Triplex on Corner
For Sale
$410,000
323 5th St, Cheney, WA 99004
MULTI_FAMILY - Cheney, WA
Property Size3,008 SF
Lot Size0.17 Acres
Price / SF$136.30
Days on Market181
Property Features for 323 5th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 4
Parking
3
Parking features
Offsite, Alley
Window features
Bay Window(s)
Patio and Porch features
Patio
Interior features
Pantry, In-Law Floorplan
Basement
Walk-Out Access, Partially Finished, Partial
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Subdivision
Cheney
Lot features
Treed, Level, Corner Lot
Elementary school
Betz
Middle school
Cheney
High school
Cheney
Elementary school district
Cheney
Directions
From downtown Spokane, head westbound on I-90, Take exit 270, take highway 904 south, turn right on G St, turn right on 5th st, on your right
Standard status
Active
APN
13132.1005
Size
3,008 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3815
Utilities
Heating system
Forced Air, Ductless (Heating), Electric (Heating)
Amenities
campus views
mature trees
Building Details
Year built
1895
Floors in Building
2
Number of units
3
Flooring type
Wood
Building materials
Stucco
Roof type
Composition
Listing Agency:
Windermere City Group
(509) 323-2323
Listed By:
Nick Briggs
(509) 323-2323
Added: Feb 2
Changed: Aug 1
Last Checked: Aug 2 at 9:06AM
MLS# 202611651
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.
This registered historic triplex sits on a corner lot in Cheney and offers separately metered units. The property was built in 1895 and includes a stucco exterior, a composition roof, and a patio. Interior features include pantry and an in-law floorplan, with wood flooring and newer LVP flooring plus fresh interior paint.
Recent updates include a new 2025 roof and exterior paint. Heating is provided by forced air, ductless heating, and electric heating. Parking is configured with offsite and alley access, with off-street parking for each unit.
The property is across from Eastern Washington University in Cheney, with campus views, and is positioned just steps from campus grounds. Public-facing access makes it a practical fit for long-term, student-oriented housing needs, and it is currently fully occupied.
Recent updates include a new 2025 roof and exterior paint. Heating is provided by forced air, ductless heating, and electric heating. Parking is configured with offsite and alley access, with off-street parking for each unit.
The property is across from Eastern Washington University in Cheney, with campus views, and is positioned just steps from campus grounds. Public-facing access makes it a practical fit for long-term, student-oriented housing needs, and it is currently fully occupied.
Key Highlights
- 0.1722‑acre corner lot triplex built in 1895 with 3,008 SF
- Zoned RMF and registered historic triplex with separately metered units
- New 2025 roof plus exterior paint and interior paint
Financial Insights For Multifamily LT 5
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 | $51.6k | $17.16 |
| − Vacancy | −$3.9k | −$1.30 |
| EGI | $47.7k | $15.86 |
| − OpEx | −$14.3k | −$4.76 |
| NOI | $33.4k | $11.10 |
3,008 SF · lease $17.16/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$476.9K
$417.3K – $556.4K
NOI $33,386 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$438.3K
$383.6K – $511.4K
NOI $30,684 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$695.1K
$608.2K – $810.9K
NOI $48,655 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
427
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?
Triplex - Fully occupied triplex zoned RMF with separately metered units, recent exterior updates, and off-street parking for each unit.
Where is this triplex located?
The property is located at 323 5th St Cheney, WA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 0.1722‑acre corner lot triplex built in 1895 with 3,008 SF; Zoned RMF and registered historic triplex with separately metered units; New 2025 roof plus exterior paint and interior paint
