323 5th St, Cheney, WA 99004
Cheney · Spokane County
Key Facts
Description
This has the potential to pencil out attractively based on current rents & it's fully occupied! This PRIME income-producing property DIRECTLY across from Eastern Washington University in Cheney, WA! This rare triplex for sale near EWU sits on a corner lot just steps from campus - just across the grounds to Showalter Hall and 2 minutes to Downtown Cheney restaurants, bars, and shops. Recent Updates include a new 2025 roof, exterior paint, new LVP flooring, and interior paint. This is one of the closest multifamily investment properties available near the school, making it ideal for a long-term investment, student housing, 1031 exchange, house hacking, and buyers seeking cash flow and long-term appreciation. This registered historic triplex features separately metered units, campus views, mature trees, and off-street parking for each unit. Gross monthly rental income is $3,250/Mo (Unit 323: $1500, Unit 325: $900, Unit 321: $850/Mo)
Property Information
Property Type
Residential Income
Style
Other
Year Built
1895
Living Area
3,008 sq ft
Lot Size
0.17 acres
Garage Spaces
1
Parking Spaces
3
Zoning
RMF
Days on Market
140
MLS® Listing#
202611651
Property Features
Interior
Appliances
Heating
Flooring
Basement
Parking
Laundry
Patio
Lot Features
Construction
Roof
Windows
Schools
- Elementary:
- Betz
- Middle:
- Cheney
- High:
- Cheney
Financial Details
Annual Taxes
$3,815
Parcel Number
13132.1005
Directions
From downtown Spokane, head westbound on I-90, Take exit 270, take highway 904 south, turn right on G St, turn right on 5th st, on your right
Affordability Calculator
$82,000
Estimated monthly payment
$2,182/mo
Principal $328,000 · Est. interest $457,589 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Cheney, WA
- $478,947
- Median Listing Price
- 48
- Median Days on Market
- 1,876
- Median Sq Ft
- $226
- Median Price / Sq Ft
- 133
- Active Listings
- This home’s price is 14% below the area median.
- Its price per sq ft is 40% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Cheney, WA.
Location
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Points of Interest in Cheney, WA
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Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 10510 W Richland Rd, Cheney, WA | $287,000 | 3 | 2 | 1,539 |
| 27816 W Drumheller Rd, Cheney, WA | $289,000 | — | — | — |
| 10510 W Richland Rd, Cheney, WA | $290,000 | 3 | 2 | 1,296 |
| UNK S Cheney Plaza Rd, Cheney, WA | $292,723 | — | — | — |
| 1521 4th St, Cheney, WA | $295,000 | — | — | 1,638 |
| 10510 W Richland Rd, Cheney, WA | $299,500 | 3 | 2 | 1,404 |
Moving Cost Estimate
EXIT Agents in Cheney
Listing Courtesy: Windermere City Group - 5093232323