For Sale
$750,000

1921 Northwest BlvdSpokane, WA 99205

High-Yield Multi-Tenant Storefront

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional Spokane, WA retail investment property, located at 1921-1933 W Northwest Blvd, offers a compelling opportunity for investors seeking strong returns. The 5,138 square foot building boasts eight individual units, including six retail spaces ranging from 112 to 1,532 square feet, one 856 square foot apartment, and a 540 square foot storage warehouse/garage. Each unit features a private restroom and separate electrical service. Currently operating at 100% occupancy with a stabilized gross lease structure, the property generates a current NOI of $57,954, representing a 7.73% cap rate. A pro-forma analysis projects a significant increase to an 8.27% cap rate and a NOI of $62,049, based on a projected gross revenue of $86,100 and estimated expenses. The property sits on a 6,250 square foot lot with 168 feet of frontage on Northwest Blvd, a high-traffic area with 31,500 vehicles passing daily. Built in 1947, the single-story building is in excellent condition and zoned CB-55 Community Business. The remaining lease term is two years. The property's parcel number is 25121.3601. The asking price is $750,000. This is a rare opportunity to acquire a well-maintained, high-performing multi-tenant retail property in a prime Spokane location.

Highlights

  • Exceptional Spokane, WA retail investment property at 1921-1933 W Northwest Blvd, asking $750,000.
  • 5,138 SF building with eight units: six retail (112-1,532 SF), one 856 SF apartment, one 540 SF warehouse/garage.
  • 100% occupancy, $57,954 NOI (7.73% cap rate), projected to increase to $62,049 NOI (8.27% cap rate).
  • 6,250 SF lot, 168' frontage on high-traffic Northwest Blvd (31,500 VPD).
  • Excellent condition, single-story, CB-55 zoning, built in 1947, two-year remaining lease term.

Property Details for 1921 Northwest Blvd

Property type
Retail properties, Retail space
Square Feet
5,138 SF
Year Built
1947
Buildings
1
Stories
1
Units
8

Location Insight

City
Spokane
County
Spokane
State
Washington
Latitude
47.681437802528
Longitude
-117.44091779342
1921 Northwest Blvd, Spokane, Washington

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1921 Northwest Blvd
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