213 University Rd Spokane Valley, WA 99206-5042
- Office buildings
- 3,284 SF
- 0.65 lot acres
Current Use by Public Records
- Office buildings
Property Details for 213 University Rd
- Year built
- 1935
- Construction
- STEEL FRAME
- Lot size
- 0.65 lot acres
- Property size
- 3,284 SF
- Property type
- Office buildings
- APN
- 45174.1302
- APU
- 451741302
Description
This established Spokane Valley restaurant, located at 213 S University Rd, offers a compelling investment opportunity. The 2,700 square foot Class A property boasts a strong 11.63% cap rate and a pro-forma cap rate of 21.26%, indicating significant growth potential. Currently operating at 100% occupancy with a gross lease in place until December 31, 2024, a new long-term lease will be signed upon sale. The business generates $800,000 in annual sales, operating six days a week from 6 AM to 4 PM. All furniture, fixtures, and equipment (FF&E) are included, along with a rational ventless hood/oven and a brand-new walk-in cooler. The property features a convenient drive-thru and dine-in option, along with 30 parking spaces. Seller financing is available. The property is situated in a high-traffic location at the corner of University and Appleway, offering excellent visibility and accessibility. The current Net Operating Income (NOI) is $52,341, with a pro-forma NOI of $95,684. This turnkey operation presents a rare chance to acquire a profitable, established restaurant with room for expansion. The asking price is $450,000, with a price per square foot of $166.67. The property includes one lease option and is not a ground lease. The APN is 45212.0523.
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 Valley
- County
- Spokane
- State
- Washington
- Longitude
- -117.262
- Latitude
- 47.6594
- CBSA code
- 44060
- CBSA name
- SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA
