Spokane University District Investment
For Sale
$6,350,000
115 E Pacific Ave & 112 E 1st Ave, Spokane, WA 99202
City block with redevelopment potential in Spokane's University District.
Property Size42,098 SF
Price / SF$150.84
Days on Market323
Property Features for 115 E Pacific Ave & 112 E 1st Ave
General Information
Standard status
Active
Size
42,098 SF
Class
B
Property subtype
Office
Building Details
Building Size
42,098 SF
Year Built
1972
Listing Agency:
SVN | Cornerstone
Listed By:
Jordan Lester, CCIM, MBA · License #WA #21008495
(509) 496-6922
Source:
Svn
Added: Nov 21, 2025
Changed: Oct 7
Last Checked: Oct 9 at 6:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | Cornerstone
Investment Insights
Based on property information with market context.
This NNN leased investment property presents a rare opportunity to own an entire city block within Spokane's rapidly expanding University District. The site offers potential for a 2-acre redevelopment, benefiting from flexible GC-150 Zoning and a waived parking requirement. Its location within an opportunity zone, coupled with close proximity to Downtown Spokane and the University District, enhances its appeal. The property consists of two buildings: 115 E Pacific Ave, comprising 26,612 square feet, and 112 E 1st Ave, offering 15,486 square feet. Currently, the buildings are occupied by Healing Room Ministries and On Fire Ministries. The combined leases for both buildings generate a total of $29,659.51 per month on an NNN basis. The property includes 104 striped parking spaces.
Key Highlights
- Entire city block in Spokane's fast‑growing University District.
- NNN leased investment property with combined monthly income of $29,659.51.
- Potential 2‑acre redevelopment site with flexible GC‑150 Zoning and waived parking requirement.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$436,813
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,736,260
$8.7M
Cap Rate 7%
$6,240,186
$6.2M
Cap Rate 9%
$4,853,478
$4.9M
Market Conditions
NOI Build-Up for 42,098 SF
Gross rent
$682.0K $16.20/SF
− Vacancy
−$58.0K −$1.38/SF
EGI
$624.0K $14.82/SF
− OpEx
−$187.2K −$4.45/SF
NOI
$436.8K $10.38/SF
Area
Spokane, WA
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,736,260
Cap Rate 7%
$6,240,186
Cap Rate 9%
$4,853,478
Alternative Uses
Best Use
Office B
$8.61M
$7.54M – $10.05M
NOI $602,801 @ 7.0% cap · market cap 9.49%
Second Best
Retail
$6.24M
$5.46M – $7.28M
NOI $436,813 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$10.86M
$9.50M – $12.67M
NOI $760,290 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,720
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - City block with redevelopment potential in Spokane's University District.
Where is this office building located?
The property is located at 115 E Pacific Ave & 112 E 1st Ave Spokane, WA.
What is the asking price?
The asking price for this property is $6,350,000.
What are key features of this property?
This property features: Entire city block in Spokane's fast‑growing University District.; NNN leased investment property with combined monthly income of $29,659.51.; Potential 2‑acre redevelopment site with flexible GC‑150 Zoning and waived parking requirement.
