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323 5th St
Cheney, WA 99004

Spokane Area Rental

  • 3,008 Sqft
  • 0.17 Acre

$410,000

3 Months on market

MLS# 202611651

Listing courtesy of Spokane Association of REALTORS MLS as distributed by MLS GRID.

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)

SqFt: 3,008
County: Spokane
Year Built: 1895
Basement
  • Partial
  • Partially Finished
  • Rec/Family Area
  • Laundry
  • Walk-Out Access
Kitchen / Appliances
  • Free-Standing Range
  • Dishwasher
  • Refrigerator
  • Washer
  • Dryer
Garage / Parking
  • Detached
  • Off Site
  • Alley Access
Heating / Cooling
  • Electric
  • Forced Air
  • Ductless
Lot / Information
  • Treed
  • Level
  • Corner Lot
Features
  • Breakers
Roof
  • Composition

Office Details
Windermere City Group  —  (509) 323-2323

Broker Reciprocity MLS Disclaimer: Copyright of the Spokane Association of REALTORS MLS. All rights reserved. Listing information deemed reliable but not guaranteed.

IDX listing information is provided exclusively for consumers’ personal, noncommercial use. All other uses are strictly prohibited. The listing information displayed herein is based on information submitted to the MLS GRID as of 5/15/2026, 8:01 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.