Remodeled Duplex with Attached
New
For Sale
$550,000
314 3rd, Cheney, WA 99004
Two expansive residences offer private driveways, climate control, laundry, and flexible living arrangements near Eastern Washington University.
Property Size3,200 SF
Price / SF$171.88
Days on Market2
Property Features for 314 3rd
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multi Family Home
Amenities
Garage: Attached
Garage Spaces: 2
Attached
2
Building Details
Year Built
2016
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Ryan Towner · License #24027253
Source:
Clearwaterproperties
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 9:53AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This duplex contains approximately 3,200 square feet across two 4-bedroom, 2.5-bath residences. Each unit provides an open interior arrangement, abundant natural light, air conditioning, an in-unit washer and dryer, a private driveway, and an attached 2-car garage. The property was built in 2016 and has been fully remodeled.
Located at 314 3rd in Cheney, Washington, the duplex is near Eastern Washington University, along with shopping, dining, and downtown Cheney. The two-unit layout supports separate household use while maintaining comparable features in each residence.
Located at 314 3rd in Cheney, Washington, the duplex is near Eastern Washington University, along with shopping, dining, and downtown Cheney. The two-unit layout supports separate household use while maintaining comparable features in each residence.
Key Highlights
- Two‑unit duplex with approximately 3,200 square feet
- Each residence includes 4 bedrooms and 2.5 bathrooms
- Attached 2‑car garage provided for each unit
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
$35,517
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
6.46%
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%
$710,340
$710.3K
Cap Rate 7%
$507,386
$507.4K
Cap Rate 9%
$394,633
$394.6K
Market Conditions
NOI Build-Up for 3,200 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
$54.9K $17.16/SF
− Vacancy
−$4.2K −$1.30/SF
EGI
$50.7K $15.86/SF
− OpEx
−$15.2K −$4.76/SF
NOI
$35.5K $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%
$710,340
Cap Rate 7%
$507,386
Cap Rate 9%
$394,633
Alternative Uses
Best Use
Multifamily LT 5
$507.4K
$444.0K – $592.0K
NOI $35,517 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$466.3K
$408.0K – $544.1K
NOI $32,643 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$739.4K
$647.0K – $862.7K
NOI $51,760 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Duplex - Two expansive residences offer private driveways, climate control, laundry, and flexible living arrangements near Eastern Washington University.
Where is this duplex located?
The property is located at 314 3rd Cheney, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 3,200 square feet; Each residence includes 4 bedrooms and 2.5 bathrooms; Attached 2‑car garage provided for each unit
