10205 Division St Spokane, WA 99218-1307

Property Details for 10205 Division St

Year built

1997

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.99 lot acres

Property size

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.