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115 E Pacific Ave & 112 E 1st Ave 2 Office Properties in Spokane, WA
INVESTMENT HIGHLIGHTS
- Full block site with GC-150 zoning for MF, student housing, medical, and/or mixed-use
- Multifamily Tax Exemption (MFTE) eligible - potential property tax exemption on improvements
- Opportunity Zone (OZ) - tax advantages when purchased via Qualified Opportunity Zone Fund (QOF)
- Parking requirement waived - major development advantage
- Community Empowerment Zone (CEZ) — incentives for investment & job creation
- Strong surrounding growth: new student housing, medical expansion, retail, and urban renewal activity
EXECUTIVE SUMMARY
Visit https://bracketre.com/listing/8b42a432-e95a-4080-9f7b-296ca5fd3d4f to access Due Diligence.
Two-building, full-block offering in Spokane’s fast-growing University District, minutes from Downtown and situated within multiple public-sector incentive zones, including an Opportunity Zone (OZ), the Multifamily Tax Exemption (MFTE) area, and a Community Empowerment Zone (CEZ).
The portfolio totals approximately 42,098 SF across:
115 E Pacific Ave — ±26,612 SF
112 E 1st Ave — ±15,486 SF
The sites offer 104 striped parking stalls, flexible GC-150 zoning, and benefit from a waived parking requirement — a rarity for urban development opportunities of this scale.
Current tenancy provides predictable income while a buyer pursues redevelopment or value-add leasing strategies.
With strong anchors including Gonzaga University, WSU Spokane Health Sciences campus, and Spokane’s expanding medical district, the location supports student housing, multifamily, medical/behavioral health, and adaptive reuse concepts, in addition to continued institutional or community use.
This is a unique covered-land opportunity in one of the fastest-developing innovation, healthcare, and academic submarkets in Washington State.
GC-150 zoning — flexible uses including MF, student housing, medical, mixed-use
Parking requirement waived — major development advantage
Opportunity Zone (OZ) designation
Multifamily Tax Exemption (MFTE) eligible — potential property tax exemption on improvements
Community Empowerment Zone (CEZ) — incentives for investment & job creation
Steps from Spokane University District — 10,000+ daily campus population
Near Gonzaga University & WSU Spokane Health Sciences
Adjacent to Providence & MultiCare healthcare ecosystems
Surrounded by new multifamily, student housing, and mixed-use development
Walkable, bikeable urban district with growing retail & innovation uses
Minutes to Downtown Spokane and Spokane Convention Center
Transit-served corridor with improving civic infrastructure
Strong surrounding growth: new student housing, medical expansion, retail, and urban renewal activity
High-growth University District corridor with dual university + health system demand drivers
Visit https://bracketre.com/listing/8b42a432-e95a-4080-9f7b-296ca5fd3d4f to access Due Diligence.
Two-building, full-block offering in Spokane’s fast-growing University District, minutes from Downtown and situated within multiple public-sector incentive zones, including an Opportunity Zone (OZ), the Multifamily Tax Exemption (MFTE) area, and a Community Empowerment Zone (CEZ).
The portfolio totals approximately 42,098 SF across:
115 E Pacific Ave — ±26,612 SF
112 E 1st Ave — ±15,486 SF
The sites offer 104 striped parking stalls, flexible GC-150 zoning, and benefit from a waived parking requirement — a rarity for urban development opportunities of this scale.
Current tenancy provides predictable income while a buyer pursues redevelopment or value-add leasing strategies.
With strong anchors including Gonzaga University, WSU Spokane Health Sciences campus, and Spokane’s expanding medical district, the location supports student housing, multifamily, medical/behavioral health, and adaptive reuse concepts, in addition to continued institutional or community use.
This is a unique covered-land opportunity in one of the fastest-developing innovation, healthcare, and academic submarkets in Washington State.
GC-150 zoning — flexible uses including MF, student housing, medical, mixed-use
Parking requirement waived — major development advantage
Opportunity Zone (OZ) designation
Multifamily Tax Exemption (MFTE) eligible — potential property tax exemption on improvements
Community Empowerment Zone (CEZ) — incentives for investment & job creation
Steps from Spokane University District — 10,000+ daily campus population
Near Gonzaga University & WSU Spokane Health Sciences
Adjacent to Providence & MultiCare healthcare ecosystems
Surrounded by new multifamily, student housing, and mixed-use development
Walkable, bikeable urban district with growing retail & innovation uses
Minutes to Downtown Spokane and Spokane Convention Center
Transit-served corridor with improving civic infrastructure
Strong surrounding growth: new student housing, medical expansion, retail, and urban renewal activity
High-growth University District corridor with dual university + health system demand drivers
Visit https://bracketre.com/listing/8b42a432-e95a-4080-9f7b-296ca5fd3d4f to access Due Diligence.
PROPERTY FACTS
| Sale Conditions | Individually For Sale | 0 | |
| Sale Type | Investment | Total Building Size | 68,710 SF |
| Status | Active | Total Land Area | 3.09 AC |
| Number of Properties | 2 |
| Sale Conditions | |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 68,710 SF |
| Total Land Area | 3.09 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Healing Rooms Ministries
112 E 1st Ave, Spokane, WA 99202 |
Office | 42,098 SF | 1976 | - |
| 115 E Pacific Ave, Spokane, WA 99202 | Office | 26,612 SF | 1972 | - |
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115 E Pacific Ave & 112 E 1st Ave
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