201 5Th StCheney, WA 99004

Property Details for 201 5Th St

Year built

1945

Lot size

0.23 AC

Property size (Sq ft)

3,406 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional four-unit multifamily investment property, located at 201 5th St, Cheney, WA 99004, presents a compelling opportunity. Boasting a desirable location just three blocks from Eastern Washington University, this property offers convenient access to both the university and the wider Spokane area, including downtown Spokane and Spokane International Airport (both approximately 20 minutes away). Built in 1945, this two-story building comprises 3,406 square feet and sits on a 0.23-acre lot (APN 13132.4801). The property features a mix of unit sizes: one three-bedroom, one-bathroom unit and three one-bedroom, one-bathroom units. Residents enjoy the convenience of a shared laundry room. Ample storage is provided by two sheds on the property, and three parking spots are available in the driveway. The property is zoned R-3 and offers a strong net operating income (NOI) of $24,032, resulting in an attractive 5.65% capitalization rate. The asking price is $425,000, translating to $106,250 per unit and $124.78 per square foot. This is a core investment opportunity with significant potential for future growth and strong rental income. Don't miss this chance to acquire a well-maintained, high-performing student housing property in a thriving college town.

Location Insight

City

Cheney

County

Spokane

State

Washington

Latitude

47.4872

Longitude

-117.581

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