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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    28 2Nd St Cheney, WA 99004

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1295012
    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

    • Commercial real estate

    Property Details for 28 2Nd St

    Year built
    1971
    Property type
    Commercial real estate
    APN
    13133.0702, 13133.0705

    Description

    This exceptional 58-unit apartment building presents a compelling investment opportunity in the thriving city of Cheney, Washington. Located just blocks from Eastern Washington University, this property boasts a prime location ideal for students, faculty, and local residents. The complex comprises two buildings situated on two contiguous parcels, totaling nearly one acre (42,510 square feet) of land. With 26,880 rentable square feet, the property offers a substantial income stream from its fifty-eight one-bedroom apartments. Built in 1971, the property benefits from strong existing cash flow, with further upside potential through lease-up of vacant units, unit turnover, interior renovations, and strategic market adjustments. The property's two parcels are identified by APN numbers 13133.0702 and 13133.0705. This multifamily investment is situated at 28 W 2nd St, Cheney, WA 99004, within the Spokane County submarket of Eastern Washington. The property's strategic location and unit mix make it an attractive investment for those seeking strong returns and potential for future growth. The asking price for this exceptional opportunity is $4,950,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheney
    County
    Spokane
    State
    Washington
    Longitude
    -117.58133805248
    Latitude
    47.483987686477

    Comparable in this City

    • $600,000
      2.30 Acres

      8824 Hallett Rd

      Multifamily properties • 2.30 Acres
      8824 Hallett Rd, Cheney, WA 99004
      View Details
    • $49,950
      924 SF

      Move-In Ready Mobile Home

      1997 Champion singlewide in Pine Village Mobile Home Park.
      840 W 1St St, Cheney, WA 99004
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    • $2,500,000
      1,432 SF

      Prime Cheney Student Housing

      18 Suites, Move-In Ready, High ROI
      113 9Th St, Cheney, WA 99004
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    • $33,500
      728 SF

      Furnished Home in Cheney Park

      Centrally located, furnished home with appliances, storage, and yard.
      2225 1St St, Cheney, WA 99004
      View Details
    • $80,000
      840 SF

      Badger Lake Estates Manufactured Home

      Well-maintained 2-bedroom home with lake access and community amenities.
      34010 S Black Butte Ln, Cheney, WA 99004
      View Details
    • $525,000
      2,030 SF

      Four Lakes Income Property

      Three income-generating rental spaces in Four Lakes, Washington.
      10117 S Electric St, Four Lakes, WA 99004
      View Details

    Similar Nearby for Sale

    • $600,000
      2.30 Acres

      8824 Hallett Rd

      Multifamily properties • 2.30 Acres
      8824 Hallett Rd, Cheney, WA 99004
      View Details
    • $49,950
      924 SF

      Move-In Ready Mobile Home

      1997 Champion singlewide in Pine Village Mobile Home Park.
      840 W 1St St, Cheney, WA 99004
      View Details
    • $2,500,000
      1,432 SF

      Prime Cheney Student Housing

      18 Suites, Move-In Ready, High ROI
      113 9Th St, Cheney, WA 99004
      View Details
    • $33,500
      728 SF

      Furnished Home in Cheney Park

      Centrally located, furnished home with appliances, storage, and yard.
      2225 1St St, Cheney, WA 99004
      View Details
    • $80,000
      840 SF

      Badger Lake Estates Manufactured Home

      Well-maintained 2-bedroom home with lake access and community amenities.
      34010 S Black Butte Ln, Cheney, WA 99004
      View Details
    • $525,000
      2,030 SF

      Four Lakes Income Property

      Three income-generating rental spaces in Four Lakes, Washington.
      10117 S Electric St, Four Lakes, WA 99004
      View Details

    Similar Nearby for Lease

    • $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
    • $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 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
    • $12 SF/Yr
      7,500 SF

      Downtown Cheney Office Space

      7,500 SF Office Building, 1st & C St
      706 1St St, Cheney, WA 99004
      View Details
    • $3,500,000
      25,000 SF

      Turn Key Grow/Storage Facility

      25,000 SF facility suitable for grow operation or self-storage.
      10117 S Spotted Rd, Cheney, WA 99004
      View Details
    • $7,500,000
      112,501 SF

      Cheney Manufacturing Facility For Lease

      112,500 SF manufacturing facility available for lease in Cheney, WA.
      1500 W 1St St, Cheney, WA 99004
      View Details
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    28 2Nd 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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