Property Details for 9520 Newport Hwy

Lot size

7.47 lot acres

Property size

74,000 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 74,000 square foot shopping center in Spokane, WA, presents a compelling investment opportunity. Boasting a 100% occupancy rate, the property features three national credit tenants—Planet Fitness, HomeGoods, and Ross Dress for Less—under 10-year corporate-guaranteed NNN leases executed in 2023. These leases include built-in rent bumps, mitigating inflation risks and ensuring a growing income stream. The property's strong NOI of $1,078,000 translates to a 6.50% cap rate on the $16,585,000 asking price. Situated on a 7.47-acre lot (APN 36173.1340) with a newly renovated (2023) façade and interior build-outs, the center benefits from a prime location on N. Newport Hwy, a high-traffic thoroughfare with over 31,000 vehicles daily. The property is strategically positioned within a dense retail corridor, adjacent to Target and other major retailers like Dick's Sporting Goods, T.J. Maxx, Safeway, Staples, Best Buy, and PetSmart. The area's strong demographics are further enhanced by its proximity to three universities: Gonzaga University, Eastern Washington University, and Whitworth University. With over 163,000 people residing within a five-mile radius, this center offers exceptional stability and growth potential. Lease options are available, and the property is zoned for commercial use, presenting potential for future value-add opportunities. The current tenants' high credit ratings and established brand recognition ensure a secure and reliable income stream.

Location Insight

City

Spokane

County

Spokane

State

Washington

Longitude

-117.404

Latitude

47.7452