Fourplex With Shared
For Sale
$410,000
201 5th St, Cheney, WA 99004
Rental property with varied floor plans, storage sheds, and off-street parking.
Property Size3,406 SF
Days on Market68
Property Features for 201 5th St
General Information
Standard status
Active
Size
3,406 SF
Total Parking Spaces
3
Property subtype
Multifamily
Property Condition
Severity
Repairs Needed
Evidence
minor cosmetic upgrades
Units
Unit Mix
1 x 3BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Amenities
shared laundry room
storage sheds
Building Details
Building Size
3,406 SF
Year Built
1945
Buildings
1
Listing Agency:
SVN | Cornerstone
(509) 496-6922
Listed By:
Jordan Lester, CCIM, MBA · License #WA #21008495
(509) 496-6922
Source:
Svncornerstone
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 3:16PM
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 SVN | Cornerstone
Investment Insights
Based on property information with market context.
This fourplex at 201 5th St includes four residential units arranged as one 3-bedroom, 1-bathroom residence and three 1-bedroom, 1-bathroom residences. Shared amenities include a laundry room, two storage sheds, and a parking area with three dedicated off-street spaces. The property was built in 1945.
The Cheney property is positioned three blocks from Eastern Washington University. Downtown Spokane and the airport are each approximately 20 minutes away, providing established regional access for residents. The combination of multiple unit layouts and shared on-site amenities creates a straightforward residential income configuration.
The Cheney property is positioned three blocks from Eastern Washington University. Downtown Spokane and the airport are each approximately 20 minutes away, providing established regional access for residents. The combination of multiple unit layouts and shared on-site amenities creates a straightforward residential income configuration.
Key Highlights
- Fourplex with one 3 bedroom 1 bathroom unit and three 1 bedroom 1 bathroom units
- Three blocks from Eastern Washington University in Cheney
- Shared laundry room included
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
$34,744
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
8.47%
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%
$694,880
$694.9K
Cap Rate 7%
$496,343
$496.3K
Cap Rate 9%
$386,044
$386.0K
Market Conditions
NOI Build-Up for 3,406 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
$68.7K $20.16/SF
− Vacancy
−$5.5K −$1.61/SF
EGI
$63.2K $18.55/SF
− OpEx
−$28.4K −$8.35/SF
NOI
$34.7K $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%
$694,880
Cap Rate 7%
$496,343
Cap Rate 9%
$386,044
Alternative Uses
Best Use
Multifamily LT 5
$540.0K
$472.5K – $630.1K
NOI $37,803 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$496.3K
$434.3K – $579.1K
NOI $34,744 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$787.0K
$688.7K – $918.2K
NOI $55,092 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
427
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?
Quadplex - Rental property with varied floor plans, storage sheds, and off-street parking.
Where is this quadplex located?
The property is located at 201 5th St Cheney, WA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Fourplex with one 3 bedroom 1 bathroom unit and three 1 bedroom 1 bathroom units; Three blocks from Eastern Washington University in Cheney; Shared laundry room included
