1600 1St StNewport, WA 99156

Property Details for 1600 1St St

Year built

1995

Lot size

1.95 AC

Property size (Sq ft)

9,044 SF

Property type

Industrial properties

APN

453113340005

APU

453113340005

Description

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.

Location Insight

City

Newport

County

Pend Oreille

State

Washington

Latitude

48.1816

Longitude

-117.061

Property Tax & Assessments

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