1115 1st Street
Multifamily | 11 Units | $109,091/unit
Marketing description
1115 1st Street is an 11-unit multifamily investment opportunity located in Cheney, Washington, home to Eastern Washington University and a stable, rental-driven submarket just southwest of Spokane. Built in 1970 and comprising 9,600 square feet, the property offers a well-balanced unit mix of seven 1-bedroom/1-bath units and four 2-bedroom/1-bath units, appealing to students, faculty, and the broader Cheney workforce rental base.
Offered at $1,200,000 ($109,091 per unit), the property is priced at a 6.03% cap rate on proforma net operating income of $72,341 — in line with the Spokane County average cap rate of 6.19% for comparable 1970s-vintage product. The asset is currently 10 of 11 units leased, presenting a buyer with modest, near-term upside from lease-up of the final vacant unit.
Investment highlights
- Stable in-place occupancy at 10 of 11 units (91%) leased
- Located in Cheney, WA — anchored by Eastern Washington University, supporting consistent rental demand
- Balanced unit mix (7 × 1BR, 4 × 2BR) appealing to students, faculty, and local workforce tenants
- Priced in line with Spokane County submarket cap rates (6.0%–6.5% range for comparable vintage)
- Straightforward value-add potential through lease-up of remaining vacancy and continued rent growth
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