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

    903 Wellesley Ave Spokane, WA 99207-3268

    • Office buildings
    • 1,200 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Dec 08, 2023
    $230,000
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    8.5%
    Office buildings
    Location Intelligence
    Property ID
    US90-1218336
    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

    • Office buildings

    Property Details for 903 Wellesley Ave

    Year built
    1965
    Construction
    STEEL FRAME
    Lot size
    0.13 lot acres
    Property size
    1,200 SF
    Property type
    Office buildings
    APN
    36324.3516
    APU
    363243516

    Description

    This exceptional 1,200-square-foot office space in Spokane, Washington, is perfectly situated at 903 E Wellesley Ave, near Nevada Street. The property is a single-story Class B building, completely renovated in 2024, offering a total of two suites. The entire 1,200 square feet is currently vacant and available for lease as a single unit or can be divided into two 600-square-foot spaces, making it ideal for a variety of businesses. The flexible layout allows for customization to meet individual tenant needs. Located in Spokane County, the property boasts a convenient commercial zoning designation, ensuring ease of operation for a wide range of commercial enterprises. The address is 903 E Wellesley Ave, Spokane, WA 99207. This prime location offers excellent visibility and accessibility. The property's recent renovation ensures modern amenities and a professional environment. Don't miss this opportunity to secure this versatile and well-maintained office space in a thriving Spokane location. The minimum leasable space is 600 square feet, while the maximum contiguous space available is 1,200 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $215,000
      ML approach
      $210,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $305,000
      6.5%
      $280,000
      7%
      $260,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $266,000
      Market price range: $174k - $446k
      AI Estimate
      $130,000
      Market price range: $48.6k - $234k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $300,000
      Current use
      MEDICAL BUILDING
      $285,000
      Change: -5% Conversion: Easy
      RETAIL STORES
      $285,000
      Change: -5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.396
    Latitude
    47.7009
    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
    $1,578
    $54,500
    $106,100
    $160,600
    -
    $54,500
    $106,100
    $160,600

    Comparable in this City

    • Value Estimation
      $685,000
      16,870 SF

      4401 Division St

      OFFICE BUILDING • 16,870 SF
      4401 Division St, Spokane, WA 99207-1612
      View Details
    • Value Estimation
      $805,000
      21,320 SF

      411 En Foothills Dr

      OFFICE BUILDING • 21,320 SF
      411 En Foothills Dr, Spokane, WA 99207-2106
      View Details
    • Value Estimation
      $205,000
      11,606 SF

      2714 Mayfair St

      OFFICE BUILDING • 11,606 SF
      2714 Mayfair St, Spokane, WA 99207-2050
      View Details
    • Value Estimation
      $725,000
      18,650 SF

      1901 Nn Ctr St

      OFFICE BUILDING • 18,650 SF
      1901 Nn Ctr St, Spokane, WA 99207-5079
      View Details
    • Value Estimation
      $225,000
      600 SF

      4507 Nevada St

      OFFICE BUILDING • 600 SF
      4507 Nevada St, Spokane, WA 99207-3240
      View Details
    • Value Estimation
      $150,000
      4,186 SF

      34 Wellesley Ave

      OFFICE BUILDING • 4,186 SF
      34 Wellesley Ave, Spokane, WA 99207-1412
      View Details

    Similar Nearby for Sale

    • $699,900
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      Spokane Office Building with Potential

      Centrally located Spokane office building with conversion potential.
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      View Details
    • $675,000
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      Historic mixed-use property with income potential in Spokane, Washington.
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    • $620,000
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      Versatile Commercial Property For Sale

      2,580 SF commercial property suitable for retail or office.
      4516 N Nevada St, Spokane, WA 99207
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    • $340,000
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      Updated Commercial Property with GC-70 Zoning

      Updated property with GC-70 zoning, suitable for various uses.
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    • $1,625,000
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      Spokane Warehouse - $1.625M

      12,115 SF Warehouse, Vacant, Prime Location
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      Spokane Industrial Property For Sale

      Industrial property featuring 2396 square feet of space in Spokane.
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    Similar Nearby for Lease

    • $0.92 SF/Yr
      47,869 SF

      Spokane Warehouse with Office Space

      8,237 SF warehouse with office space for lease.
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      View Details
    • $18 SF/Yr
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      Professional Office Space Available

      Office suites for lease near Providence Holy Family Hospital.
      318 East Rowan Ave, Spokane, WA 99207
      View Details
    • $21 SF/Yr
      3,955 SF

      Updated Medical Building Near Hospital

      Newly updated medical building with move-in ready and expandable spaces.
      220 E Rowan Ave, Spokane, WA 99207
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    • $18 SF/Yr
      23,443 SF

      Office Space Near Holy Family

      Office space available across from Providence Holy Family Hospital.
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    • $8,500 /Mo
      12,115 SF

      Warehouse/Office Space with Fenced Yard

      12,115 SF warehouse/office space with secure fenced yard.
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      View Details
    • $18 SF/Yr
      1,428 SF

      Spokane Office Space For Rent

      Office space available for lease in Spokane, Washington.
      406 E Rowan Ave, Spokane, WA 99207
      View Details
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    903 Wellesley Ave
    Spokane, WA 99207-3268
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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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