104 S Division St
Spokane, WA 99202
A-Economy Storage (8% cap) · Specialty Property For Sale · 113,915 SF

Downtown, urban storage facility on four floors plus basement and access from two city maintained, surface streets. Originally built in 1907, renovated and converted to storage starting in the late 1980s, this facility has maintained high 80-90% occupancy for the past 5+ years. In 2015, the majority of the ground floor was leased on a new long term lease to Urbanna Day Spa who, along with the landlord, invested a significant amount of capital to upgrade and renovate this space for their use. In 2017, property ownership bought adjacent land from the railroad and now the entire facility is owned in fee. Property is priced on an approximate 8% cap rate on actual income and expenses (with adjustments for onsite management and property tax reassessment). Significant information is available for qualified buyers with a signed non-disclosure agreement (attached hereto) including ALTA surveys, environmental/phase 1 report, month by month operating reports from 2011 to present, 2012 to 2017 year end income and expenses, and unit mix/rent schedule reports.