1600 1st St Newport, WA 99156-9008

This fully leased, two-tenant office building presents a compelling investment opportunity. Located at 1600 1st St, Newport, WA 99156, this Class B property boasts 8,952 square feet of net rentable space across two stories in a single building, situated on a 1.95-acre lot (APN 453113340005). Built in 2005, the building features a recently upgraded HVAC system (a $100,000 investment), ensuring efficient climate control. The property enjoys a 100% occupancy rate with two long-term tenants, both government entities, under new five-year leases with extension options, extending to August 31, 2030 (5.8 years remaining). The current Net Operating Income (NOI) is $132,625, yielding a 6.82% capitalization rate. A pro-forma NOI of $141,928 projects a 7.30% capitalization rate upon commencement of the new leases. The asking price is $1,945,000, translating to a price per square foot of $217.27. The property is zoned for commercial use and is conveniently located just 45 minutes from Spokane, Washington. This stabilized investment is ideal for a 1031 exchange.