1717 W Broadway Ave - Office FOR SALE


Spokane, WA 99201- West Central
$2,800,000 USD
215-917-1742
1717 W Broadway Ave, Spokane, WA for Sale
$2,800,000 USD
Office - FOR SALE
1/12
null | 8% Cap Rate

1717 W Broadway Ave
Spokane, WA 99201
West Central


HIGHLIGHTS

  • INVESTMENT GRADE TENANT: The lease is guaranteed by the State of Washington (Moody’s Aaa, the highest possible rating)
  • FIRM 10-YEAR LEASE: Washington Department of Corrections (WA DOC) signed a 10-year lease through December 2030
  • SIGNIFICANT RENT UPSIDE: Current rent of $14.25/SF is 21% below market providing strong mark-to-market potential upon lease renewal
  • MISSION-CRITICAL USE: WA DOC facility for community supervision, offender rehabilitation, and regional administration
  • MAJOR RECENT RENOVATION: $400,000+ renovation in 2021 upgrading the interior, exterior, and mechanical systems minimizing near-term CapEx requirements
  • KEY LOCATION: Situated in the heart of West Central Spokane, this location ideally supports the tenant with ample parking & mass transportation

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,800,000 USD

PRICE/SF

$104 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

WA State Dept of Corrections

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1906

SPRINKLERS

-

PARKING SPACES

50

LAND DETAILS

LAND ACRES

0.63 AC

LAND SF

27,443 SF

ZONING

CC1-NC

APN/PARCEL ID

25134.0407,25134.0408,25134.0410,25134.0411

ASK ABOUT THIS PROPERTY

Stren LeaLee & Associates Commercial Real Estate ServicesMore Info
215-917-1742

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Stren LeaLee & Associates Commercial Real Estate ServicesMore Info
215-917-1742

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.