James & Angie Smith

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Listing provided courtesy of Windermere RE K-2 RealtyNWMLSas Distributed by MLSGrid- MLS# NWM2461556MLS Provider

407 1st AvenueRitzville, WA 99169

Multi-Family · 4,004 Sq. ft. | 0.23 Acres
$479,000 Active

407 1st Avenue Overview

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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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407 1st Avenue Facts & Features

  • Type Multi-Family
  • Sq. ft. 4,004
  • Price/Sq.ft. $120
  • Lot 0.23 Acres

Details

General

Association/HOA

  • Association Fee: $0.00

School Information

  • School District: Ritzville

Income/Expenses

  • Other Expense: 720
  • Electric Expense: 8079.12
  • Fuel Expense: 0
  • Gross Scheduled Income: 96000
  • Insurance Expense: 5885.88
  • Net Operating Income: 57508
  • Total Expenses: 22293.84
  • Total Monthly Income: 8000
  • Water/Sewer/Garbage: 4143.84

Building Information

  • New Construction: No
  • Year Built: 1950

Location/Region

  • Country: US
  • County Or Parish: Adams
  • MLS Area Major: 381 - Adams County
  • Subdivision Name: Ritzville

Tax Information

  • Tax Annual Amount: $3,465.00
  • Tax Year: 2025

General Information

  • Listing Terms: Cash, Conventional
  • Parcel Number: 1935230502401
  • Possible Use: Commercial,Multi-Family
  • Property Condition: Fair
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Senior Community: No
  • Special Listing Conditions: None

Interior

Beds/Baths

  • Bedrooms Upper: 0

Building Interior

  • Building Area Total: 4004
  • Building Area Units: Square Feet
  • Calculated Square Footage: 4004
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0

General Information

  • Cooling: Yes
  • Fireplace: No
  • Fireplaces Total: 0
  • Flooring: Laminate, Vinyl, Carpet
  • Foundation Details: Concrete Ribbon
  • Heating: Yes
  • Leasable Area: 4004
  • Living Area: 0
  • Main Level Bathrooms: 0
  • Power Production Type: Electric
  • Stories Total: 1

Exterior

Parking Information

  • Open Parking Spaces: 0
  • Open Parking: No
  • Parking Uncovered Spaces: 0

Lot Information

  • Irrigation Water Rights: No
  • Lot Size Acres: 0.2296
  • Lot Size Square Feet: 10000
  • Lot Size Units: Square Feet
  • Elevation Units: Feet
  • Water Source: Public

Waterfront/View

  • View: No
  • Waterfront: No

Building Exterior/Construction

  • Roof: Composition
  • Structure Type: Multi Family

General Information

  • Carport Spaces: 0
  • Carport: No
  • Covered Spaces: 0
  • Exterior Features: Metal/Vinyl, Wood
  • Number Of Units Total: 1
  • Sewer: Sewer Connected

Unit Information

Unit 1 Details

  • Actual Rent: 675
  • Baths Total: 1

407 1st Avenue Neighborhood

Community

99169 (Ritzville) Demographics

43
Median Age
4
Population Density (per sq. mile)
36%
College Educated
$52,827
Estimated Median Income
790
Estimated Total Home Owners
367
Estimated Total Renters
68% / 32%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

407 1st Avenue Monthly Cost

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

407 1st Avenue Market Data

Based on the last 30 days in this zip code

$298,494
Average List Price
$137
Average Price per Square Foot
1
Properties Sold
151
Average Days on Market
24
Properties for Sale
Calculations provided by Reliance Network

407 1st Avenue History

Date Event Value Agent
6/17/2026Source: NWMLS Price Increase
$479,000 6.7%
6/17/2026Source: NWMLS Price Increase
$479,000 6.7%
4/7/2026Source: NWMLS Price Reduction
$449,000 -2.2%
4/7/2026Source: NWMLS Price Reduction
$449,000 -2.2%
2/14/2026Source: NWMLS Price Reduction
$459,000 -2.1%
2/14/2026Source: NWMLS Price Reduction
$459,000 -2.1%
12/17/2025Source: NWMLS Added to Database
December 17, 2025
12/16/2025Source: NWMLS Added to Database
December 16, 2025