Renovated Mixed-Use
For Sale
$699,900
108 E MAIN Ave, Chewelah, WA 99109
Commercial, CHEWELAH, WA
Property Size2,400 SF
Lot Size0.10 Acres
Price / SF$291.63
Days on Market397
Property Features for 108 E MAIN Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
On Street
Exterior features
Road Frontage
Directions
Turn east on Main Ave when your in Chewelah. Property on the right.
Subdivision
S3 - Chewelah
Standard status
Active
APN
0203800
Size
2,400 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHEWELAH CHAWELAH LOT 4 BLK D
Legal Description
CHEWELAH CHAWELAH LOT 4 BLK D
Utilities
Cooling system
Ductless
Water source
Public
Listing Agency:
RE/MAX SELECT ASSOCIATES · RE/MAX International
(509) 684-1000
Listed By:
Bardwell Real Estate Team · License #23029623
(509) 690-1080
Added: Aug 4, 2025
Changed: Sep 3
Last Checked: Sep 4 at 1:06AM
MLS# 44999
Copyright © 2026 Northeast Washington Association of Realtor MLS. 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 2,400-square-foot mixed-use building combines two 600-square-foot office spaces on the main level with a 1,200-square-foot, fully furnished apartment upstairs. The property has undergone extensive renovation, including new electrical panels, an insulated roof, and energy-efficient Mitsubishi ductless mini splits serving every unit. Its historic brick exterior has been cleaned, repointed, and painted, pairing preserved character with updated building systems.
Located in downtown Chewelah, the property has road frontage, public water service, and on-street parking. The configuration includes separate office and residential components within the same building, creating an income-producing asset with both commercial and apartment space.
Located in downtown Chewelah, the property has road frontage, public water service, and on-street parking. The configuration includes separate office and residential components within the same building, creating an income-producing asset with both commercial and apartment space.
Key Highlights
- 2,400‑square‑foot mixed‑use building in downtown Chewelah
- Two updated 600‑square‑foot office spaces on the main level
- Fully furnished 1,200‑square‑foot apartment upstairs
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
$34,366
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
4.91%
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%
$687,320
$687.3K
Cap Rate 7%
$490,943
$490.9K
Cap Rate 9%
$381,844
$381.8K
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
$53.3K $22.20/SF
− Vacancy
−$7.5K −$3.11/SF
EGI
$45.8K $19.09/SF
− OpEx
−$11.5K −$4.77/SF
NOI
$34.4K $14.32/SF
Area
Stevens County, WA
Vacancy
14.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$687,320
Cap Rate 7%
$490,943
Cap Rate 9%
$381,844
Alternative Uses
Best Use
Office B
$490.9K
$429.6K – $572.8K
NOI $34,366 @ 7.0% cap · market cap 4.91%
Second Best
Mixed Use
$409.5K
$358.3K – $477.8K
NOI $28,665 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$619.2K
$541.8K – $722.4K
NOI $43,344 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 99109, WA
5,016
Population
2,610
Households
1.9
Avg Household Size
51
Median Age
22%
College-Educated
93%
High-School Grad
311.6 sq mi
ZIP Area
16
Density / Sq Mi
$61,354
Median Household Income
$38,715
Median Earnings
$890
Median Rent
$274,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two office suites and a furnished apartment combine commercial and residential space in one downtown property.
Where is this mixed-use property located?
The property is located at 108 E MAIN Ave Chewelah, WA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 2,400‑square‑foot mixed‑use building in downtown Chewelah; Two updated 600‑square‑foot office spaces on the main level; Fully furnished 1,200‑square‑foot apartment upstairs
