321 1St StCheney, WA 99004

Property Details for 321 1St St

Year built

1902

Lot size

0.10 AC

Property size (Sq ft)

4,000 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

13132.3004

APU

131323004

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,198,149

  6.5%

  $1,105,984

  7%

  $1,026,985

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,149,157

  Geo Method

  $2,149,157

• Alternative Use

  Use

  Valuation

  Residential

  $932,939

  Hospitality

  $854,567

  Educational

  $710,990

  Medical

  $735,442

  Retail

  $1,105,984

Location Insight

City

Cheney

County

Spokane

State

Washington

Latitude

47.4866

Longitude

-117.576

CBSA code

44060

CBSA name

SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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