Three-Unit Residential Income
104 3rd, Cheney, WA 99004
For Sale
$425,000
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 Market113
Property Features for 104 3rd
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Garage: Detached
Garage Spaces: 1
Style: Ranch
Ranch
Detached
1
Building Details
Year Built
Listing Agency:
Coldwell Banker Tomlinson
Listed By:
Jonathan Bich · License #47887
(509) 475-1035
Source:
Clearwaterproperties
Added: Jul 20
Changed: Nov 8
Last Checked: Nov 8 at 6:45AM
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
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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 / Yr
$26,638
Cap Rate
6.27%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
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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
$368,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Spokane County, WA
Properties on Market for Triplexes in Spokane County
Vacancy Rate% for Multifamily in West region
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
