A-Economy Storage

Industrial for Sale
Catylist Listing ID: 30174579
Property Subtypes: Self Storage
Building Size (RSF): 113,915 SF
Sale Price: $3,700,000
Unit Price: $32.48 PSF
Ceiling: 14 ft.
Property Use Type: Investment
Building Name: A-Economy Storage
Usable Size (USF): 113,915 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 90
Last Updated: 10/26/2017

Overview / Comments

• ±481 Storage Units plus commercial/retail space
• ±113,915 SF gross building area
• 1980’s rehabilitation to self-storage
• $48,000 Scheduled Gross Monthly Income
• 4 full floors built out with storage units, managers office, and retail suite plus storage basement
• All floors are interior stairwell and freight elevator accessed
• On-site surface parking for storage and retail patrons
• Covered loading and parking for storage customers
• Strategic location with limited competition and high barriers of entry
• DTG - Downtown General Zoning, City of Spokane
• Accessed via two public right of ways (Division and State Streets)
• Opportunity for future redevelopment, especially considering central location, exposure to
traffic on Division Street and proximity to University District and Downtown Spokane
• Offered at $3,700,000 ($32/SF gross building area)
• Approximate 8% capitalization rate at asking price

Financials

Finance Data Year 2017
Net Operating Income $297,592 (Annual)
Gross Operating Income $529,871 (Annual)
Actual or Proforma Year Actual
Lender Name Numerica Credit Union

Additional Details

Nearest MSA: Spokane-Spokane Valley
County: Spokane
Taxing Authority: Spokane County
Tax ID/APN: 35191.0002
Area Description: Downtown/University District of Spokane, Washington
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 5
Property Condition: Average
Year Built: 1915
Roof Type: Flat
Construction/Siding: Brick, Concrete, Steel Frame, Stone
Parking Type: Surface
Parking Description: Parking in rear for storage tenants, parking to north for day spa tenant.
Freight Elevators: 2
Lighting: Fluorescent, Incandescent
Zoning Description: Downtown Commercial Core
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,308 132,724 218,272
Median Age: 35.39 35.7 36.38
Households: 7,777 56,283 91,940

Contact

Photograph of Listing Agent

Chris Schreiber, CCIM

Kiemle & Hagood Company NWCRE Member
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