University District 2 Acre Redevelopment Site 112 E 1st Ave 42,098 SF 100% Leased Office Building Spokane, WA 99202 $6,350,000 ($150.84/SF) 5.60% Cap Rate
INVESTMENT HIGHLIGHTS
- 115 E Pacific Ave: 26,612 SF
- Current tenants are Healing Room Ministries and On Fire Ministries
- Property has 104 striped parking spaces
- 112 E 1st Ave: 15,486 SF
- Leases on both buildings total a combined $29,659.51/month NNN
EXECUTIVE SUMMARY
NNN leased investment property available for sale or joint venture
Rare opportunity to own an entire city block in Spokane's fast growing University District
Potential 2 acre redevelopment site with very flexible GC-150 Zoning and parking requirement waived
Excellent location in an opportunity zone with close proximity to Downtown Spokane
Rare opportunity to own an entire city block in Spokane's fast growing University District
Potential 2 acre redevelopment site with very flexible GC-150 Zoning and parking requirement waived
Excellent location in an opportunity zone with close proximity to Downtown Spokane
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Office/Residential
Building Size
42,098 SF
Building Class
C
Year Built
1976
Price
$6,350,000
Price Per SF
$150.84
Cap Rate
5.60%
NOI
$355,914
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
42,098 SF
Building FAR
0.47
Lot Size
2.06 AC
Opportunity Zone
Yes
Zoning
GC-150 - General Commercial
Parking
104 Spaces (2.47 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Conferencing Facility
- Kitchen
- Reception
- Air Conditioning
1 of 1
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,178,000 | |
| Land Assessment | $810,000 | Total Assessment | $3,988,000 |
