The Broadway Bldg 1717 W Broadway Ave 27,013 SF Office Building Spokane, WA 99201 $3,114,000 ($115.28/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Investment Grade Tenant
- Recent Renovations
- Low Rent
EXECUTIVE SUMMARY
commercial property located just north of Kendall Yards, offering unmatched convenience and visibility with high traffic counts and seamless access off Maple Street. This standout asset is anchored by a 10-year lease with the Washington State Department of Corrections, a highly secure, investment-grade tenant backed by the State of Washington’s AA+ Fitch rating.
Key highlights of this property include a competitive lease rate of $14.25/SF, presenting immediate potential for future upside compared to market rates averaging $17–18/SF. Recent improvements totaling over $400,000 have modernized the building, ensuring it is positioned for long-term tenant satisfaction and reduced capital expenses.
Situated in a rapidly growing area with over 225,000 residents within a 5-mile radius and an anticipated 6.38% growth rate, this property benefits from strong local demographics and demand. Additionally, Washington State's income tax-free environment further enhances the appeal for businesses and investors alike.
Key highlights of this property include a competitive lease rate of $14.25/SF, presenting immediate potential for future upside compared to market rates averaging $17–18/SF. Recent improvements totaling over $400,000 have modernized the building, ensuring it is positioned for long-term tenant satisfaction and reduced capital expenses.
Situated in a rapidly growing area with over 225,000 residents within a 5-mile radius and an anticipated 6.38% growth rate, this property benefits from strong local demographics and demand. Additionally, Washington State's income tax-free environment further enhances the appeal for businesses and investors alike.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$306,389
|
$11.34
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$306,389
|
$11.34
|
| Taxes |
$29,348
|
$1.09
|
| Operating Expenses |
$43,477
|
$1.61
|
| Total Expenses |
$72,825
|
$2.70
|
| Net Operating Income |
$233,564
|
$8.65
|
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
27,013 SF
Building Class
B
Year Built/Renovated
1906/2021
Price
$3,114,000
Price Per SF
$115.28
Cap Rate
7.50%
NOI
$233,564
Tenancy
Single
Building Height
4 Stories
Typical Floor Size
6,753 SF
Building FAR
0.98
Lot Size
0.63 AC
Opportunity Zone
Yes
Zoning
CC1-NC
Parking
50 Spaces (1.85 Spaces per 1,000 SF Leased)
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Public Administration
- -
- -
- -
The mission at the Department of Corrections (DOC) is to improve public safety by positively impacting lives. With more than 8,000 employees, they recognize that staff are their greatest asset, and the efforts of their dedicated workforce have garnered national recognition! With a number of evidence-based programs and resources to reduce recidivism, Washington State is highly regarded as a strong leader in the field of Corrections. The Department of Corrections is responsible for administering adult corrections programs operated by the State of Washington. This includes state correctional institutions and programs for individuals supervised in the community.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Public Administration | - | - | - |
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Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $3,029,210 | |
| Land Assessment | $171,510 | Annual Taxes | $29,348 ($1.09/SF) |
| Improvements Assessment | $2,857,700 | Tax Year | 2024 |
