9-Unit Apartment
For Sale
$975,000
621 3rd St, Cheney, WA 99004
Occupied residences feature kitchen appliances and freestanding electric fireplaces.
Property Size7,656 SF
Price / SF$127.35
Days on Market144
Property Features for 621 3rd St
General Information
Standard status
Active
Size
7,656 SF
Total Parking Spaces
9
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
7 x 2BR/1BA, 1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
9
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$10,287
Amenities
laundry
Building Details
Building Size
7,656 SF
Year Built
1964
Stories
2
Units
9
Construction
brick
Listing Agency:
Cheney Realty, Inc.
(509) 235-6191
Listed By:
Brad Foien
(509) 599-1917
Source:
Ericksrealty
Added: Jun 4
Changed: Oct 23
Last Checked: Oct 23 at 5:07PM
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 Cheney Realty, Inc.
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Investment Insights
Based on property information with market context.
Built in 1964, this 7,656-square-foot apartment building contains nine residences: seven two-bedroom, one-bath units, one three-bedroom, two-bath unit, and one one-bedroom, one-bath unit. All apartments are occupied and rented. Each includes a range, refrigerator, dishwasher, and freestanding electric fireplace. The property has updated apartments, a roof that is one year old, a new gutter system, and washer and dryer equipment.
At 621 3rd St in Cheney, the building is two blocks from EWU.
At 621 3rd St in Cheney, the building is two blocks from EWU.
Key Highlights
- Nine apartments: seven 2‑bedroom/1‑bath, one 3‑bedroom/2‑bath, and one 1‑bedroom/1‑bath
- 7,656‑square‑foot building constructed in 1964
- All units occupied and rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,099
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,561,980
$1.6M
Cap Rate 7%
$1,115,700
$1.1M
Cap Rate 9%
$867,767
$867.8K
Market Conditions
NOI Build-Up for 7,656 SF
Gross rent
$154.3K $20.16/SF
− Vacancy
−$12.3K −$1.61/SF
EGI
$142.0K $18.55/SF
− OpEx
−$63.9K −$8.35/SF
NOI
$78.1K $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%
$1,561,980
Cap Rate 7%
$1,115,700
Cap Rate 9%
$867,767
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$976.2K – $1.30M
NOI $78,099 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,836 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
160
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Occupied residences feature kitchen appliances and freestanding electric fireplaces.
Where is this apartment building located?
The property is located at 621 3rd St Cheney, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Nine apartments: seven 2‑bedroom/1‑bath, one 3‑bedroom/2‑bath, and one 1‑bedroom/1‑bath; 7,656‑square‑foot building constructed in 1964; All units occupied and rented
