518 S Elm St
Three parcel downtown Spokane assemblage with existing improvements and additional development land. The property providing excellent potential for an investor owner-user, or developer. Zoned DTG allowing for a variety of residential, office, retail, warehouse space and other mixed-use opportunities. Total of three parcel of land comprising 13,336 sq ft. The building was affected by a fire and has a total living area of approximately 6,500 square feet. The third floor has moderate fire damage, primarily to the roof. The middle floor has been completely gutted down to the bare shell. The bottom floor requires some minor repairs but is otherwise livable. The property also features existing utility infrastructure, including overhead power, and a 1 inch existing water line and a 6 inch concrete sewer conduit stub to the property. The existing infrastructure will support up to 12 units with the potential to support up to 24 units. The fiveplex sits on Modern Engineering Foundation 93 inches tall by 8 inch –thick.
Downtown Spokane assemblage offers a rare price point per square foot for hands-on redevelopment.
This is a three-parcel downtown Spokane property built in 1901, with 6,500 square feet of existing structure across three floors in varying condition, from a gutted mid-level to a fire-affected roof above. At $249,900, that pencils to roughly $38 per square foot of existing building area, though the value here is largely in the land and zoning rather than move-in condition. DTG zoning opens the door to residential, office, retail, or mixed-use plans, and existing utility infrastructure, including overhead power, a water line, and a sewer conduit stub, is already in place to support development up to 12 units, with potential for 24.
- Three parcel assemblage
- DTG zoning
- Existing utility infrastructure
- Fire-damaged structure
- Downtown Spokane location
Your point of contact
Listed by Alena Kanifolsky, Kelly Right Real Estate of Spokane · 509-489-7000
What's included
Heating
- Electric
- Baseboard
Education
- Elementary
- Roosevelt
- Middle
- Sacajawea
- High
- Lewis & Clark
School assignments are as reported in the listing. Boundaries and enrollment can change — verify directly with the school district.
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- HOA
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Information provided by Spokane Association of REALTORS®. Listings deemed reliable but not guaranteed. Buyer is responsible for verifying all material facts (square footage, lot size, zoning, school assignments, HOA dues, taxes). Not legal, tax, financial, or appraisal advice — consult the relevant professional.