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209 E Sprague Ave 5,280 SF 100% Leased Retail Building Spokane, WA 99202 $1,056,360 CAD ($200.07 CAD/SF) 10.22% Cap Rate
Investment Highlights
- 6 Total Rental Units
- 3 Apartment Units: 1- 2 Bed/1 Bath Unit, 1- 1 Bed/1 Bath Units, 1- Studio
- 2 Retail Units
- New TPO Roof
- 2 Shop/Storage Units with Fenced Yard
Executive Summary
This mixed-use investment property generates $8,695 per month in current rental income and features annual rent increases on both retail leases. The property includes six individual units plus a fenced yard with alley access, offering additional flexibility for tenants. Current rents are below market, providing a clear value-add opportunity through future rent growth. Recent capital improvements include a new roof, while the surrounding neighborhood continues to see ongoing revitalization and redevelopment. The property also benefits from new sidewalks and water/sewer stubs, enhancing its long-term development potential. Residential units feature views of downtown Spokane and Riverfront Park, and the location offers convenient access to the University District and is within walking distance of downtown, making it an attractive investment in one of Spokane's emerging urban corridors.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
5,280 SF
Building Class
B
Year Built
1925
Price
$1,056,360 CAD
Price Per SF
$200.07 CAD
Cap Rate
10.22%
NOI
$107,916 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.81
Lot Size
0.15 AC
Opportunity Zone
Yes
Zoning
DTU
Parking
15 Spaces (2 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
Fairly walkable
50/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $307,902 CAD | |
| Land Assessment | $86,434 CAD | Total Assessment | $394,336 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$86,434 CAD
Improvements Assessment
$307,902 CAD
Total Assessment
$394,336 CAD
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209 E Sprague Ave
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