Updated Office Spaces and
For Sale
$699,900
108 E MAIN Ave, Chewelah, WA 99109
COMMERCIAL - CHEWELAH, WA
Property Size2,400 SF
Lot Size0.10 Acres
Price / SF$291.63
Days on Market371
Property Features for 108 E MAIN Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
On Street
Exterior features
Road Frontage
Directions
Turn east on Main Ave when your in Chewelah. Property on the right.
Subdivision
S3 - Chewelah
Standard status
Active
APN
0203800
Size
2,400 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHEWELAH CHAWELAH LOT 4 BLK D
Legal Description
CHEWELAH CHAWELAH LOT 4 BLK D
Utilities
Cooling system
Ductless
Water source
Public
Amenities
energy-efficient mini splits
Listing Agency:
RE/MAX SELECT ASSOCIATES · RE/MAX International
(509) 684-1000
Listed By:
Bardwell Real Estate Team · License #23029623
(509) 690-1080
Added: Aug 4, 2025
Changed: Aug 4
Last Checked: Aug 9 at 9:06PM
MLS# 44999
Copyright © 2026 Northeast Washington Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This completely renovated commercial property combines two updated main-level office spaces with a modern, fully furnished apartment upstairs. The building features two office suites of 600 square feet each on the main level and a 1,200-square-foot apartment upstairs. Recent improvements include new electrical panels, an insulated roof, and energy-efficient Mitsubishi mini splits in every unit. The historic brick exterior has been cleaned, repointed, and freshly painted, blending classic character with modern comfort.
Located in the heart of downtown Chewelah at 108 E Main Ave, the building is positioned as an income-producing commercial asset with on-site office and residential rental components.
The current configuration provides separate, updated spaces for the main-level offices and the upstairs apartment, supported by individualized heating and cooling via the mini splits throughout each unit.
Located in the heart of downtown Chewelah at 108 E Main Ave, the building is positioned as an income-producing commercial asset with on-site office and residential rental components.
The current configuration provides separate, updated spaces for the main-level offices and the upstairs apartment, supported by individualized heating and cooling via the mini splits throughout each unit.
Key Highlights
- Completely renovated commercial building in downtown Chewelah
- Two updated 600 SF office spaces on the main level
- Upstairs fully furnished 1,200 SF apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,366
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$687,320
$687.3K
Cap Rate 7%
$490,943
$490.9K
Cap Rate 9%
$381,844
$381.8K
Market Conditions
NOI Build-Up for 2,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.3K $22.20/SF
− Vacancy
−$7.5K −$3.11/SF
EGI
$45.8K $19.09/SF
− OpEx
−$11.5K −$4.77/SF
NOI
$34.4K $14.32/SF
Area
Stevens County, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$687,320
Cap Rate 7%
$490,943
Cap Rate 9%
$381,844
Alternative Uses
Best Use
Office B
$490.9K
$429.6K – $572.8K
NOI $34,366 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$341.0K
$298.4K – $397.8K
NOI $23,870 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$619.2K
$541.8K – $722.4K
NOI $43,344 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 99109, WA
5,016
Population
2,610
Households
1.9
Avg Household Size
51
Median Age
22%
College-Educated
93%
High-School Grad
311.6 sq mi
ZIP Area
16
Density / Sq Mi
$61,354
Median Household Income
$38,715
Median Earnings
$890
Median Rent
$274,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated main-level office suites plus a fully furnished upstairs apartment within a refreshed brick commercial building.
Where is this office units located?
The property is located at 108 E MAIN Ave Chewelah, WA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Completely renovated commercial building in downtown Chewelah; Two updated 600 SF office spaces on the main level; Upstairs fully furnished 1,200 SF apartment
