321 1st St, Cheney, WA 99004-1505

This exceptional mixed-use building, located at 321 1st St in Cheney, WA 99004, presents a lucrative investment opportunity. The 12,000 square foot property, situated on a 0.1-acre lot (APN 13132.3004), boasts a prime downtown location just three blocks from Eastern Washington University. Built in 1902 and extensively remodeled in 2013, this three-story building offers a diverse income stream. The top floor comprises four apartment units: three two-bedroom, one-bathroom units and one studio. The main floor features two street-level retail suites, while the bottom floor houses five private offices and an additional retail suite. The property is zoned commercial and offers a compelling 6.51% cap rate at an asking price of $1,600,000 ($133.33/sq ft). Its convenient location offers proximity to both Downtown Spokane and Spokane International Airport (approximately 20 minutes to each). The seller is open to owner financing, making this an even more attractive proposition for qualified buyers. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use asset in a thriving community.