
Total area
20,940 SF
Lot
1.18 ac (51,374 SF)
APN
35202.3134
UPID
US90-2011627
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
-
Virtual Dermatologic (Bike/Boat/Book/etc) Store Corporate Office
-
PawDoc (Bike/Boat/Book/etc) Store Corporate Office
-
Spokane Dermatology Clinic Physician Medical Clinic
-
Premier Clinical Research Factory Production Facility
-
3rd and Sherman Allergy Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.65M
Blend (final)
Blend
$3.45M
Owner & transaction history
William Werschler · 12 yrs held
William Werschler
since 2014
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$5,235,000
Current use
MEDICAL BUILDING
$4,980,000
Change: -5% · Conversion: Easy
RESTAURANT
$4,640,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$3.45M
Range $3.11M – $3.80M · ±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
$165 / 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
$33,653
Tax year 2023
Assessed value
$3,450,140
Assessed 2024
Previous assessed
$3,194,740
+8.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$513,740
Assessed improvement
$2,936,400
Land market value
$513,740
Improvement market value
$2,936,400
Total market value
$3,450,140
Applied tax rate
14.0000
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Sale
Year built
1985
Heating
NONE
Buildings
2
Stories
2
Total area
20,940 SF
Lot
1.18 ac (51,374 SF)
APN
35202.3134
UPID
US90-2011627
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
OFFICE BUILDING Current
Est. value
$5.2M
MEDICAL BUILDING
Est. value
$5.0M
RESTAURANT
Est. value
$4.6M
OFFICE BUILDING Current
MEDICAL BUILDING
RESTAURANT
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
1985
Heating
NONE
Stories
2
Buildings
2
Lot
1.18 ac
Current owner
From public records · entity-resolved
William Werschler
Individual
Free & Clear · 12 yrs held
Mailing address
324 S SHERMAN ST STE A2, SPOKANE, WA 99202-1461
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2025
—
3rd & Sherman Plaza LLC
—
Deed
related
$863,577 · Mountain West Bank
Feb 18, 2014
—
William Werschler
Phdma LLC
Quit Claim Deed
related
—
Nov 9, 2012
$77,000
Phdma LLC
Lee,floyd J & Beverly A
Warranty Deed
$61,600 · Floyd J & Beverly A Lee
Jul 30, 2012
$126,344
Floyd J Lee
Carroll Charles V
Trustees Deed
related
—
Apr 20, 2007
$150,000
Discovery School
Lee,floyd J & Beverly A
Warranty Deed
$130,000 · Floyd J & Beverly A Lee
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
