Three-Unit Residential Income
For Sale
$425,000
104 3rd, Cheney, WA 99004
Three separate units include a 3-bedroom home, a lower-level 2-bedroom, and a private-entry studio layout.
Property Size2,400 SF
Price / SF$177.08
Days on Market50
Property Features for 104 3rd
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$3,715
Amenities
Garage: Detached
Garage Spaces: 1
Style: Ranch
Ranch
Detached
1
Building Details
Year Built
1968
Listing Agency:
Coldwell Banker Tomlinson
Listed By:
Jonathan Bich · License #47887
(509) 475-1035
Source:
Clearwaterproperties
Added: Jul 20
Changed: Sep 6
Last Checked: Sep 6 at 10:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This Cheney tri-plex is set up for rental income and flexible living, with three separately arranged units within one property. Unit 104 offers single-level living with three bedrooms, a full bathroom, a bright living room centered on a wood-burning fireplace, and LVP flooring that extends through the hallway into the kitchen with oak cabinets, an informal dining area, and appliances including a dishwasher, electric range, and refrigerator.
Unit 106 is accessed from the back deck, where stairs lead to a lower-level apartment featuring two bedrooms, a 3/4 bathroom, a cozy yet functional kitchen, and a welcoming living room. Unit 102 has its own private entrance from the side of the home and includes a studio layout with a comfortable living area, a spacious kitchen, and a tucked-away 3/4 bathroom.
Overall, the property’s configuration supports independent unit access and varied layouts across the three residences, with in-unit features and appliances identified for each unit.
Unit 106 is accessed from the back deck, where stairs lead to a lower-level apartment featuring two bedrooms, a 3/4 bathroom, a cozy yet functional kitchen, and a welcoming living room. Unit 102 has its own private entrance from the side of the home and includes a studio layout with a comfortable living area, a spacious kitchen, and a tucked-away 3/4 bathroom.
Overall, the property’s configuration supports independent unit access and varied layouts across the three residences, with in-unit features and appliances identified for each unit.
Key Highlights
- Cheney tri‑plex with three separate units: a 3‑bedroom home, a lower‑level 2‑bedroom, and a private‑entry studio
- Unit 104: 3 bedrooms and 1 full bath with single‑level living plus a wood‑burning fireplace in the living room
- Unit 104 updates include new LVP flooring and a kitchen with oak cabinets, dishwasher, electric range, and refrigerator
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
$26,638
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
6.27%
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%
$532,760
$532.8K
Cap Rate 7%
$380,543
$380.5K
Cap Rate 9%
$295,978
$296.0K
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
$41.2K $17.16/SF
− Vacancy
−$3.1K −$1.30/SF
EGI
$38.1K $15.86/SF
− OpEx
−$11.4K −$4.76/SF
NOI
$26.6K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
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%
$532,760
Cap Rate 7%
$380,543
Cap Rate 9%
$295,978
Alternative Uses
Best Use
Multifamily LT 5
$380.5K
$333.0K – $444.0K
NOI $26,638 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$349.7K
$306.0K – $408.0K
NOI $24,482 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$554.6K
$485.3K – $647.0K
NOI $38,820 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
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 - Three separate units include a 3-bedroom home, a lower-level 2-bedroom, and a private-entry studio layout.
Where is this triplex located?
The property is located at 104 3rd Cheney, WA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Cheney tri‑plex with three separate units: a 3‑bedroom home, a lower‑level 2‑bedroom, and a private‑entry studio; Unit 104: 3 bedrooms and 1 full bath with single‑level living plus a wood‑burning fireplace in the living room; Unit 104 updates include new LVP flooring and a kitchen with oak cabinets, dishwasher, electric range, and refrigerator
