For Sale
$1,945,000

1600 1St St Newport, WA 99156

Fully Leased, 8,952 SF Office Building

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This fully leased, two-tenant office building presents a compelling investment opportunity. Located at 1600 1st St, Newport, WA 99156, this Class B property boasts 8,952 square feet of net rentable space across two stories in a single building, situated on a 1.95-acre lot (APN 453113340005). Built in 2005, the building features a recently upgraded HVAC system (a $100,000 investment), ensuring efficient climate control. The property enjoys a 100% occupancy rate with two long-term tenants, both government entities, under new five-year leases with extension options, extending to August 31, 2030 (5.8 years remaining). The current Net Operating Income (NOI) is $132,625, yielding a 6.82% capitalization rate. A pro-forma NOI of $141,928 projects a 7.30% capitalization rate upon commencement of the new leases. The asking price is $1,945,000, translating to a price per square foot of $217.27. The property is zoned for commercial use and is conveniently located just 45 minutes from Spokane, Washington. This stabilized investment is ideal for a 1031 exchange.

Highlights

  • Stable government lease in place.
  • High-quality construction and finishes throughout.
  • Excellent visibility and accessibility from major thoroughfares.
  • Strategic location in a high-growth area.
  • Ample on-site parking.

Property Details for 1600 1St St

Property type
Office properties
Square Feet
8,952 SF
Class
B
Year Built
2005
Buildings
1
Stories
2
Lot Size (sq. ft)
84,942 SF
Units
2

Location Insight

City
Newport
County
Pend Oreille
State
Washington
Latitude
48.181353
Longitude
-117.0609778

FAQs

What type of property is this?
Office property - Fully Leased, 8,952 SF Office Building
Where is the office property located?
The property is located at 1600 1St St Newport, WA.
What is the asking price?
The asking price for this property is $1,945,000.
What are key features of this property?
This property features: Stable government lease in place.; High-quality construction and finishes throughout.; Excellent visibility and accessibility from major thoroughfares.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1600 1St St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message