28 2Nd StCheney, WA 99004

Property Details for 28 2Nd St

Year built

1971

Property type

Residential income properties

Property subtype

Multifamily properties

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.

Location Insight

City

Cheney

County

Spokane

State

Washington

Latitude

47.484

Longitude

-117.581

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