Full City Block in Spokane University District with OZ, MFTE & CEZ Incentives + Income in Place
115 East Pacific Avenue, Spokane, WA 99202Sale Type
Live Bid
Starting Bid
$3,750,000
- Property Type
- Office
- Year Built
- 1976
- Square Feet
- 42,098
Sale Type
Live Bid
Starting Bid
$3,750,000
- Property Type
- Office
- Year Built
- 1976
- Square Feet
- 42,098
Overview
Facts
Two-building, full-block offering in Spokane’s fast-growing University District, minutes from Downtown and situated within multiple public-sector incentive zones, including an Opportunity Zone (OZ), the Multifamily Tax Exemption (MFTE) area, and a Community Empowerment Zone (CEZ).
The portfolio totals approximately 42,098 SF across:
115 E Pacific Ave — ±26,612 SF
112 E 1st Ave — ±15,486 SF
The sites offer 104 striped parking stalls, flexible GC-150 zoning, and benefit from a waived parking requirement — a rarity for urban development opportunities of this scale.
Current tenancy provides predictable income while a buyer pursues redevelopment or value-add leasing strategies.
With strong anchors including Gonzaga University, WSU Spokane Health Sciences campus, and Spokane’s expanding medical district, the location supports student housing, multifamily, medical/behavioral health, and adaptive reuse concepts, in addition to continued institutional or community use.
This is a unique covered-land opportunity in one of the fastest-developing innovation, healthcare, and academic submarkets in Washington State.
- 42,098 SF across two buildings
- Full block site with 104 parking stalls
- GC-150 zoning — flexible uses including MF, student housing, medical, mixed-use
- Parking requirement waived — major development advantage
- Opportunity Zone (OZ) designation
- Multifamily Tax Exemption (MFTE) eligible — potential property tax exemption on improvements
- Community Empowerment Zone (CEZ) — incentives for investment & job creation
- Steps from Spokane University District — 10,000+ daily campus population
- Near Gonzaga University & WSU Spokane Health Sciences
- Adjacent to Providence & MultiCare healthcare ecosystems
- Surrounded by new multifamily, student housing, and mixed-use development
- Walkable, bikeable urban district with growing retail & innovation uses
- Minutes to Downtown Spokane and Spokane Convention Center
- Transit-served corridor with improving civic infrastructure
- Strong surrounding growth: new student housing, medical expansion, retail, and urban renewal activity
- High-growth University District corridor with dual university + health system demand drivers
- Asset Type
- Specialty · Office
- Year Built
- 1976
- Building Class
- C
- Building Size
- 42,098 SF
- Lot Size
- 89,734
- Zoning
- GC-150
- Parcel
- 35202.0933, 35202.0934