For Sale
$2,200,000

518 Riverside AveSpokane, WA 99201

Spokane, WA Creative Office Building - High ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional three-story, 14,366 square foot creative office building at 518 W Riverside Ave in Spokane, WA, presents a compelling investment opportunity. Boasting a stabilized investment profile with a 7.64% cap rate and a pro-forma cap rate of 8.18%, this Class B property offers significant upside potential. Currently 80% occupied, the building generates a net operating income (NOI) of $168,000, projected to increase to $180,000. Built in 1890 and extensively renovated in 2019, the property features a ground floor retail space occupied by a successful Indaba coffee shop, a mezzanine-level Ignite loft, and various smaller shared workspaces. Convenient downtown Spokane location offers easy access to amenities. On-site amenities include a shower and proximity to executive parking. The 4,534 square foot lot provides ample space. The asking price is $2,200,000, translating to $153.14 per square foot. Recent building improvements include an elevator overhaul. The flexible lease roll provides further investment flexibility. APN: 35184.2408.

Highlights

  • Flexible lease terms available.
  • High-performing coffee shop tenant with strong sales history.
  • Building recently renovated, including a 2019 elevator modernization.

Property Details for 518 Riverside Ave

Property type
Office properties, Office space
Square Feet
14,366 SF
Class
B
Year Built/Renovated
1890/2019
Stories
3

Location Insight

City
Spokane
County
Spokane
State
Washington
Latitude
47.6582737
Longitude
-117.4205128
518 Riverside Ave, Spokane, Washington

FAQs

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518 Riverside Ave
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