Single Tenant Office Space

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Project Category: Substantial Improvement Property

  • Summary

    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.

  • Details
    Project Qualification: Substantial Improvement Property
    Real Estate: Office
    Non-Real Estate: WA
    Total Capital Required: $3,486,000
    Equity Required: $3,486,000
    Project Control: We own all the key property
    Timeline: Less than 30 days
     Address: 915 W 2nd Ave Spokane Washington 99201 United States
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  • Project Narrative
    Project Narrative:

    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.