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116 W Pacific Ave 37,125 SF 100% Leased Office Building Spokane, WA 99201 $4,600,000 ($123.91/SF)
Executive Summary
The former Cold Storage Warehouse at 116 W Pacific Avenue is a striking, fully renovated historic asset in the heart of downtown Spokane. Originally constructed in 1911, this ±37,125 square foot mixed-use building has been thoughtfully transformed into a high-performing property featuring a first-floor event venue, two floors of creative office space, and secured underground parking.
The offering presents a rare opportunity to acquire a character-rich asset with immediate occupancy potential and in-place income. At closing, approximately two-thirds of the building can be made available for an owner-user, while the seller is open to a short-term sale-leaseback, providing near-term cash flow and flexibility during transition.
A dedicated surface parking lot further enhances functionality for both employees and clients, while providing additional income.
The offering presents a rare opportunity to acquire a character-rich asset with immediate occupancy potential and in-place income. At closing, approximately two-thirds of the building can be made available for an owner-user, while the seller is open to a short-term sale-leaseback, providing near-term cash flow and flexibility during transition.
A dedicated surface parking lot further enhances functionality for both employees and clients, while providing additional income.
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
37,125 SF
Building Class
B
Year Built/Renovated
1911/2016
Price
$4,600,000
Price Per SF
$123.91
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
12,375 SF
Building FAR
3.71
Lot Size
0.23 AC
Opportunity Zone
Yes
Zoning
DTG - Downtown General
Parking
8 Spaces (0.22 Spaces per 1,000 SF Leased)
Amenities
- Security System
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 35191.0304 | Improvements Assessment | $2,765,800 |
| Land Assessment | $235,940 | Total Assessment | $3,001,740 |
Property Taxes
Parcel Number
35191.0304
Land Assessment
$235,940
Improvements Assessment
$2,765,800
Total Assessment
$3,001,740
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116 W Pacific Ave
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