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    115 E 1St Ave Spokane, WA 99202

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    For Sale
    $6,350,000

    City block with redevelopment potential in Spokane's University District.

    Property size:
    42,098 SF

    Property Features for 115 E 1St Ave

    General Information

    Size
    42,098 SF

    Building Details

    Year built
    1972

    Source: Jordan Lester, CCIM, MBA Agent Jordan Lester, CCIM, MBA

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spokane University District Investment Opportunity

    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.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Building Supply Dental Office Realty agency Wholesale Shop Auto Repair Shop Spa & Massage Hair Salon Auto Parts Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4094805
    Latitude
    47.6568967

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    FAQs

    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 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.
    (509) 496-6922
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    115 E 1St Ave Spokane, WA 99202
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    Spokane, WA 99202
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    115 E 1St Ave Spokane, WA 99202
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