Vacant Office and Retail
For Sale
$750,000
1705 2nd St, Cheney, WA 99004
Office and retail space in prime location with high potential.
Property Size2,606 SF
Days on Market167
Property Features for 1705 2nd St
General Information
Standard status
Active
Size
2,606 SF
Class
C
Property subtype
Office
Building Details
Building Size
2,606 SF
Listing Agency:
Widmyer Corporation
(415) 310-4120
Listed By:
Tony Mukhamediyev · License #WA #124480
Source:
Widmyercorp
Added: Mar 6
Changed: Aug 17
Last Checked: Aug 20 at 6:05AM
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 Widmyer Corporation
Investment Insights
Based on property information with market context.
This property features vacant office space on the second floor and retail spaces on the ground level. It is located just outside of Spokane, in a prime location on a major thoroughfare. The property offers significant potential for a new owner. Owner financing and lease-to-own options may be available.
Key Highlights
- Prime Location on Major Thoroughfare
- Vacant Office Space on 2nd Floor
- Retail Spaces on the Ground Level
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
$30,759
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
4.10%
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%
$615,180
$615.2K
Cap Rate 7%
$439,414
$439.4K
Cap Rate 9%
$341,767
$341.8K
Market Conditions
NOI Build-Up for 2,606 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
$52.2K $20.04/SF
− Vacancy
−$11.2K −$4.30/SF
EGI
$41.0K $15.74/SF
− OpEx
−$10.3K −$3.93/SF
NOI
$30.8K $11.80/SF
Area
Spokane County, WA
Vacancy
21.47%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$615,180
Cap Rate 7%
$439,414
Cap Rate 9%
$341,767
Alternative Uses
Best Use
Office B
$439.4K
$384.5K – $512.7K
NOI $30,759 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,152 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office and retail space in prime location with high potential.
Where is this office units located?
The property is located at 1705 2nd St Cheney, WA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Prime Location on Major Thoroughfare; Vacant Office Space on 2nd Floor; Retail Spaces on the Ground Level
