706 1St StCheney, WA 99004

Property Details for 706 1St St

Year built

1954

Lot size

0.21 AC

Property size (Sq ft)

7,084 SF

Property type

Retail properties

Property subtype

Retail space

APN

13131.2511

APU

131312511

Description

This exceptional commercial property, located at 706 1st Street in Cheney, Washington, presents a unique investment opportunity. The 7,500 square foot building, constructed in 1954, sits on a 0.21-acre lot and is zoned G1 Downtown Core. The property features a traditional office layout spread across two stories within a single building. Currently, there is 4,500 square feet of retail/office space available for lease, ideal for a variety of businesses. Its prime location at the corner of 1st and C Streets offers excellent visibility and accessibility. The property's proximity to Eastern Washington University (EWU) campus makes it particularly attractive to businesses catering to students and faculty. The APN is 13131.2511. This versatile space offers a blend of historical charm and modern functionality, making it an excellent choice for businesses seeking a prominent presence in the heart of Cheney's vibrant downtown area. The multiple tenancy structure allows for flexibility in leasing arrangements. This is a rare opportunity to acquire a well-situated commercial property in a growing community. The property's size and location provide significant potential for future growth and profitability. The building's age presents an opportunity for renovation and modernization to further enhance its value and appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $2,121,922

  6.5%

  $1,958,698

  7%

  $1,818,790

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,806,157

  Geo Method

  $3,806,157

• Alternative Use

  Use

  Valuation

  Residential

  $1,652,235

  Hospitality

  $1,513,438

  Educational

  $1,259,163

  Medical

  $1,302,467

  Retail

  $1,958,698

Location Insight

City

Cheney

County

Spokane

State

Washington

Latitude

47.4892

Longitude

-117.574

CBSA code

44060

CBSA name

SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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