408 1St AveRitzville, WA 99169

Property Details for 408 1St Ave

Year built

1955

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.48 AC

Property size (Sq ft)

3,720 SF

Property type

Grocery and convenience stores

APN

1-935-23-051-3204

APU

1935230513204

Description

This vibrant 984 sq ft commercial property, located at 408 W 1st Ave in Ritzville, WA, presents a unique investment opportunity. Situated on a 0.34-acre lot encompassing three city lots, this property offers exceptional versatility. Currently operating as a thriving coffee shop and community hub, it boasts a fully equipped kitchen including a restaurant hood and a convenient drive-through. The existing business model successfully hosts seasonal photo events, craft classes, and floral arrangement workshops, showcasing its potential for diverse revenue streams. The charming converted greenhouse adds an Instagram-worthy touch, ideal for hosting small events or classes. The property's prime location in Ritzville offers easy access to local amenities and benefits from the city's anticipated growth and development. Priced affordably at $230,000, this is a rare chance to acquire established commercial real estate in a burgeoning market. The existing infrastructure and proven business model provide a solid foundation for continued success, whether maintaining the current coffee shop concept, establishing a new restaurant, or exploring other commercial ventures. The multiple city lots offer expansion possibilities or the potential for future development. Don't miss this chance to own a piece of Ritzville's vibrant future.

• CAP approach

  CAP return

  Valuation

  6%

  $1,114,279

  6.5%

  $1,028,565

  7%

  $955,096

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,998,716

  Geo Method

  $1,998,716

• Alternative Use

  Use

  Valuation

  Residential

  $867,633

  Hospitality

  $794,747

  Educational

  $661,220

  Medical

  $683,961

  Retail

  $1,028,565

Location Insight

City

Ritzville

County

Adams

State

Washington

Latitude

47.1291

Longitude

-118.374

CBSA code

36830

CBSA name

OTHELLO, WA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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