176 Howard St, Spokane, WA 99201

Property Details for 176 Howard St

Year built

1901

Lot size

0.12 lot acres

Property type

Commercial real estate

APN

35191.2603

Description

This exceptional mixed-use property, The Metropole, presents a compelling investment opportunity in the heart of downtown Spokane, Washington. Built in 1901, this three-story brick building boasts 21,444 square feet, encompassing 20 units: 16 residential apartments and 4 commercial spaces. The residential units, primarily one-bedroom, one-bathroom, average 560 square feet. The commercial spaces, averaging 1,233 square feet each, are fully leased to established tenants, providing consistent income. The property sits on a 0.12-acre lot and is zoned DTG. The current Net Operating Income (NOI) is $146,847, with a pro-forma NOI of $205,556, resulting in a current cap rate of 5.99% and a pro-forma cap rate of 8.39%. The asking price is $2,450,000. The building has undergone modern system upgrades, including HVAC and electrical systems, while retaining its historic charm, featuring an ornate entrance and intricate wood staircase. Its prime downtown location offers unparalleled access to Spokane's vibrant shopping, dining, entertainment, and employment centers, and its proximity to Spokane Riverfront Park further enhances its appeal. This blend of vintage character and modern amenities creates an exceptional living and working environment, attracting a diverse tenant base and ensuring strong long-term returns. The property's APN is 35191.2603. The net rentable square footage is 13,830.

Location Insight

City

Spokane

County

Spokane

State

Washington

Longitude

-117.4213448

Latitude

47.6547434