11-Unit Apartment
For Sale
$1,200,000
1115 1st St, Cheney, WA 99004
MULTI_FAMILY - Cheney, WA
Property Size9,600 SF
Lot Size0.19 Acres
Price / SF$125
Days on Market23
Property Features for 1115 1st St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Comm
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2
Parking
20
Parking features
Assigned, Offsite
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
Number of units
11
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 11
Changed: Jul 30
Last Checked: Aug 2 at 10:06AM
MLS# 202620814
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.
An 11-unit apartment building built in 1970, offering a mix of 1-bedroom and 2-bedroom apartments. The property includes 7 units with 1/1 layouts and 4 units with 2/1 layouts. Updates include newer roof, updated vinyl siding and windows, updated interiors, and concrete walkways.
The building provides off-street parking with assigned parking and an offsite parking arrangement. Construction materials include brick and vinyl siding, and heating is electric with baseboard units. The roof is composition.
Located on a 0.1908-acre site in Cheney, the property is described as low-maintenance and positioned for steady cash flow, with room to move rents to market rates referenced in the remarks. Zoning is listed as Comm.
The building provides off-street parking with assigned parking and an offsite parking arrangement. Construction materials include brick and vinyl siding, and heating is electric with baseboard units. The roof is composition.
Located on a 0.1908-acre site in Cheney, the property is described as low-maintenance and positioned for steady cash flow, with room to move rents to market rates referenced in the remarks. Zoning is listed as Comm.
Key Highlights
- Eleven‑unit apartment building with 7 one‑bedroom/1‑bath units and 4 two‑bedroom/1‑bath units
- 0.1908‑acre lot and 9,600 SF building area
- Newer roof, updated vinyl siding, and updated 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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 11-unit multifamily building on a 0.1908-acre lot with updated siding and windows, off-street parking, and composition roofing.
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: Eleven‑unit apartment building with 7 one‑bedroom/1‑bath units and 4 two‑bedroom/1‑bath units; 0.1908‑acre lot and 9,600 SF building area; Newer roof, updated vinyl siding, and updated windows
