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    1500 1St St Cheney, WA 99004

    • Manufacturing properties
    • 108,600 SF
    • 10.08 lot acres
    For Sale
    View listing
    $8,000,000
    Last Sale
    Jan 02, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3362112
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 1500 1St St

    Year built
    1982
    Lot size
    10.08 lot acres
    Property size
    108,600 SF
    Property type
    Manufacturing properties
    APN
    13232.0086
    APU
    132320086

    Description

    This exceptional 112,501-square-foot industrial property, situated on a 10.08-acre lot in Cheney, Washington, presents a compelling investment opportunity. Originally constructed in 1982 as a Honeywell microchip manufacturing plant, the building boasts robust infrastructure including heavy power, concrete walls, and concrete roof trusses. The property is zoned LI and features three loading docks and four dock-high doors. Recent upgrades include a new roof (2017) and fresh interior paint (2019), enhancing the building's overall condition. Currently leased to Allpack under an absolute net lease, meaning all repair and operating costs are the tenant's responsibility, this property offers a low-maintenance, high-return potential. The building's interior is well-maintained, reflecting its suitability for a variety of manufacturing or warehousing operations. The property's strategic location in Cheney, WA, with its address at 1500 W 1st St, zip code 99004, offers convenient access to transportation networks and a skilled workforce. The asking price is $8,000,000, translating to $71.11 per square foot. This represents a significant opportunity to acquire a well-maintained, strategically located industrial asset with a strong tenant in place. The property's APN is 13232.0086. This is a rare chance to own a substantial piece of Cheney's industrial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,413,000
      Market price range: $2.11M - $12.5M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cheney
    County
    Spokane
    State
    Washington
    Longitude
    -117.604
    Latitude
    47.4747
    CBSA code
    44060
    CBSA name
    SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $44,885
    $175,630
    $5,201,100
    $5,376,730
    -
    $175,630
    $5,201,100
    $5,376,730

    Comparable in this City

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      MANUFACTURING (LIGHT) • 56,364 SF
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      View Details
    • Value Estimation by Request
      7,000 SF

      1618 Willow St

      Manufacturing properties • 7,000 SF
      1618 Willow St, Cheney, WA 99004
      View Details
    • Value Estimation
      $2,905,000
      24,576 SF

      2416 Cheney Spokane Rd

      MANUFACTURING (LIGHT) • 24,576 SF
      2416 Cheney Spokane Rd, Cheney, WA 99004-9082
      View Details
    • Value Estimation
      $825,000
      9,900 SF

      10 1st St

      MANUFACTURING (LIGHT) • 9,900 SF
      10 1st St, Cheney, WA 99004-1439
      View Details
    • Value Estimation by Request
      560,200 SF

      10110 Aero Rd

      Distribution properties • 560,200 SF
      10110 Aero Rd, Cheney, WA 99004
      View Details
    • Value Estimation by Request
      192 SF

      Cheney, WA 99004

      WAREHOUSE, STORAGE • 192 SF
      Cheney, WA 99004
      View Details

    Similar Nearby for Sale

    • $8,000,000
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      Cheney Industrial Facility: Prime Investment

      112,501 SF Manufacturing/Warehouse
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      View Details
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      256,273 SF

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      87,279 SF

      Modern Cheney Warehouse - 87,279 SF

      Class A warehouse, vacant, ideal owner-user. Excellent location.
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    • $3,155,707
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      Prime Washington farmland, hunting, development potential.
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    Similar Nearby for Lease

    • $7,500,000
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      Cheney Manufacturing Facility For Lease

      112,500 SF manufacturing facility available for lease in Cheney, WA.
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      View Details
    • $6 SF/Yr
      6,400 SF

      Cheney Warehouse: 6,400 SF

      Single-tenant warehouse, ideal for retail or industrial use. Prime Cheney location.
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      View Details
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      25,000 SF

      Turn Key Grow/Storage Facility

      25,000 SF facility suitable for grow operation or self-storage.
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    • $16 SF/Yr
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      Cheney Plaza Retail Space Available

      Prime Spokane County retail space for lease.
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      View Details
    • $1,500 /Mo
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      Renovated Retail/Office Suites For Lease

      Three renovated retail/office suites in downtown Cheney, near EWU.
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      View Details
    • $18 SF/Yr
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      Retail Space in Cheney Plaza

      Retail space available for lease in Cheney, Washington.
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      View Details
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    1500 1St St
    Cheney, WA 99004
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    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
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