Project Category: Substantial Improvement Property
The project is located in Spokane, WA in the emerging downtown core and has a single tenant to occupy the entire space on a long term lease. The office has been purchased and is starting rehab currently with completion by April 1, 2019.
Project Qualification: Substantial Improvement PropertyReal Estate: OfficeNon-Real Estate: WATotal Capital Required: $3,486,000Equity Required: $3,486,000Project Control: We own all the key propertyTimeline: Less than 30 daysFile:Address: 915 W 2nd Ave Spokane Washington 99201 United StatesFile: 915-W-2nd-Ave-Design.pdf
4 Degrees Real Estate is moving offices in the opportunity zone. The space is 15294SF with 46 parking spaces on site. The purchase price is $1085000 with $2,400,000 in renovations on the project. 4 Degrees would pay a NNN lease and look to have an option to purchase at either the 5, 7, or 10 year depending on the funds preference. There is additional income potential with the parking lot and billboard rentals. The location is visible from I-90 and have high traffic counts. 4 Degrees currently has $723,000 of cash in the deal. The estimated value is $3,600,000 based on recent comps. The projected is slated for completion in April 2019. Potential equity/debt combo with the right terms.