1921 Northwest Blvd Spokane, WA 99205
- Retail properties
- 5,138 SF
Current Use by Public Records
- Salt Beauty Studio / Beauty Salon
- River City Healing Arts / Massage Therapist
Property Details for 1921 Northwest Blvd
- Year built
- 1947
- Property size
- 5,138 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional Spokane, WA retail investment property, located at 1921-1933 W Northwest Blvd, offers a compelling opportunity for investors seeking strong returns. The 5,138 square foot building boasts eight individual units, including six retail spaces ranging from 112 to 1,532 square feet, one 856 square foot apartment, and a 540 square foot storage warehouse/garage. Each unit features a private restroom and separate electrical service. Currently operating at 100% occupancy with a stabilized gross lease structure, the property generates a current NOI of $57,954, representing a 7.73% cap rate. A pro-forma analysis projects a significant increase to an 8.27% cap rate and a NOI of $62,049, based on a projected gross revenue of $86,100 and estimated expenses. The property sits on a 6,250 square foot lot with 168 feet of frontage on Northwest Blvd, a high-traffic area with 31,500 vehicles passing daily. Built in 1947, the single-story building is in excellent condition and zoned CB-55 Community Business. The remaining lease term is two years. The property's parcel number is 25121.3601. The asking price is $750,000. This is a rare opportunity to acquire a well-maintained, high-performing multi-tenant retail property in a prime Spokane location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spokane
- County
- Spokane
- State
- Washington
- Longitude
- -117.441
- Latitude
- 47.6814
