The Howard Building
40 apartment units, 2 retail suites, and a basement with value add opportunity
Marketing description
SVN Cornerstone is pleased to present the Howard Building for sale located at 224 S Howard St in Downtown Spokane. The Howard Building consists of 40 apartment units, 2 retail suites (one occupied by The Blessed Express Barbershop and one vacant), shared laundry facilities for the tenants, a communal gathering area for tenants, and a basement with value add opportunity for additional use.
Investment highlights
Significant Capital Improvements - Ownership has completed extensive upgrades, including fresh interior paint, new flooring, updated bathrooms, new light fixtures, and partial furnishings.
Diverse Income Stream - The property features 40 apartment units and 2 ground floor retail suites, providing a balanced mix of residential and commercial revenue.
Resident Amenities - Tenants enjoy shared laundry facilities, a communal gathering space, and enhanced building security, all in a central Downtown Spokane location with walkable access to restaurants, shopping, entertainment, nearby third party parking, and transit.
Value-Add Potential - Opportunities include leasing the vacant retail suite, activating underutilized basement space, and further optimizing operations for increased NOI.
Attractive Assumable Loan - Seller financing available through an assumable note at 4.65% interest-only with maturity in January 2028, plus an option to extend for 24 months.
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