Police had examined CCTV footage from street cameras and businesses in the area, which had captured the pair, one scootering around the streets and the other walking.
Neither man gave evidence in the trial, but recordings of police interviews were played to the jury.
At the same trial, the men were found not guilty of two other charges relating to fires lit behind backpacker's lodge Archies Bunker and the County Hotel.
The pair had been jointly charged but their sentencing was handled separately.
Cheatley's lawyer, Alan Cressey, told the judge his client was unemployed but had a secure bail address in Whanganui, where he could live with his father.
Judge Rea told Cheatley the starting point for his offending was a prison term but in this case he was prepared to give him a sentence of six months' home detention.
Cheatley, whose mother sat in the public gallery, was also ordered to pay reparation of half the damage costs ($210) by December 31.
A condition of his bail was not to possess or consume alcohol or illicit drugs.
Cheatley's co-offender, Irimana Bell, was not sentencedyesterday due to issues with his bail address and breaching his current bail conditions. He was stood down until next month.
Bell's lawyer, Leo Lafferty, told the judge his client had since moved to Auckland where he was living with his aunt.
He said Bell saw things in a "straightforward manner" without any respect for the peripheral.
The judge said the starting point for Bell was also a term of imprisonment and he would put his transgressions down to "youthful responsibility" only once.
Bell was remanded on bail to April 15.