Airfield Apartments Site
Prime development site in dynamic Airway Heights.
Marketing description
The Airway Heights Site is located in an Opportunity Zone, so future developers and investors will receive major tax benefits through this program.
The site is centrally located in the Airway Heights submarket and is only 15 minutes from Downtown Spokane. Located just 2 miles from Northern Quest, 4 miles from Fairchild AFB, and 2.5 miles from Spokane International Airport, the location is ideal for tenants seeking to live close to their employer in a high growth neighborhood.
Zoned C2 Mixed Use, the site could hold up to 93 multifamily units and 14,400 square feet of commercial space. There is a clear demand for the multifamily units and the city is working with the development community to improve the approval and building process.
Given the site is not directly on Route-2, which is a benefit for the multifamily tenants, but not for the commercial tenants, the best potential commercial uses are likely to serve as a multifamily tenant amenity, not just an additional source of income. The commercial income is conservatively underwritten due to the frontage and visibility of the site.
Investment highlights
Flexible Zoning
The City of Airway Heights recently updated their Commercial Zones to include Mixed-Use overlays. Possible uses include multifamily development with a diverse commercial component.
Opportunity Zone
The site is located in an opportunity zone, providing outstanding tax benefits assuming the investing criteria are met, including a step-up in basis at the end of 10 years.
Multifamily Size
The site has previously received city approval to build up to 93 multifamily units, which is a manageable size for development to mitigate lease-up for the submarket.
Market Growth
Airway Heights is a high-growth submarket of the Spokane MSA with seamless access to the airport, and major employers such as Northern Quest Casino and Fairchild Air Base.
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