Property Details
68 W State Highway 28
Soap Lake, WA 98851
$969,000
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Property Overview
Located between Ephrata and Soap Lake, this exceptional investment opportunity features 14 studio units between $700-$875 per month, along with an additional rental storage space generating $200 per month. Exterior of the property was repainted in 2025. Tenants enjoy the convenience of all utilities included—water, garbage, and power—making these units highly attractive and easy to maintain. Soap Lake is situated along the southern shore of its namesake lake, and has long been known as a tourist destination, drawing visitors for its unique, mineral-rich waters and their reputed healing properties. This steady influx of visitors and long-term residents alike supports strong rental demand in the area.
Property Details
Property Information
Property Type
Commercial Sale
Subtype
Commercial Industrial
Status
Active
County
Grant
Neighborhood
Soap Lake
Listed
Mar 23, 2026
Original Price
$1,099,000
Financial Summary
Cap Rate
12.00%
Net Operating Income
$116,695
Gross Scheduled Income
$135,600
Gross Rent Multiplier
8.10
Total Expenses
$18,905
Vacancy Rate
10.0%
Building & Use
Building Sq Ft
6,192
Total Units
3
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
30,000 sqft
Year Built
1947
Exterior & Lot
Lot Size
0.69 sqft
Year Built
1947
Exterior Materials
Wood
Sewer
Septic Tank
Water Source
Community
Exterior Features
Wood Products
Location
City
Soap Lake
County
Grant
Coordinates
47.37517, -119.49208
Additional Information
Tax Year
2026
Annual Taxes
$1,865
Possession
Array
Based on information submitted to the MLS GRID as of May 1, 2026 10:45 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.
