3606 Wellesley Ave Spokane, WA 99217-6769
Entity Owned
3-yr Hold
Free & Clear
Estimated value (blended)
$890k
Range $801k – $979k (±10%)
Implied cap rate
4.20%
In-place · NOI ÷ last sale
Property ID
US90-0085990
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2007
Total area
5,750 SF
Lot
0.35 ac (15,232 SF)
APN
35031.0920
UPID
US90-0085990
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Hardware & Home Improvement Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$950k
CAP Approach
CAP
$580k
Comparable Approach
Comparable
$879k
Blend (final)
Blend
$890k
Owner & transaction history
since 2023
Last sale
$950,000
6 recorded transactions
Zoning & alternative use
Top alternative use upside
Office building
$1.4M
+105.0%
Medical building
$1.4M
+94.9%
Restaurant
$1.3M
+81.6%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 5 comparables with addresses
7 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$890k
Value range
$801k – $979k
±10% around blend
Estimated value / SF
$155 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
50
$801k
blend $890k
$979k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
5,750 SF
Lot area
0.35 ac
Year built
2007
Stories
2
APN
35031.0920
Assessed value
$636,540
Annual tax
$6,218
3
Income approach: direct capitalization
Partial preview
Income approach indication
$580k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$625k
@ 6.5% CAP return
$580k
@ 7% CAP return
$535k
4
Sales comparison
Partial preview
Sales approach indication
$1.21M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.0 mi away · 4,600 SF
4.2 mi away · 4,603 SF
4.9 mi away · 6,600 SF
9.9 mi away · 5,200 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$890k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 44 sales
$122
+27%
Submarket 143 sales
$120
+29%
County 210 sales
$120
+29%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $155/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Office Building
Gross theoretical uplift
+105%
vs current-use indication
Medical Building
Restaurant
Auto Repair, Garage
Industrial (general)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
4.20%
Implied, in-place cap rate for this warehouses
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.20%
9.0%
NOI (est.)
$67k *
Last sale · Jul 2023
$950k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.58M
Move the market yield to see immediate price impact.
Value / SF
$275
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.70%4.20%4.70%
$60k
$1.62M
$1.43M
$1.27M
$67k
$1.80M
$1.58M
$1.41M
$73k
$1.98M
$1.74M
$1.56M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$2.05M
1.9 mi · Nov 2025 · $456/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$6,218
Tax year 2023
Assessed value
$636,540
Assessed 2024
Previous assessed
$541,330
+17.6% YoY
Effective rate
0.98%
On assessed value
Assessed land
$68,540
Assessed improvement
$568,000
Land market value
$68,540
Improvement market value
$568,000
Total market value
$636,540
Applied tax rate
15.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2007
Heating
YES
Stories
2
Rooms
4
Bathrooms
1
Total area
5,750 SF
Lot
0.35 ac (15,232 SF)
APN
35031.0920
UPID
US90-0085990
Jurisdiction
SPOKANE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2007
Heating
YES
Stories
2
Rooms
4
Bathrooms
1
Lot
0.35 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
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What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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