10-Unit Apartment
For Sale
$1,250,000
607 C, Cheney, WA 99004
Resident amenities include on-site laundry, off-street parking, and proximity to public transportation.
Property Size4,200 SF
Lot Size0.27 Acres
Price / SF$297.62
Days on Market10
Property Features for 607 C
General Information
Standard status
Active
Size
4,200 SF
Lot size
0.27 Acres
Property subtype
Multi Family Home
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Additional Details
Gross Income
$108,966
Public Transit
Yes
Amenities
on-site laundry facilities
off-street parking
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
1958
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License #26840
(509) 315-8720
Source:
Clearwaterproperties
Added: Oct 19
Changed: Oct 27
Last Checked: Oct 26 at 3:50PM
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
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Investment Insights
Based on property information with market context.
Built in 1958, this apartment property contains 10 one-bedroom, one-bathroom units, each approximately 600 square feet. The 0.27-acre parcel is a corner lot, and residents have access to on-site laundry and off-street parking. A new roof was installed in 2026.
Eastern Washington University is approximately half a mile away. Public transportation, grocery stores, restaurants, shopping, and medical services are all within one mile of the property.
Eastern Washington University is approximately half a mile away. Public transportation, grocery stores, restaurants, shopping, and medical services are all within one mile of the property.
Key Highlights
- 10 one‑bedroom, one‑bathroom apartments, each approximately 600 square feet
- 0.27‑acre corner lot
- On‑site laundry facilities and off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,844
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$856,880
$856.9K
Cap Rate 7%
$612,057
$612.1K
Cap Rate 9%
$476,044
$476.0K
Market Conditions
NOI Build-Up for 4,200 SF
Gross rent
$84.7K $20.16/SF
− Vacancy
−$6.8K −$1.61/SF
EGI
$77.9K $18.55/SF
− OpEx
−$35.1K −$8.35/SF
NOI
$42.8K $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 Rate 5%
$856,880
Cap Rate 7%
$612,057
Cap Rate 9%
$476,044
Alternative Uses
Best Use
Apartment 5plus
$612.1K
$535.6K – $714.1K
NOI $42,844 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$970.5K
$849.2K – $1.13M
NOI $67,935 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
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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?
Apartment building - Resident amenities include on-site laundry, off-street parking, and proximity to public transportation.
Where is this apartment building located?
The property is located at 607 C Cheney, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10 one‑bedroom, one‑bathroom apartments, each approximately 600 square feet; 0.27‑acre corner lot; On‑site laundry facilities and off‑street parking
