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    Property profile & analytics

    407 E 2Nd Ave Spokane, WA 99202

    • Banks
    • 6,914 SF
    • 0.61 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    Jul 22, 2020
    $2,500,000
    Value Estimations
    $2,475,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1375063
    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

    • Center for Solace / Medical Clinic
    • Angela Enger / Physician
    • Patty Sonneland / Counselor
    • Dr. Benjamin Hubbard / Pediatrician / Physician
    • Summit Rehab Assoc PLLC / Physician

    Property Details for 407 E 2Nd Ave

    Year built
    2004
    Lot size
    0.61 lot acres
    Property size
    6,914 SF
    Property type
    Banks
    APN
    35202.1716
    APU
    352021716

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $3,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,936,000
      Market price range: $659k - $1.94M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,815,000
      OFFICE BUILDING
      $1,730,000
      MEDICAL BUILDING
      $1,645,000
      RESTAURANT
      $1,530,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.405
    Latitude
    47.6549
    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
    $24,372
    $292,880
    $2,205,500
    $2,498,380
    -
    $292,880
    $2,205,500
    $2,498,380

    Comparable in this City

    • Value Estimation
      $10,485,000
      175,600 SF

      3900 Sprague Ave

      FINANCIAL BUILDING • 175,600 SF
      3900 Sprague Ave, Spokane, WA 99202-4847
      View Details
    • Value Estimation
      $1,030,000
      21,768 SF

      107 Thor St

      FINANCIAL BUILDING • 21,768 SF
      107 Thor St, Spokane, WA 99202
      View Details
    • Value Estimation by Request
      960 SF

      3001 5th Ave

      FINANCIAL BUILDING • 960 SF
      3001 5th Ave, Spokane, WA 99202-4183
      View Details
    • Value Estimation
      $795,000
      6,800 SF

      202 Spokane Fls Blvd

      FINANCIAL BUILDING • 6,800 SF
      202 Spokane Fls Blvd, Spokane, WA 99202-1612
      View Details
    • Value Estimation
      $935,000
      0.09 Acres

      1324 Sse Blvd

      FINANCIAL BUILDING • 0.09 Acres
      1324 Sse Blvd, Spokane, WA 99202
      View Details
    • Value Estimation by Request
      1,988 SF

      408 Freya St

      FINANCIAL BUILDING • 1,988 SF
      408 Freya St, Spokane, WA 99202-5058
      View Details

    Similar Nearby for Sale

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      18,720 SF

      Spokane U-District Showroom and Warehouse

      18,720 SF free-standing building in Spokane's University District.
      222 E Sprague Ave, Spokane, WA 99202
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    • $750,000

      Leased Investment Property For Sale

      Fully leased property with retail, apartments, and storage units.
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    • $2,300,000
      22,400 SF

      Remodeled Mixed-Use Building in Spokane

      Remodeled mixed-use building with retail, office, and apartment spaces.
      811 W 2Nd Ave, Spokane, WA 99202
      View Details
    • $375,000
      5,315 SF

      Mixed-Use Building on Sprague Avenue

      5,315 SF mixed-use building with ample parking for sale.
      2515 E Sprague Ave, Spokane, WA 99202
      View Details
    • $990,000
      8,020 SF

      Spokane Commercial Property For Sale

      Commercial property with showroom and easy freeway access in Spokane.
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    • $425,000
      5,315 SF

      Sprague Ave Storefront - Spokane, WA

      Prime Spokane Retail Space, High Traffic
      2515 Sprague Ave, Spokane, WA 99202
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    Similar Nearby for Lease

    • $4,000 /Mo
      1,078 SF

      Retail Space in Fred Meyer

      Sublease opportunity for retail space within a Fred Meyer.
      400 S Thor St, Spokane, WA 99202
      View Details
    • $2,000 /Mo
      2,464 SF

      Retail Space on Sprague Avenue

      Retail space available on Sprague Avenue with basement.
      3302 E Sprague Ave, Spokane, WA 99202
      View Details
    • $14 SF/Yr
      2,700 SF

      Retail Space on Sprague Avenue

      Retail space available for lease, 2700 square feet.
      4202-4224 E Sprague Ave, Spokane, WA 99202
      View Details
    • $4,500 /Mo
      1,392 SF

      Corner Lot with Drive-Thru Potential

      Spokane retail property with drive-thru options and excellent visibility.
      428 S Freya St, Spokane, WA 99202
      View Details
    • $4,125 /Mo
      1,247 SF

      Retail Space with High Ceilings

      Open retail space featuring high ceilings and new HVAC system.
      428 E Pacific Ave, Spokane, WA 99202
      View Details
    • $3,000 /Mo
      4,160 SF

      Retail Space Available For Lease

      Retail space available for lease, offering 4160 square feet.
      6821 N Division St, Spokane, WA 99202
      View Details
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    Spokane, WA 99202
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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.

    More about this property
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