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Property profile & analytics
OFF-MARKET
Estimated value
$1,865,000
Office buildings
506 2nd Ave Spokane, WA 99201-4302
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US90-2682459
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1910
Total area
9,300 SF
Lot
0.16 ac (7,100 SF)
APN
35191.2718
UPID
US90-2682459
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
-
Spokane Lodge #34 Volunteer Organization Community Center
-
Oriental Lodge #74 Free and Accepted Masons of Washington Volunteer Organization Community Center
-
Early Life Speech & Language Physician
-
Affordable Air Conditioning Repair Hardware & Home Improvement HVAC Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.19M
Comparable Approach
Comparable
$2.07M
Blend (final)
Blend
$1.87M
Owner & transaction history
Holley Mason-20 LLC · 10 yrs held
Holley Mason-20 LLC
since 2015
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%
$2,365,000
6.5%
$2,185,000
7%
$2,030,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,300,000
Current use
MEDICAL BUILDING
$2,210,000
Change: -4% · Conversion: Easy
RESTAURANT
$2,060,000
Change: -10% · Conversion: Moderate
RETAIL STORES
$2,010,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$1.87M
Range $1.68M – $2.05M · ±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
$201 / 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
$1,985
Tax year 2023
Assessed value
$1,339,550
Assessed 2024
Previous assessed
$1,240,300
+8.0% YoY
Effective rate
0.15%
On assessed value
Assessed land
$195,250
Assessed improvement
$1,144,300
Land market value
$195,250
Improvement market value
$1,144,300
Total market value
$1,339,550
Applied tax rate
10.0000
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
OFFICE BUILDING
Status
Off-Market
Year built
1910
Heating
NONE
Stories
3
Total area
9,300 SF
Lot
0.16 ac (7,100 SF)
APN
35191.2718
UPID
US90-2682459
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
$2.3M
MEDICAL BUILDING
Est. value
$2.2M
RESTAURANT
Est. value
$2.1M
RETAIL STORES
Est. value
$2.0M
OFFICE BUILDING Current
MEDICAL BUILDING
RESTAURANT
RETAIL STORES
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
1910
Heating
NONE
Stories
3
Lot
0.16 ac
Current owner
From public records · entity-resolved
Holley Mason-20 LLC
Entity
Mailing address
506 W 2ND AVE, SPOKANE, WA 99201-4302
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
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
Apr 22, 2019
—
Masonic Temple Assn Of Spokane Wa
—
Deed
related
$50,000 · Riverbank
Mar 22, 2016
—
Masonic Temple Assn
—
Trustees Deed
related
$952,000 · River Bk
Aug 14, 2015
$127,800
Holley Mason-20 LLC
Masonic Temple Assn Of Spokane Wa
Quit Claim Deed
related
—
May 28, 2015
$675,000
Masonic Temple Assn Of Spokane Wa
Sundevil Dev LLC
Warranty Deed
$259,862 · Holley Mason-20 LLC
Feb 7, 2007
$770,000
Sundevil Dev LLC
Holley Mason LLC
Warranty Deed
$395,300 · Riverbank 2183 Us Hwy 8
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.
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