11-Unit Apartment
For Sale
$1,200,000
1115 1st St, Cheney, WA 99004
COMMERCIAL - Cheney, WA
Property Size9,600 SF
Lot Size0.19 Acres
Price / SF$125
Days on Market20
Property Features for 1115 1st St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM
View
City
Elementary school
Betz
Middle school
Cheney
High school
Cheney
Elementary school district
Cheney
Directions
GPS is accurate
Standard status
Active
APN
13131.0506
Size
9,600 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
12673
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1970
Floors in Building
3
Building materials
Brick, Vinyl Siding
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Nicole Page
(509) 458-4000
Added: Jul 14
Changed: Jul 23
Last Checked: Aug 2 at 10:06AM
MLS# 202620912
Copyright © 2026 Spokane Association of REALTORS®. 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.
For sale: an 11-unit apartment building in Cheney, Washington (1115 1st St) under Commercial zoning (COM). The current unit mix includes seven 1-bedroom/1-bath units and four 2-bedroom/1-bath units.
The property is described as cash flowing and is located in the heart of Cheney, with Eastern Washington University referenced as a key demand driver. Reported exterior and site improvements include a newer roof, updated vinyl siding and windows, concrete walkways, and off-street parking. The building sits on a 0.1908-acre lot with approximately 9,600 square feet of property size, according to the listing information.
The property is described as cash flowing and is located in the heart of Cheney, with Eastern Washington University referenced as a key demand driver. Reported exterior and site improvements include a newer roof, updated vinyl siding and windows, concrete walkways, and off-street parking. The building sits on a 0.1908-acre lot with approximately 9,600 square feet of property size, according to the listing information.
Key Highlights
- 11‑unit apartment building in Cheney near Eastern Washington University
- Unit mix: seven 1‑bed/1‑bath units and four 2‑bed/1‑bath units
- Updated exterior and components including newer roof, vinyl siding, and windows
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $193.5k | $20.16 |
| − Vacancy | −$15.5k | −$1.61 |
| EGI | $178.1k | $18.55 |
| − OpEx | −$80.1k | −$8.35 |
| NOI | $97.9k | $10.20 |
9,600 SF · lease $20.16/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,929 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,280 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 99004, WA
23,064
Population
8,992
Households
2.6
Avg Household Size
29
Median Age
36%
College-Educated
93%
High-School Grad
334.3 sq mi
ZIP Area
69
Density / Sq Mi
$62,014
Median Household Income
$29,835
Median Earnings
$1,081
Median Rent
$368,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Cash-flowing 11-unit building with a mix of one- and two-bedroom units and off-street parking.
Where is this apartment building located?
The property is located at 1115 1st St Cheney, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 11‑unit apartment building in Cheney near Eastern Washington University; Unit mix: seven 1‑bed/1‑bath units and four 2‑bed/1‑bath units; Updated exterior and components including newer roof, vinyl siding, and windows
