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    Property profile & analytics

    2710 1St St Cheney, WA 99004

    • Grocery and convenience stores
    • 43,727 SF
    • 11.88 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1064317
    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

    • Grocery and convenience stores

    Property Details for 2710 1St St

    Year built
    2000
    Lot size
    11.88 lot acres
    Property size
    43,727 SF
    Property type
    Grocery and convenience stores
    APN
    13121.0071
    APU
    131210071

    Description

    Cheney Plaza offers a unique opportunity to lease prime retail space in Spokane County. This multi-tenant property boasts a total of 87,181 square feet of building space, with a significant amount currently vacant at 96,317 square feet. The property is ideally suited for a variety of retail uses, offering flexible lease options. Units as small as 1,400 square feet are available, providing an excellent entry point for smaller businesses, while larger contiguous spaces of up to 78,553 square feet are also available for larger tenants seeking significant space. The property's location in Cheney Plaza provides excellent visibility and accessibility, making it an attractive option for businesses looking to establish or expand their presence in the Spokane County market. The substantial vacant space presents a rare opportunity for a single tenant to secure a large footprint or for multiple tenants to occupy individual units within the same complex. This versatile property is ready for immediate occupancy and offers a compelling opportunity for businesses seeking a strategic location in a thriving area. Inquire today to learn more about lease terms and available space configurations. The property is classified as commercial retail and is located at 2710 1st Street.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,010,000
      6.5%
      $7,395,000
      7%
      $6,865,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,599,000
      Market price range: $1.21M - $5.60M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $8,235,000
      Current use
      OFFICE BUILDING
      $10,500,000
      Change: +27% Conversion: Easy
      MEDICAL BUILDING
      $9,510,000
      Change: +15% Conversion: Difficult
      RESTAURANT
      $9,430,000
      Change: +15% Conversion: Easy
      AUTO REPAIR, GARAGE
      $8,275,000
      Change: +0% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $6,645,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheney
    County
    Spokane
    State
    Washington
    Longitude
    -117.567
    Latitude
    47.5059
    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
    $77,165
    $1,551,890
    $7,692,700
    $9,244,590
    -
    $1,551,890
    $7,692,700
    $9,244,590

    Comparable in this City

    • Value Estimation by Request
      2,613 SF

      1122 1st St

      CONVENIENCE STORE • 2,613 SF
      1122 1st St, Cheney, WA 99004-1710
      View Details
    • Value Estimation
      $3,365,000
      40,400 SF

      4 Cheney Spokane Rd

      GROCERY, SUPERMARKET • 40,400 SF
      4 Cheney Spokane Rd, Cheney, WA 99004-2050
      View Details
    • Value Estimation
      $1,245,000
      14,553 SF

      116 1st St

      GROCERY, SUPERMARKET • 14,553 SF
      116 1st St, Cheney, WA 99004-1479
      View Details
    • Value Estimation by Request
      2,613 SF

      630 1st St

      CONVENIENCE STORE • 2,613 SF
      630 1st St, Cheney, WA 99004-1268
      View Details
    • Value Estimation
      $620,000
      4,257 SF

      2827 1st St

      CONVENIENCE STORE • 4,257 SF
      2827 1st St, Cheney, WA 99004-2003
      View Details
    • Value Estimation
      $2,450,000
      16,261 SF

      2533 1st St

      GROCERY, SUPERMARKET • 16,261 SF
      2533 1st St, Cheney, WA 99004-5341
      View Details

    Similar Nearby for Sale

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      Three income-generating rental spaces in Four Lakes, Washington.
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    • $180,000
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      Land Parcel in Cheney, WA

      Three land parcels available in Cheney, WA for sale.
      Nka Pne Spg Rd, Cheney, WA 99004
      View Details
    • $1,679,581
      203.06 Acres

      203 Acres of Cheney Land

      203.06 acres of land near Turnbull National Wildlife Refuge.
      Vacant Land, Cheney, WA 99004
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    • $75,632
      9.10 Acres

      Land Near Turnbull Refuge

      9.1 acre parcel near Cheney and Turnbull Wildlife Refuge.
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    • $451,630
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      60 Acres Near Wildlife Refuge

      60 acres of land near Turnbull National Wildlife Refuge.
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    Similar Nearby for Lease

    • Contact for pricing
      1,436 SF

      Downtown Cheney Restaurant/Retail Space

      Former restaurant space with on-site parking and premier visibility.
      508 1St St, 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 St, Cheney, WA 99004
      View Details
    • Contact for pricing
      1,892 SF

      Retail Space in Cheney, WA

      Retail space available near Safeway, Grocery Outlet, and Starbucks.
      2420 1St St, 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
    • $16 SF/Yr
      81,628 SF

      Retail Center Anchored by Safeway

      Retail spaces available in Cheney, WA, anchored by Safeway.
      2710 1St St, Cheney, WA 99004
      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.
      2110 1St St, Cheney, WA 99004
      View Details
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    2710 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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