11-Unit Apartment
For Sale
$1,200,000
1115 1st St, Cheney, WA 99004
COMMERCIAL - Cheney, WA
Property Size9,600 SF
Lot Size0.19 Acres
Price / SF$125
Days on Market48
Property Features for 1115 1st St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM
View
City
Elementary school
Betz
Middle school
Cheney
High school
Cheney
Elementary school district
Cheney
Directions
GPS is accurate
Standard status
Active
APN
13131.0506
Size
9,600 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
12673
Utilities
Heating system
Electric (Heating), Baseboard
Amenities
off-street parking
Building Details
Year built
1970
Floors in Building
3
Building materials
Brick, Vinyl Siding
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Nicole Page
(509) 458-4000
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 30 at 3:06PM
MLS# 202620912
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.
For sale: an 11-unit apartment building in Cheney, Washington (1115 1st St) under Commercial zoning (COM). The current unit mix includes seven 1-bedroom/1-bath units and four 2-bedroom/1-bath units.
The property is described as cash flowing and is located in the heart of Cheney, with Eastern Washington University referenced as a key demand driver. Reported exterior and site improvements include a newer roof, updated vinyl siding and windows, concrete walkways, and off-street parking. The building sits on a 0.1908-acre lot with approximately 9,600 square feet of property size, according to the listing information.
The property is described as cash flowing and is located in the heart of Cheney, with Eastern Washington University referenced as a key demand driver. Reported exterior and site improvements include a newer roof, updated vinyl siding and windows, concrete walkways, and off-street parking. The building sits on a 0.1908-acre lot with approximately 9,600 square feet of property size, according to the listing information.
Key Highlights
- 11‑unit apartment building in Cheney near Eastern Washington University
- Unit mix: seven 1‑bed/1‑bath units and four 2‑bed/1‑bath units
- Updated exterior and components including newer roof, 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Cash-flowing 11-unit building with a mix of one- and two-bedroom units and off-street parking.
Where is this apartment building located?
The property is located at 1115 1st St 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 in Cheney near Eastern Washington University; Unit mix: seven 1‑bed/1‑bath units and four 2‑bed/1‑bath units; Updated exterior and components including newer roof, vinyl siding, and windows
