407 1st Avenue, Ritzville, WA 99169
- $479,000
- 4,004
- SqFt
Listing courtesy of Windermere RE K-2 Realty.
- List Price
- $479,000
- Status
- ACTIVE
- MLS#
- 2461556
- Price Change
- ▲ $30,000 1781745984
- Days on Market
- 225
- Style
- 56 - 10+ Units
- Building Condition
- Fair
- Finished SqFt
- 4,004
- Area Total SqFt
- 4004
- Annual Tax Ammount
- 3465
- Lot Size (sq ft)
- 10,000
- Sewer
- Sewer Connected
Property Description
Excellent investment opportunity in the growing community of Ritzville! Originally constructed in 1950, this income-producing property has undergone extensive updates and now features 8 studio apartments, 1 one-bedroom unit with a full kitchen, 2 two-bedroom units with full kitchens, and a remodeled office space. Recent improvements include fresh exterior paint, the addition of a coin-operated laundry facility, and a brand-new roof installed in 2025. Each studio unit is equipped with a private bathroom, hot plate, microwave, and compact refrigerator, providing comfortable and efficient living accommodations. Two additional studio units are ready for renovation, offering significant upside potential and the opportunity to increase the property to a total of 11 income-producing units. Whether you're looking to expand your portfolio or enter the multifamily market, this property offers both immediate cash flow and value-add potential.
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Additional Information
- List Date
- 2025-12-18 02:24:20
- Community
- Ritzville
- Net Operating Income
- $57,508
- Gross Adjusted Income
- $80,520
- Gross Scheduled Income
- $96,000
- Total Monthly Income
- $8,000
- Insurance Expenses
- $5,885
- Water/Sewer/Garbage Expenses
- $4,143
- Gross Rent Multiplier
- 4.9
- Total Expenses
- $22,293
- Cap Rate
- 9.37
- Total Number of Units
- 1
- Unit Name
- 407
- Potential Terms
- Cash, Conventional
- Year Built
- 1950
- Roof
- Composition
- Electric Expenses
- 8079
- Other Expenses
- 720
- Energy Source
- Electric
- School District
- Ritzville
- Total Monthly Income
- $8,000
- Gross Scheduled Income
- $96,000
- Gross Adjusted Income
- $80,520
- Tax Year
- 2025
- Insurance Expense
- $5,885
- W/S/G Expenses
- $4,143
- Total Expenses
- $22,293
- Net Operating Income
- $57,508
- Gross Rent Multiplier
- 4.9
- Cap Rate
- 9.37
Based on information submitted to the MLS GRID as of . 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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.