Brick Rancher
For Sale
$295,000
1521 4th, Cheney, WA 99004
Duplex with two 2-bedroom, 1-bath units, each with its own porch, storage, and off-street parking, both currently rented.
Property Size1,638 SF
Price / SF$180.10
Days on Market55
Property Features for 1521 4th
General Information
Standard status
Active
Size
1,638 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
porch
storage unit
Garage: Off Site
Garage Spaces: 0
Style: Ranch
Ranch
Off Site
Building Details
Year Built
1970
Construction
brick rancher
Tenancy
Multi
Listing Agency:
Prime Real Estate Group
Listed By:
Chelsea McFarland · License #124056
(509) 565-1581
Source:
Clearwaterproperties
Added: Jul 16
Changed: Sep 6
Last Checked: Sep 6 at 10:21AM
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 Prime Real Estate Group
Investment Insights
Based on property information with market context.
This brick rancher duplex includes two spacious, well maintained units, each offering 2 bedrooms and 1 bathroom. Both units are currently rented and feature practical, tenant-friendly layouts. Each unit also has its own porch, dedicated storage, and off-street parking for added convenience.
The property is located in a Cheney neighborhood near Eastern Washington University. The current configuration supports straightforward rental operation with two separate, independently served units.
During the seller’s ownership, thoughtful updates have been completed, including flooring, interior paint, appliances, plumbing improvements, and a recently replaced water heater. Overall, the building presents as a low-maintenance residential income property with immediate rental occupancy.
The property is located in a Cheney neighborhood near Eastern Washington University. The current configuration supports straightforward rental operation with two separate, independently served units.
During the seller’s ownership, thoughtful updates have been completed, including flooring, interior paint, appliances, plumbing improvements, and a recently replaced water heater. Overall, the building presents as a low-maintenance residential income property with immediate rental occupancy.
Key Highlights
- Brick ranch duplex built in 1970 with 2 units, each offering 2 bedrooms and 1 bathroom
- Both units are currently rented, providing immediate rental income
- Each unit includes its own porch, dedicated storage unit, and off‑street parking
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
$18,180
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
6.16%
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%
$363,600
$363.6K
Cap Rate 7%
$259,714
$259.7K
Cap Rate 9%
$202,000
$202.0K
Market Conditions
NOI Build-Up for 1,638 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
$28.1K $17.16/SF
− Vacancy
−$2.1K −$1.30/SF
EGI
$26.0K $15.86/SF
− OpEx
−$7.8K −$4.76/SF
NOI
$18.2K $11.10/SF
Area
Spokane County, WA
Vacancy
7.60%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
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%
$363,600
Cap Rate 7%
$259,714
Cap Rate 9%
$202,000
Alternative Uses
Best Use
Multifamily LT 5
$259.7K
$227.3K – $303.0K
NOI $18,180 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$238.7K
$208.9K – $278.5K
NOI $16,709 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$378.5K
$331.2K – $441.6K
NOI $26,495 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
397
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?
Duplex - Duplex with two 2-bedroom, 1-bath units, each with its own porch, storage, and off-street parking, both currently rented.
Where is this duplex located?
The property is located at 1521 4th Cheney, WA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Brick ranch duplex built in 1970 with 2 units, each offering 2 bedrooms and 1 bathroom; Both units are currently rented, providing immediate rental income; Each unit includes its own porch, dedicated storage unit, and off‑street parking
