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

    624 Hastings Rd Spokane, WA 99218-2862

    • Office buildings
    • 9,216 SF
    • 1.40 lot acres
    OFF-MARKET
    Value Estimations
    $470,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0276495
    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

    • Stanley B. Lewchuk, DC / Chiropractor
    • Dooyema Law Office / Attorney
    • Judy Markley / Counselor / Marriage Or Relationship Counselor
    • Rhonda Marie Monson / Counselor / Marriage Or Relationship Counselor
    • Edward Jones - Financial Advisor: Joel Mitchell, CFP®|ChFC®|AAMS™|CRPS™ / Investment Service / Finance Broker

    Property Details for 624 Hastings Rd

    Year built
    1971
    Construction
    STEEL FRAME
    Lot size
    1.40 lot acres
    Property size
    9,216 SF
    Property type
    Office buildings
    APN
    36075.9089
    APU
    360759089

    Description

    This exceptional 1,620 square foot executive office suite is available for lease in a highly desirable Spokane County location. Situated at 624 W Hastings Rd, this single-tenant space offers immediate occupancy. The suite boasts a well-designed layout including six private offices, a convenient kitchenette, and a welcoming reception area. Excellent signage opportunities are available on Hastings Road, ensuring high visibility for your business. Ample parking is provided with over 50 spaces available for tenants and clients. The building enjoys a strong tenant roster, including established businesses such as Edward Jones, Pearson Insurance, Brandon West Attorney at Law, Realign Spine, Safe Haven Counseling, and Rebecca Jensen CPA. This prime location offers easy access to key amenities and a thriving commercial district. Nearby businesses include Mead High School, Fred Meyer, Wandermere Mall, Dutch Bros Coffee, Walgreens, and Starbucks, providing convenience for employees and clients alike. The property is conveniently located west of Division on Hastings Road. This turnkey office space is perfect for a business seeking a professional and well-appointed environment in a vibrant and accessible location. The entire 1,620 square feet is currently vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $530,000
      Market price range: $395k - $1.59M

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.422
    Latitude
    47.7688
    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
    $9,436
    $336,140
    $658,700
    $994,840
    -
    $336,140
    $658,700
    $994,840

    Comparable in this City

    • Value Estimation
      $585,000
      5,937 SF

      12906 Addison St

      OFFICE BUILDING • 5,937 SF
      12906 Addison St, Spokane, WA 99218-8204
      View Details
    • Value Estimation
      $2,210,000
      13,029 SF

      1115 Westview Ct

      OFFICE BUILDING • 13,029 SF
      1115 Westview Ct, Spokane, WA 99218
      View Details
    • Value Estimation
      $2,265,000
      11,623 SF

      9921 Nevada St

      OFFICE BUILDING • 11,623 SF
      9921 Nevada St, Spokane, WA 99218-1145
      View Details
    • Value Estimation
      $365,000
      8,590 SF

      9505 Division St

      OFFICE BUILDING • 8,590 SF
      9505 Division St, Spokane, WA 99218-1232
      View Details
    • Value Estimation
      $305,000
      10,724 SF

      10710 Newport Hwy

      OFFICE BUILDING • 10,724 SF
      10710 Newport Hwy, Spokane, WA 99218-1642
      View Details
    • Value Estimation
      $700,000
      13,199 SF

      1111 Westview Ct

      OFFICE BUILDING • 13,199 SF
      1111 Westview Ct, Spokane, WA 99218-1376
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Drive-Thru Restaurant Opportunity

      Second-generation drive-thru restaurant space available.
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      High-Traffic Spokane Retail Opportunity

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      Prime Commercial Retail Land Available

      21.91 acres of land with high visibility and easy access.
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    • $459,000

      Northpointe Medical Land: Spokane, WA

      Prime Spokane Medical Land - $459,000
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    • Contact for pricing
      0.81 Acres

      Spokane Commercial Land Parcel

      Prime Office Land: Build-to-Suit Available
      0 Addison St, Spokane, WA 99218
      View Details

    Similar Nearby for Lease

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      Spokane North Side Office Space

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      Northpointe Office Building: Spokane, WA

      Modern Spokane Office Space for Lease
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      Nevada Place Executive Suites

      Prime North Spokane Office Space Available
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      Northpointe Professional Building: Office Space For Lease

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      Northpointe Office Space For Rent

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      9921 N Nevada St, Spokane, WA 99218
      View Details
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    624 Hastings Rd
    Spokane, WA 99218-2862
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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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