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Property profile & analytics
FOR LEASE
Banks
407 E 2Nd Ave, Spokane, WA 99202
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US90-1375063
For Lease
$14 SF/Yr
407 E 2Nd Ave, Spokane, WA 99202
View Listing →
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
2004
Total area
6,914 SF
Lot
0.61 ac (26,625 SF)
APN
35202.1716
UPID
US90-1375063
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
-
Center for Solace Medical Clinic
-
Angela Enger Physician
-
Patty Sonneland Counselor
-
Dr. Benjamin Hubbard Pediatrician Physician
-
Summit Rehab Assoc PLLC Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.35M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.94M
Blend (final)
Blend
$2.48M
Owner & transaction history
Cooke Dev Corp · 5 yrs held
Cooke Dev Corp
since 2020
Last sale
$2.5M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$3.8M
+224.5%
Office building
$1.7M
+47.0%
Medical building
$1.6M
+39.8%
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
$3,345,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,815,000
Change: +225% · Conversion: Difficult
OFFICE BUILDING
$1,730,000
Change: +47% · Conversion: Difficult
MEDICAL BUILDING
$1,645,000
Change: +40% · Conversion: Difficult
RESTAURANT
$1,530,000
Change: +30% · Conversion: Difficult
Blend value · Realmo final
$2.48M
Range $2.23M – $2.72M · ±10% · vs last sale $2.50M (Jul 22 2020)
Last sale anchor
$2.50M
Jul 22 2020
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
$358 / 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
$24,372
Tax year 2023
Assessed value
$2,498,380
Assessed 2024
Previous assessed
$2,353,280
+6.2% YoY
Effective rate
0.98%
On assessed value
Assessed land
$292,880
Assessed improvement
$2,205,500
Land market value
$292,880
Improvement market value
$2,205,500
Total market value
$2,498,380
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
Banks
Use group
FINANCIAL BUILDING
Status
For Lease
Year built
2004
Heating
NONE
Stories
2
Total area
6,914 SF
Lot
0.61 ac (26,625 SF)
APN
35202.1716
UPID
US90-1375063
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
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.8M
OFFICE BUILDING
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
RESTAURANT
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
2004
Heating
NONE
Stories
2
Lot
0.61 ac
Current owner
From public records · entity-resolved
Cooke Dev Corp
Entity
Mailing address
503 E 2ND AVE, SPOKANE, WA 99202-1405
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 1, 2020
—
Building 407 LLC
—
Deed
related
$500,000 · River Bk
Jul 22, 2020
—
Cooke Dev Corp
Building 407 LLC
Quit Claim Deed
related
—
Dec 23, 2019
$2,500,000
Building 407 LLC
Summit Building Professional Center
Warranty Deed
$1,875,000 · Riverbank
Sep 12, 2016
$335,000
Diamond Parking INC
Holley Mason 20 LLC
Warranty Deed
—
Jun 17, 2016
$265,000
Holley Mason 20 LLC
Reiner,roger G
Warranty Deed
—
Oct 1, 2014
—
Building Professional C Summit
Mccullar Family LLC
Grant Deed
—
Mar 9, 2012
$2,350,000
Mccullar Family LLC
Summit Professional Center LLC
Warranty Deed
—
Mar 4, 2004
—
Summit Professional Center LLC
—
Trustees Deed
related
$1,828,000 · Banner Bank
—
—
Summit Professional Center LLC
—
Deed Of Trust
related
$80,000 · Banner Bank
—
—
Building 407 LLC
—
Deed Of Trust
related
$500,000 · River Bk
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?”
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