Historic
For Sale
$399,400
323 5th St, Cheney, WA 99004
Each residence has separate utility metering and its own off-street parking space.
Property Size3,008 SF
Price / SF$132.78
Days on Market28
Property Features for 323 5th St
General Information
Standard status
Active
Size
3,008 SF
Total Parking Spaces
3
Property subtype
Residential Income
Occupancy
100%
Units
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,815
Amenities
Pantry
In-Law Floorplan
Building Details
Building Size
3,008 SF
Year Built
1895
Stories
2
Units
3
Listing Agency:
Windermere City Group
(509) 323-2323
Listed By:
Nick Briggs
(509) 979-0553
Source:
Ericksrealty
Added: Oct 1
Changed: Oct 26
Last Checked: Oct 26 at 3:46AM
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 Windermere City Group
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Investment Insights
Based on property information with market context.
Registered as a historic property, this triplex in Cheney contains 3,008 square feet across three separately metered residences. The building dates to 1895 and occupies a corner parcel across from Eastern Washington University, with views toward campus and mature trees. Recent work includes a 2025 roof, exterior paint, interior paint, and new LVP flooring.
The property is near EWU’s Showalter Hall and about two minutes from downtown Cheney’s restaurants, bars, and shops. Off-street parking is provided for each unit. The upstairs residence is expected to become vacant soon; the property is currently fully occupied.
The property is near EWU’s Showalter Hall and about two minutes from downtown Cheney’s restaurants, bars, and shops. Off-street parking is provided for each unit. The upstairs residence is expected to become vacant soon; the property is currently fully occupied.
Key Highlights
- Registered historic triplex with 3,008 square feet; built in 1895
- Across from Eastern Washington University, near Showalter Hall
- Corner parcel with campus views and mature trees
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,386
Cap Rate
8.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$667,720
$667.7K
Cap Rate 7%
$476,943
$476.9K
Cap Rate 9%
$370,956
$371.0K
Market Conditions
NOI Build-Up for 3,008 SF
Gross rent
$51.6K $17.16/SF
− Vacancy
−$3.9K −$1.30/SF
EGI
$47.7K $15.86/SF
− OpEx
−$14.3K −$4.76/SF
NOI
$33.4K $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 Rate 5%
$667,720
Cap Rate 7%
$476,943
Cap Rate 9%
$370,956
Alternative Uses
Best Use
Multifamily LT 5
$476.9K
$417.3K – $556.4K
NOI $33,386 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$438.3K
$383.6K – $511.4K
NOI $30,684 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$695.1K
$608.2K – $810.9K
NOI $48,655 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
463
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has separate utility metering and its own off-street parking space.
Where is this triplex located?
The property is located at 323 5th St Cheney, WA.
What is the asking price?
The asking price for this property is $399,400.
What are key features of this property?
This property features: Registered historic triplex with 3,008 square feet; built in 1895; Across from Eastern Washington University, near Showalter Hall; Corner parcel with campus views and mature trees
