Flour Mill-LI Teaser Page 051308.pub

Retail & Office
Value-Add
Leased Investment Offering
Spokane, WA
Price:
Cap Rate:
Rentable SF:
Price/SF:
Steve McIntosh
ASSOCIATE BROKER
509-755-7546
[email protected]
$4,670,000
9%
42,477
$115
ETAIL
& OFFICE
RETAIL & OFFICE
LEASED INVESTMENT OFFERING
The Opportunity
This is a rare opportunity to
own one of Spokane’s most
recognized and desirable
commercial properties. Located
on the north bank of the
Spokane River with outstanding
views, the Flour Mill is home to
a diverse mix of Retail and
Office
tenants, including
national credit tenants Comcast
Corp, USKH Engineering, and
Clinkerdagger’s Restaurant.
Owners of the Flour Mill will
benefit from a strategically-timed
investment in Downtown
Spokane’s most rapidly growing
submarket, the North
Riverfront, in which
several
high-density residential projects
are planned over the next
several years.
Credit Tenant Summary
nd
♦2 Floor:
Comcast Corp.
rd
♦3 Floor:
U.S.K.H Engineering
♦4
Building Attributes
♦Landmark building on the National
♦Register of Historic Places
♦91% leased to 14 tenants. One year rent
guarantee on all vacant space
♦Floors 2-4 substantially remodeled
2005-2007
♦61% leased to credit tenants
♦66% income generated from credit tenants
th
Pricing Summary
♦Price: $4,670,000
♦Cap Rate: 9%
♦Total Square Feet:: 42,477
♦Price per Square Foot: $115
Location
♦On the Spokane River, directly
across from Riverfront Park in
downtown Spokane
♦Across the street from the Spokane
Arena, home to the 2007 and 2010
US Ice Skating Championships,
professional hockey, and live
concerts
♦Adjacent to the newly-developed
Upper Falls West residential
condos, and within blocks of several
future residential development sites
Floor:
Clinkerdagger’s
Restaurant
PPORTUNITY