Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Retail/Office Suites For Lease Title is generated by Realmo AI

    706 1st St, Cheney, WA 99004

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,500/Mo $2 SF/Yr (calc)

    Three renovated retail/office suites in downtown Cheney, near EWU.

    Type:Retail
    Property size:
    7,084 SF
    Added:
    Jan 27, 2026
    Days on Market:
    113
    Last Refresh:
    Apr 6 at 12:22 am

    Property Features for 706 1st St

    General Information

    Standard status
    Active
    Size
    7,084 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1954

    Spaces For Lease

    at 706 1st St Contact us

    We can help!

    Listing Contact
    Andrew Keef
    Andrew Keef

    Listing agent Andrew Keef License #WA #23007080

    Listing office SVN Cornerstone LLC

    Listing date Jan 27, 2026

    Source Svn

    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 SVN Cornerstone LLC

    HighLights

    • Prime downtown Cheney location at the corner of 1st St and C St.
    • Walking distance from Eastern Washington University (EWU) campus.
    • Newly renovated in July 2025.
    • High visibility and foot traffic.
    • Modern and updated retail/office space.
    • Three separate retail/office suites available for lease.

    Overview

    Three separate retail/office suites are available for lease in a prime location at the corner of 1st St and C St in downtown Cheney. The property is within walking distance of Eastern Washington University (EWU) campus. The retail/office space is modern and updated, offering high visibility and foot traffic in the downtown area. The suites will be delivered as a Vanilla Shell. The property is located 20 minutes from Downtown Spokane and 20 minutes from Spokane International Airport. The property was newly renovated in July 2025 and has a total size of 7084 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cheney
    County
    Spokane
    State
    Washington
    Longitude
    -117.5736021
    Latitude
    47.4892015

    Nearby Similar for Lease

    • $3,500/Mo
      6,400 SF

      Retail Space in Cheney, WA

      6,400 SF retail space with high traffic and visibility.
      2110 1st Street, Cheney, WA 99004
      View Details
    • $14 SF/Yr
      5,010 SF

      Retail Space Near EWU Campus

      Retail space ideal for coffee shop, bistro, or ice cream.
      115 College Ave., Cheney, WA 99004
      View Details
    • $17 SF/Yr
      1,436 SF

      Downtown Cheney Restaurant/Retail Space

      Former restaurant space with on-site parking and premier visibility.
      508 1st St, Cheney, WA
      View Details
    • $16 SF/Yr
      3,894 SF

      Cheney Medical Office For Sale

      3,894 SF medical office building with exam and X-ray rooms.
      1727 1st Street, Cheney, WA 99004
      View Details
    • $16 SF/Yr
      81,628 SF

      Retail Center Anchored by Safeway

      Retail spaces available in Cheney, WA, anchored by Safeway.
      2710 1st Street, Cheney, WA 99004
      View Details
    • $16 SF/Yr

      Retail Space in Cheney, WA

      Retail space available on 1st Street and N Washington.
      2710 1st Street, Cheney, WA 99004
      View Details
    • Contact for pricing
      2,421 SF

      Retail Space on Large Lot

      2,421 SF retail space with excellent access.
      1902 1st St, Cheney, WA 99004
      View Details
    • Contact for pricing
      11,500 SF

      Retail Property in Cheney, WA

      Retail property available for lease in Cheney, Washington.
      10430 West Aero Road, Cheney, WA, 99004
      View Details
    • $18 SF/Yr
      2,050 SF

      Retail Space in Cheney Plaza

      Retail space available for lease in Cheney, Washington.
      2654 1st Street, Cheney, WA
      View Details
    • $14 SF/Yr
      1,892 SF

      Retail Space in Cheney, WA

      Retail space available near Safeway, Grocery Outlet, and Starbucks.
      2420 1st Street, Cheney, WA
      View Details
    • Contact for pricing

      Warehouse Near Spokane Airport

      Warehouse space available for lease near Spokane International Airport.
      10015 W Hallett Rd, Cheney, WA 99004
      View Details
    • Contact for pricing
      7,084 SF

      Renovated Retail/Office Building in Cheney

      7,084 SF retail/office building in downtown Cheney, WA.
      706 1st St, Cheney, WA 99004
      View Details

    FAQs

    What type of property is this?
    Retail space - Three renovated retail/office suites in downtown Cheney, near EWU.
    Where is this retail space located?
    The property is located at 706 1st St Cheney, WA.
    What is the lease rate?
    The lease rate is $1,500 /Mo.
    What are key features of this property?
    This property features: Prime downtown Cheney location at the corner of 1st St and C St.; Walking distance from Eastern Washington University (EWU) campus.; Newly renovated in July 2025.
    (509) 321-2000
    We can help!
    Listing Contact
    Andrew Keef
    Andrew Keef
    Real Estate License ID: WA #23007080
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    706 1st St, Cheney, WA 99004
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!