Former Honeywell Manufacturing
1500 W 1st St, Cheney, WA 99004
112,500 SF manufacturing facility on 10.08 acres.
Type:Industrial
Property size:
112,501 SFLot size:
10.08 AcresPrice / SF:
$66/SF- Added:
- Mar 8, 2024
- Days on Market:
- 816
- Last Refresh:
- May 12 at 9:08 pm
Property Features for 1500 W 1st St
General Information
- Standard status
- Active
- Size
- 112,501 SF
- Lot size
- 10.08 Acres
- Property subtype
- Industrial
Listing agent CRAIG SOEHREN License #22137
Listing office Kiemle Hagood
Listing date Mar 8, 2024
Source Crexi
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 Kiemle Hagood
HighLights
- ±112,500 square foot manufacturing facility.
- Absolute net lease in place with Allpack, tenant responsible for all repairs and operating costs.
- Heavy power infrastructure suitable for manufacturing.
- New roof completed in 2017.
- Concrete walls and concrete roof trusses.
- Located on a 10.08‑acre site.
Overview
The Former Honeywell Building, a manufacturing facility with ±112,500 square feet, is located in Cheney, WA. Constructed in 1982, it was originally built as a microchip manufacturing plant for Honeywell. The building includes heavy power, concrete walls, and concrete roof trusses, and is situated on a 10.08-acre site. The current lease, held by Allpack, is structured as an “absolute net” lease, making the tenant responsible for all repairs and operating costs. The interior of the building is in good condition. Recent exterior improvements include a new roof completed in 2017 and new interior paint completed in 2019.
Local Financial Insights For Industrial
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 | $1.01M | $9.00 |
| − Vacancy | −$86.1k | −$0.77 |
| EGI | $926.4k | $8.24 |
| − OpEx | −$277.9k | −$2.47 |
| NOI | $648.5k | $5.76 |
112,501 SF · lease $9.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Industrial
$9.26M
$8.11M – $10.81M
NOI $648,512 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$26.00M
$22.75M – $30.33M
NOI $1,819,708 @ 7.0% cap · market cap 24.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Manufacturing properties
Location Insight
- Map
- Local Demand
- City
- Cheney
- County
- Spokane
- State
- Washington
- Longitude
- -117.6037867
- Latitude
- 47.4746552
Nearby Similar for Sale
FAQs
What type of property is this?
Manufacturing property - 112,500 SF manufacturing facility on 10.08 acres.
Where is this manufacturing property located?
The property is located at 1500 W 1st St Cheney, WA.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: ±112,500 square foot manufacturing facility.; Absolute net lease in place with Allpack, tenant responsible for all repairs and operating costs.; Heavy power infrastructure suitable for manufacturing.
