11-Unit Apartment
For Sale
$1,200,000
1115 1st St, 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 Market20
Property Features for 1115 1st St
General Information
Standard status
Active
Size
9,600 SF
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
Buildings
1
Listing Agency:
Keller Williams Spokane - Main
(208) 627-9768
Listed By:
Nicole Page
(208) 627-9768
Source:
Exprealty
Added: Jul 14
Changed: Aug 2
Last Checked: Aug 2 at 2:46AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $193.5k | $20.16 |
| − Vacancy | −$15.5k | −$1.61 |
| EGI | $178.1k | $18.55 |
| − OpEx | −$80.1k | −$8.35 |
| NOI | $97.9k | $10.20 |
9,600 SF · lease $20.16/SF/yr · vacancy 8.00% · expense 45.00%
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
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
369
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 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 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
