The Broadway Bldg 1717 W Broadway Ave 27,013 SF Office Building Spokane, WA 99201 $3,884,720 CAD ($143.81 CAD/SF) 8% Cap Rate

Lee & Associates is pleased to present the opportunity to acquire a mission-critical, single-tenant office property in West Central Spokane, Washington, fully leased to the Washington Department of Corrections (WA DOC) through December 2030. The lease is fully guaranteed by the State of Washington, which maintains Moody’s highest possible Aaa credit rating, ensuring exceptional tenant stability and minimal credit risk. Occupied as an essential facility for community supervision, offender rehabilitation, and regional administration, the property benefits from the tenant’s long-term commitment to this specific location, supported by a firm 10-year lease term that provides investors with secure, predictable cash flow.
The asset stands out for its embedded growth potential and turnkey condition. Current in-place rents of $14.25 per square foot are approximately 21% below prevailing market rates, creating substantial mark-to-market upside upon lease renewal. A comprehensive renovation completed in 2021, with over $400,000 invested in interior, exterior, and mechanical system upgrades, minimizes near-term capital expenditure requirements and positions the property as a low-maintenance, high-quality holding.
Ideally situated in the heart of West Central Spokane, the location offers excellent accessibility to public transportation, courts, educational institutions, and social support services—features that directly align with and enhance the WA DOC’s operational mission—while providing ample on-site parking. Investors further benefit from Washington’s favorable tax environment, as the state imposes no personal income tax on rental income. This combination of investment-grade credit, significant rental upside, modern improvements, and a mission-supportive location makes the property an attractive option for investors seeking stable current returns with meaningful value-creation potential in the growing Spokane market.