10205 Division StSpokane, WA 99218

Property Details for 10205 Division St

Year built

1997

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.99 AC

Property size (Sq ft)

18,060 SF

Property type

Retail space

APN

36184.2564

APU

361842564

Description

This exceptional investment opportunity presents a fee-simple ownership of a 18,060 square foot La-Z-Boy storefront in Spokane, WA. The property, built in 1997 and extensively renovated in 2022 ($1,000,000 investment), boasts a 10-year NNN lease (commencing September 25, 2022, expiring September 30, 2032) with a corporate guarantee from La-Z-Boy (NYSE: LZB). The lease includes 2% annual rent increases, providing a hedge against inflation, and four 5-year renewal options. The property currently generates a Net Operating Income (NOI) of $379,260, representing a 7.00% cap rate and a price per square foot of $300. The asking price is $5,418,000. Landlord responsibilities are limited to roof and structure. This top 10% nationwide La-Z-Boy location benefits from its strategic placement on N. Division St., a major arterial with high daily traffic, directly across from Whitworth University and near Gonzaga University. The 1-acre lot features a single, one-story building with 100% occupancy since January 1, 1997. Significant recent improvements include a new roof (2019), new HVAC units (2019), parking lot improvements, interior and exterior painting, new signage, updated flooring, lighting, electrical, and plumbing. The property is situated in a high-growth area with a dense population and strong retail presence, including major national retailers. Washington State offers the added benefit of being an income tax-free state.

• CAP approach

  CAP return

  Valuation

  6%

  $4,343,440

  6.5%

  $4,009,330

  7%

  $3,722,949

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,703,443

  Geo Method

  $9,703,443

• Alternative Use

  Use

  Valuation

  Residential

  $3,382,020

  Hospitality

  $3,097,912

  Educational

  $2,577,426

  Medical

  $2,666,068

  Retail

  $4,009,330

Location Insight

City

Spokane

County

Spokane

State

Washington

Latitude

47.7504

Longitude

-117.412

CBSA code

44060

CBSA name

SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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