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    Property profile & analytics

    601 Riverside Ave Spokane, WA 92201

    • Office buildings
    • 138,840 SF
    • 2.79 lot acres
    For Lease
    View listing
    Last Sale
    Nov 22, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1920104
    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

    • Lee & Hayes PLLC: Mehigan Jason / Law Firm
    • Beaudoin Courtney R / Law Firm
    • Winston & Cashatt: Elizabeth A. Mosey Tellessen / Law Firm
    • Merrill Lynch Wealth Management Advisor Mark A DeGon / Financial Advisor
    • CoBank Regional Banking Center (Spokane, WA) / Bank / Loan Service

    Property Details for 601 Riverside Ave

    Year built
    2020
    Lot size
    2.79 lot acres
    Property size
    138,840 SF
    Property type
    Office buildings
    APN
    35173.1127
    APU
    351731127

    Description

    This exceptional 21-story building at 601 W Riverside Ave, Spokane, WA 99201, offers a diverse range of office spaces for lease. The property boasts a total of 300,000 square feet, with a significant 100,000 square feet currently vacant. Ideal for businesses of all sizes, the minimum leasable space is 800 square feet, while larger tenants can occupy up to 30,000 contiguous square feet. The building's versatile design caters to various office styles, including traditional, executive, and creative office spaces. In addition to office space, ground-level retail opportunities are also available. The building features ample parking with a ratio of 1.5 spaces per 1,000 square feet and convenient elevator access. This prime location in downtown Spokane provides excellent visibility and accessibility. The property is a single building with multiple tenancies, offering flexibility and a vibrant work environment. Don't miss this opportunity to secure your ideal office space in the heart of Spokane. Contact us today to learn more about available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $35,345,000
      6.5%
      $32,625,000
      7%
      $30,295,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $38,061,000
      Market price range: $20.2M - $51.6M
      AI Estimate
      $19,195,000
      Market price range: $7.12M - $28.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $34,725,000
      Current use
      MEDICAL BUILDING
      $33,025,000
      Change: -5% Conversion: Easy
      RESTAURANT
      $30,770,000
      Change: -11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.402
    Latitude
    47.6585
    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
    $244,059
    $607,760
    $24,421,300
    $25,029,060
    -
    $607,760
    $24,421,300
    $25,029,060

    Comparable in this City

    • Value Estimation
      $6,910,000
      61,560 SF

      811 Sprague Ave

      OFFICE BUILDING • 61,560 SF
      811 Sprague Ave, Spokane, WA 99202-2125
      View Details
    • Value Estimation
      $3,360,000
      16,032 SF

      2118 Sprague Ave

      OFFICE BUILDING • 16,032 SF
      2118 Sprague Ave, Spokane, WA 99202-3125
      View Details
    • Value Estimation
      $3,055,000
      14,010 SF

      21 Msn Ave

      PROFESSIONAL BUILDING • 14,010 SF
      21 Msn Ave, Spokane, WA 99202-1814
      View Details
    • Value Estimation by Request
      2,400 SF

      1702 Riverside Ave

      OFFICE BUILDING • 2,400 SF
      1702 Riverside Ave, Spokane, WA 99202-3047
      View Details
    • Value Estimation
      $705,000
      3,270 SF

      627 Napa St

      OFFICE BUILDING • 3,270 SF
      627 Napa St, Spokane, WA 99202-2928
      View Details
    • Value Estimation
      $2,145,000
      10,019 SF

      12 5th Ave

      OFFICE BUILDING • 10,019 SF
      12 5th Ave, Spokane, WA 99202-1309
      View Details

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      14,896 SF

      Versatile Spokane Commercial Warehouse Space

      15,000 sq ft warehouse with office space in Spokane.
      3303 E Ferry Ave, Spokane, WA 99202
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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

    Similar Nearby for Lease

    • $0.90 SF/Yr
      1,725 SF

      Office Space on Sprague Avenue

      Office building for lease with off-street parking included.
      3625 E Sprague Ave, Spokane, WA 99202
      View Details
    • Contact for pricing
      2,842 SF

      Downtown Spokane Professional Office Building

      Two-story office/retail building with basement and rooftop deck.
      425-427 W 1St Ave, Spokane, WA 99202
      View Details
    • $390,000
      3,600 SF

      Historic Office Building in Spokane

      Multi-tenant office building with spaces available for lease.
      29 W Pacific Ave, Spokane, WA 99202
      View Details
    • $20 SF/Yr
      13,557 SF

      Spokane Medical Office Building

      Prime Spokane location, multiple suites available.
      323 2Nd Ave, Spokane, WA 99202
      View Details
    • $14 SF/Yr
      56,000 SF

      Downtown Spokane Office Suites

      Prime Office Space, Multiple Sizes Available
      528 Spokane Falls Blvd, Spokane, WA 99202
      View Details
    • $14 SF/Yr
      6,640 SF

      Professional Office Space Available

      Entire professional office floor for lease with ample parking.
      407 E 2Nd Ave, Spokane, WA 99202
      View Details
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    601 Riverside Ave
    Spokane, WA 92201
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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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