Light Industrial Flex
For Sale
Contact for pricing
223 1st Street, Cheney, WA 99004
Light Industrial zoning supports a range of commercial uses, subject to verification with the City of Cheney.
Property Size2,160 SF
Lot Size0.20 Acres
Price / SF$161.57
Days on Market26
Property Features for 223 1st Street
General Information
Standard status
Active
Size
2,160 SF
Lot size
0.20 Acres
Property subtype
RETAIL
Zoning
Light Industrial
Site & Location
Corner Location
Yes
Road Access
Yes
Building Details
Year Built
1997
Building Size
2,160 SF
Listing Agency:
Kiemle Hagood
(208) 770-2590
Listed By:
Mary Kienbaum · License #IDCO52572
(208) 770-2589
Source:
Moodyscre
Added: Sep 8
Changed: Oct 1
Last Checked: Oct 2 at 9:10PM
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
Investment Insights
Based on property information with market context.
This flex property contains approximately 2,160 square feet and was built in 1997. It occupies an approximately 8,600-square-foot lot, with Light Industrial zoning that the source identifies as accommodating uses such as retail, restaurant, service, office, and entertainment, subject to applicable requirements.
The property sits at the corner of 1st Street and G Street in Cheney, Washington. Prospective users should confirm proposed uses and related requirements with the City of Cheney.
The property sits at the corner of 1st Street and G Street in Cheney, Washington. Prospective users should confirm proposed uses and related requirements with the City of Cheney.
Key Highlights
- Approximately 2,160 SF flex/industrial building
- Built in 1997
- Approximately 8,600SF lot
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
$12,585
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
3.61%
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%
$251,700
$251.7K
Cap Rate 7%
$179,786
$179.8K
Cap Rate 9%
$139,833
$139.8K
Market Conditions
NOI Build-Up for 2,160 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
$21.5K $9.96/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$19.4K $8.96/SF
− OpEx
−$6.8K −$3.14/SF
NOI
$12.6K $5.83/SF
Area
Spokane County, WA
Vacancy
10.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$251,700
Cap Rate 7%
$179,786
Cap Rate 9%
$139,833
Alternative Uses
Best Use
Flex RnD
$179.8K
$157.3K – $209.8K
NOI $12,585 @ 7.0% cap · market cap 3.61%
Second Best
Industrial
$177.9K
$155.6K – $207.5K
NOI $12,451 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$499.1K
$436.7K – $582.3K
NOI $34,938 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Light Industrial zoning supports a range of commercial uses, subject to verification with the City of Cheney.
Where is this flex space located?
The property is located at 223 1st Street Cheney, WA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Approximately 2,160 SF flex/industrial building; Built in 1997; Approximately 8,600SF lot
