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Property profile & analytics
OFF-MARKET
Estimated value
$510,000
Office buildings
506 Mullan Rd, Spokane Valley, WA 99206-3868
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-0804256
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1989
Construction
STEEL FRAME
Total area
2,664 SF
Lot
0.26 ac (11,388 SF)
APN
45173.2301
UPID
US90-0804256
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
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$625k
Comparable Approach
Comparable
$420k
Blend (final)
Blend
$510k
Owner & transaction history
Harvest Marketing LLC · 2 yrs held
Harvest Marketing LLC
since 2024
Last sale
$500,000
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$635,000
+26.6%
Retail stores
$615,000
+22.6%
Auto repair, garage
$525,000
+5.2%
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 Valley submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Spokane Valley 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%
$680,000
6.5%
$625,000
7%
$580,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$500,000
Current use
MEDICAL BUILDING
$635,000
Change: +27% · Conversion: Easy
RETAIL STORES
$615,000
Change: +23% · Conversion: Moderate
AUTO REPAIR, GARAGE
$525,000
Change: +5% · Conversion: Difficult
COMMERCIAL (GENERAL)
$430,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$510k
Range $459k – $561k · ±10% · vs last sale $500k (Mar 25 2024)
Last sale anchor
$500k
Mar 25 2024
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
$191 / 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
$3,353
Tax year 2023
Assessed value
$323,230
Assessed 2024
Previous assessed
$297,430
+8.7% YoY
Effective rate
1.04%
On assessed value
Assessed land
$68,330
Assessed improvement
$254,900
Land market value
$68,330
Improvement market value
$254,900
Total market value
$323,230
Applied tax rate
148.0000
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
1989
Construction
STEEL FRAME
Heating
NONE
Stories
1
Bathrooms
1
Total area
2,664 SF
Lot
0.26 ac (11,388 SF)
APN
45173.2301
UPID
US90-0804256
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
$500,000
MEDICAL BUILDING
Est. value
$635,000
RETAIL STORES
Est. value
$615,000
AUTO REPAIR, GARAGE
Est. value
$525,000
COMMERCIAL (GENERAL)
Est. value
$430,000
OFFICE BUILDING Current
MEDICAL BUILDING
RETAIL STORES
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1989
Construction
STEEL FRAME
Heating
NONE
Stories
1
Bathrooms
1
Lot
0.26 ac
Current owner
From public records · entity-resolved
Harvest Marketing LLC
Entity
Mailing address
2207 W BRG AVE, SPOKANE, WA 99201-1602
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 25, 2024
$500,000
Harvest Marketing LLC
Mullan Office LLC
Warranty Deed
—
Oct 13, 2021
—
Mullan Office LLC
Douglas B Robnett
Quit Claim Deed
related
—
Sep 9, 1996
$2,000,000
Douglas B Robnett
Lewis,robert & Lori
Grant Deed
$150,000 · Sterling Savings Association
—
—
Douglas B Robnett
—
Deed Of Trust
related
$107,500 · Spokane Teachers Cu
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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