Property Details
407 1st Avenue
Ritzville, WA 99169
$479,000
Active
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Property Overview
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.
Property Details
Property Information
Property Type
Commercial Sale
Subtype
Commercial Industrial
Status
Active
County
Adams
Neighborhood
Ritzville
Listed
Dec 16, 2025
Original Price
$469,000
Structure Type
Hotel/Motel
Parcel Number
1935230502401
Tax & HOA
Annual Property Tax
$3,465 (2025)
Est. Monthly Tax
$289/mo
Financial Summary
Net Operating Income
$57,508
Gross Scheduled Income
$96,000
Gross Rent Multiplier
4.90
Total Expenses
$22,294
Building & Use
Building Sq Ft
4,004
Zoning
Commercial,Multi-Family
Possible Use
Commercial, Multi-Family
Lot Size
10,001 sqft
Year Built
1950
Exterior & Lot
Lot Size
0.23 sqft
Year Built
1950
Exterior Materials
Metal/Vinyl, Wood
Sewer
Sewer Connected
Water Source
Public
Exterior Features
Metal/Vinyl, Wood
Community & Access
Directions
From Moses Lake and Interstate-WA 90, take Exit 220, turn left on First Ave, towards downtown Ritzville, property is on the right.
Location
City
Ritzville
County
Adams
Coordinates
47.12369, -118.38050
Additional Information
Tax Year
2025
Annual Taxes
$3,465
Possession
Array
Based on information submitted to the MLS GRID as of June 17, 2026 8:30 PM. 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, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
