Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3606 Wellesley Ave Spokane, WA 99217-6769

    • Warehouses
    • 5,750 SF
    • 0.35 lot acres
    OFF-MARKET
    Last Sale
    Jul 28, 2023
    $950,000
    Value Estimations
    $835,000
    Show details
    Cap Rate Potential
    4.2%
    Warehouses
    Location Intelligence
    Property ID
    US90-0085990
    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

    • Beacon Waterproofing Products / Waterproofing Service

    Property Details for 3606 Wellesley Ave

    Year built
    2007
    Lot size
    0.35 lot acres
    Property size
    5,750 SF
    Property type
    Warehouses
    APN
    35031.0920
    APU
    350310920

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $890,000
      ML approach
      $950,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $625,000
      6.5%
      $580,000
      7%
      $535,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $879,000
      Market price range: $404k - $1.00M
      AI Estimate
      $680,000
      Market price range: $312k - $792k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $700,000
      Current use
      OFFICE BUILDING
      $1,440,000
      Change: +105% Conversion: Difficult
      MEDICAL BUILDING
      $1,370,000
      Change: +95% Conversion: Difficult
      RESTAURANT
      $1,275,000
      Change: +82% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,135,000
      Change: +62% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,035,000
      Change: +48% Conversion: Easy
      COMMERCIAL (GENERAL)
      $930,000
      Change: +32% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.357
    Latitude
    47.7002
    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
    $6,218
    $68,540
    $568,000
    $636,540
    -
    $68,540
    $568,000
    $636,540

    Comparable in this City

    • Value Estimation
      $530,000
      3,000 SF

      8227 Regal St

      WAREHOUSE, STORAGE • 3,000 SF
      8227 Regal St, Spokane, WA 99217-8121
      View Details
    • Value Estimation
      $445,000
      6,840 SF

      6017 Julia St

      WAREHOUSE, STORAGE • 6,840 SF
      6017 Julia St, Spokane, WA 99217-6584
      View Details
    • Value Estimation
      $550,000
      4,500 SF

      7826 Market St Ste F

      WAREHOUSE, STORAGE • 4,500 SF
      7826 Market St Ste F, Spokane, WA 99217-7857
      View Details
    • Value Estimation
      $205,000
      1,410 SF

      6724 Pittsburg St

      WAREHOUSE, STORAGE • 1,410 SF
      6724 Pittsburg St, Spokane, WA 99217-7501
      View Details
    • Value Estimation
      $390,000
      6,240 SF

      3727 Queen Ave

      WAREHOUSE, STORAGE • 6,240 SF
      3727 Queen Ave, Spokane, WA 99217-6656
      View Details
    • Value Estimation
      $405,000
      3,904 SF

      4223 Queen Ave

      WAREHOUSE, STORAGE • 3,904 SF
      4223 Queen Ave, Spokane, WA 99217
      View Details

    Similar Nearby for Sale

    • $595,000
      3,746 SF

      Spokane Warehouse Condo For Sale

      Warehouse condo featuring a restroom and grade level overhead door.
      6712-6724 N Pittsburg St, Spokane, WA 99217
      View Details
    • $2,250,000
      14,764 SF

      Hillyard Industrial Parcels For Sale

      Three heavy industrial parcels in Hillyard, Spokane.
      3633 N Freya St, Spokane, WA 99217
      View Details
    • Contact for pricing
      4,500 SF

      Hillyard Warehouse/Office Space For Sale

      Warehouse/office space in Hillyard on N. Market Street and E. Lincolnd Road.
      7810 N Market St, Spokane, WA 99217
      View Details
    • Contact for pricing

      Versatile Industrial Property in Spokane

      8,250+ SF industrial property with office and warehouse space.
      5726 N Florida St, Spokane, WA 99217
      View Details
    • $175,000

      Industrial Land: Spokane, WA

      20,250 SF Industrial Lot - $175K
      3724 Bismark Ave, Spokane, WA 99217
      View Details
    • $1,250,000
      3 SF

      Industrial Land with Onsite Utilities

      3.45 acres of light industrial land with existing utilities.
      5908 E Central Ave, Spokane, WA 99217
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      47,468 SF

      North Spokane Industrial Park

      Prime Rail-Served Warehouse Space
      2111 Hawthorne Rd, Spokane, WA 99217
      View Details
    • $2,500 /Mo
      3,240 SF

      Industrial Warehouse Available For Rent

      3,240 SF industrial warehouse available for rent October 1, 2024.
      3714 E Bismark Ave, Spokane, WA 99217
      View Details
    • $3,605 /Mo
      3,605 SF

      Spokane Flex Space For Rent

      3,605 SF flex space available for rent in Spokane.
      1520 E Houston Ave, Spokane, WA 99217
      View Details
    • $15,681 /Mo
      958,320 SF

      Magnesium Yard: Industrial Land for Sale

      Acreage for Lease, Heavy Industrial Zoning
      2425 Magnesium Rd, Spokane, WA 99217
      View Details
    • $2,310 /Mo
      2,400 SF

      Spokane Flex/Industrial Space Available

      2400 SF flex/industrial space for rent in Spokane, WA.
      7826 N Market St, Spokane, WA 99217
      View Details
    • $0.90 SF/Yr
      6,400 SF

      Spokane Industrial Space For Lease

      Industrial space available for lease in Spokane, Washington.
      3636 E Sanson Ave, Spokane, WA 99217
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3606 Wellesley Ave
    Spokane, WA 99217-6769
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.