Newer Duplex with Two-Car
For Sale
$624,950
916 2nd St, Cheney, WA 99004
Each residence offers three bedrooms, two-and-a-half baths, and low-maintenance landscaping.
Property Size3,065 SF
Price / SF$203.90
Days on Market14
Property Features for 916 2nd St
General Information
Standard status
Active
Size
3,065 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Building Details
Year Built
2024
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty Coeur d
(509) 922-7355
Listed By:
Seth Maefsky · License #M25177
Source:
Clemensregroup
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 8:42PM
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 Keller Williams Realty Coeur d
Investment Insights
Based on property information with market context.
Built in 2024, this duplex contains two separately leased residences, each offering 1,536 square feet with three bedrooms and two-and-a-half bathrooms. Interior finishes include quartz surfaces, custom cabinetry with soft-close drawers, and stainless steel kitchen appliances. Primary suites feature private bathrooms, walk-in closets, and dual-sink vanities. Each side also includes a two-car garage.
The property is located in Cheney near Eastern Washington University, with shopping and restaurants a few blocks away. Both residences are occupied under long-term leases, providing an established rental setup for an investor or an owner-occupant seeking a home with an additional leased unit.
The property is located in Cheney near Eastern Washington University, with shopping and restaurants a few blocks away. Both residences are occupied under long-term leases, providing an established rental setup for an investor or an owner-occupant seeking a home with an additional leased unit.
Key Highlights
- 2024‑built duplex with two 1,536‑square‑foot residences
- Each unit includes 3 bedrooms, 2.5 baths, and a 2‑car garage
- Both sides are rented under long‑term leases
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
$34,019
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
5.44%
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%
$680,380
$680.4K
Cap Rate 7%
$485,986
$486.0K
Cap Rate 9%
$377,989
$378.0K
Market Conditions
NOI Build-Up for 3,065 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
$52.6K $17.16/SF
− Vacancy
−$4.0K −$1.30/SF
EGI
$48.6K $15.86/SF
− OpEx
−$14.6K −$4.76/SF
NOI
$34.0K $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%
$680,380
Cap Rate 7%
$485,986
Cap Rate 9%
$377,989
Alternative Uses
Best Use
Multifamily LT 5
$486.0K
$425.2K – $567.0K
NOI $34,019 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$446.7K
$390.8K – $521.1K
NOI $31,266 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,576 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
504
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers three bedrooms, two-and-a-half baths, and low-maintenance landscaping.
Where is this duplex located?
The property is located at 916 2nd St Cheney, WA.
What is the asking price?
The asking price for this property is $624,950.
What are key features of this property?
This property features: 2024‑built duplex with two 1,536‑square‑foot residences; Each unit includes 3 bedrooms, 2.5 baths, and a 2‑car garage; Both sides are rented under long‑term leases
