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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    511 Park Rd Spokane Valley, WA 99212-0566

    • Assisted living facilities
    • 7,250 SF
    • 7.58 lot acres
    OFF-MARKET
    Value Estimations
    $425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0243004
    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

    • Assisted living facilities

    Property Details for 511 Park Rd

    Year built
    1922
    Lot size
    7.58 lot acres
    Property size
    7,250 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    45192.9166
    APU
    451929166

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $430,000
      Market price range: $176k - $431k

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $325,000
      Current use
      COMMERCIAL (GENERAL)
      $675,000
      Change: +110% Conversion: Difficult
      RESTAURANT
      $670,000
      Change: +108% Conversion: Difficult
      MEDICAL BUILDING
      $655,000
      Change: +104% Conversion: Difficult
      OFFICE BUILDING
      $655,000
      Change: +103% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane Valley
    County
    Spokane
    State
    Washington
    Longitude
    -117.303
    Latitude
    47.6525
    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
    $43,387
    $1,321,200
    $2,832,700
    $4,153,900
    -
    $1,321,200
    $2,832,700
    $4,153,900

    Comparable in this City

    • Value Estimation
      $200,000
      2,184 SF

      401 Eastern Rd

      HOMES (RETIRED, NURSING) • 2,184 SF
      401 Eastern Rd, Spokane Valley, WA 99212-0401
      View Details
    • Value Estimation
      $760,000
      15,618 SF

      601 Park Rd

      HOMES (RETIRED, NURSING) • 15,618 SF
      601 Park Rd, Spokane Valley, WA 99212-0593
      View Details
    • Value Estimation by Request
      4,002 SF

      7918 Glass Ave

      Retirement homes • 4,002 SF
      7918 Glass Ave, Spokane Valley, WA 99212
      View Details
    • Value Estimation
      $230,000
      9,482 SF

      1807 Hutchinson Rd

      MEDICAL BUILDING • 9,482 SF
      1807 Hutchinson Rd, Spokane Valley, WA 99212-2444
      View Details
    • Value Estimation
      $280,000
      5,778 SF

      9019 Msn Ave

      DENTAL BUILDING • 5,778 SF
      9019 Msn Ave, Spokane Valley, WA 99212-2534
      View Details
    • Value Estimation
      $275,000
      2,646 SF

      3018 Argonne Rd

      DENTAL BUILDING • 2,646 SF
      3018 Argonne Rd, Millwood, WA 99212-2179
      View Details

    Similar Nearby for Sale

    • $689,900
      2,984 SF

      Spokane Valley Multifamily Investment

      Four-unit rental portfolio, high occupancy.
      7314 7Th Ave, Spokane Valley, WA 99212
      View Details
    • $350,000
      1,836 SF

      Spacious Millwood Home with Shop

      4BR, 2BA Millwood home with shop, close to Spokane River.
      3704 N Center Rd, Spokane, WA 99212
      View Details
    • $825,500
      3,480 SF

      Warehouse with Fenced Lot

      Warehouse building with office and fenced lot for sale.
      1201 N Stanley Rd, Spokane, WA 99212
      View Details
    • $695,000
      5,011 SF

      22,000 SF Land in Millwood

      22,000 SF land with redevelopment potential in Millwood, WA.
      2821 N Argonne Rd, Millwood, WA 99212
      View Details
    • $1,490,000

      Commercial Land in Spokane Valley

      Development-ready commercial land with existing buildings and ample parking.
      137-139 S Howe Rd, Spokane, WA 99212
      View Details
    • $150,000

      Development Opportunity in Spokane Valley

      Multi-family residential lot ready for development in Spokane Valley.
      4718 E 6Th Ave, Spokane, WA 99212
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      17,500 SF

      Lake Industrial Park Warehouses

      Spokane Valley industrial space available
      910 Lk Rd, Spokane Valley, WA 99212
      View Details
    • Contact for pricing

      Prime Commercial Land for Lease

      1.01 acre commercial land available for lease.
      5511 E Alki Ave, Spokane Valley, WA 99212
      View Details
    • $13 SF/Yr
      1,980 SF

      Spokane Warehouse Space Available

      1,980 square foot warehouse space for lease.
      7125 E Broadway Ave, Spokane, WA 99212
      View Details
    • $13 SF/Yr
      6,952 SF

      Retail Space Available For Rent

      6,952 square feet of retail space for lease.
      5207 E Trent Ave, Spokane, WA 99212
      View Details
    • $7 SF/Yr
      18,675 SF

      Yardley Warehouse Space Available

      Industrial warehouse; two units, flexible space.
      1015 Yardley St, Spokane Valley, WA 99212
      View Details
    • Contact for pricing

      Commercial Land for Lease

      0.7 acre commercial land with frontage on Argonne and Mullan.
      502 N Argonne Rd, Spokane, WA 99212
      View Details
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    511 Park Rd
    Spokane Valley, WA 99212-0566
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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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