11-Unit Apartment
For Sale
$1,200,000
1115 1st, Cheney, WA 99004
The property offers one- and two-bedroom apartments with off-street parking in Cheney, home to Eastern Washington University.
Property Size9,600 SF
Price / SF$125
Days on Market24
Property Features for 1115 1st
General Information
Standard status
Active
Size
9,600 SF
Property subtype
Commercial
Units
Unit Mix
7 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$12,672
Amenities
concrete walkways
off-street parking
Building Details
Year Built
1970
Buildings
1
Listing Agency:
Keller Williams Spokane - Main
(509) 458-4000
Listed By:
Nicole Page
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 23
Last Checked: Aug 23 at 4:07AM
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 Keller Williams Spokane - Main
Investment Insights
Based on property information with market context.
This 9,600-square-foot apartment building contains 11 units, including seven 1-bed/1-bath apartments and four 2-bed/1-bath apartments. Physical improvements include a newer roof, updated vinyl siding and windows, concrete walkways, and off-street parking, providing a straightforward multifamily configuration with established on-site features.
The property is located at 1115 1st St in Cheney, Washington. Cheney is home to Eastern Washington University, providing a clear college-town context for the apartment asset.
The property is located at 1115 1st St in Cheney, Washington. Cheney is home to Eastern Washington University, providing a clear college-town context for the apartment asset.
Key Highlights
- 11‑unit apartment building totaling 9,600 SF
- Unit mix includes seven 1‑bed/1‑bath and four 2‑bed/1‑bath apartments
- Newer roof with updated vinyl siding and windows
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
$97,929
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
8.16%
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%
$1,958,580
$2.0M
Cap Rate 7%
$1,398,986
$1.4M
Cap Rate 9%
$1,088,100
$1.1M
Market Conditions
NOI Build-Up for 9,600 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
$193.5K $20.16/SF
− Vacancy
−$15.5K −$1.61/SF
EGI
$178.1K $18.55/SF
− OpEx
−$80.1K −$8.35/SF
NOI
$97.9K $10.20/SF
Area
Spokane County, WA
Vacancy
8.00%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,958,580
Cap Rate 7%
$1,398,986
Cap Rate 9%
$1,088,100
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
452
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 - The property offers one- and two-bedroom apartments with off-street parking in Cheney, home to Eastern Washington University.
Where is this apartment building located?
The property is located at 1115 1st 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: 11‑unit apartment building totaling 9,600 SF; Unit mix includes seven 1‑bed/1‑bath and four 2‑bed/1‑bath apartments; Newer roof with updated vinyl siding and windows
