720 Lewis StPasco, WA 99301

  • Office properties
  • 840 SF
For Sale
$4,999,000 View listing

Property Details for 720 Lewis St

Year built
1958
Lot size
1.04 AC
Property size (Sq ft)
840 SF
Property type
Office properties
Property subtype
Other office properties
APN
112044172
APU
112044172

Description

This exceptional turnkey hotel investment opportunity in Pasco, Washington, presents a rare chance to acquire a fully renovated and highly profitable hospitality business. Located at 720 W Lewis St, this property boasts 58 keys across three buildings, each two stories high. A complete renovation was finished in 2023, ensuring modern amenities and optimal functionality. The hotel's configuration is ideally suited for migrant H2A fieldworker housing, holding all necessary permits. Beyond the hotel rooms (mostly singles, with several doubles), the property generates additional revenue streams from an on-site public laundromat and a leased restaurant. Further enhancing its appeal, the property includes a manager's residence and a front reception office. Situated on a spacious 1.04-acre lot, ample parking is readily available. The property's APN is 112044172. Built in 1958, this meticulously updated hotel offers an excellent return on investment, making it an attractive proposition for discerning investors seeking a stable and profitable venture in a thriving market. The asking price for this exceptional property is $4,999,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $171,164
    6.5%
    $157,998
    7%
    $146,712
  • Comparable approach

    Method
    Valuation
    Relative Method
    $179,096
    Geo Method
    $179,096
  • Alternative Use

    Use
    Valuation
    Residential
    $195,917
    Hospitality
    $179,459
    Educational
    $149,308
    Medical
    $154,443
    Retail
    $232,257
720 Lewis St, Pasco, Washington

Location Insight

City
Pasco
County
Franklin
State
Washington
Latitude
46.2291
Longitude
-119.097
CBSA code
28420
CBSA name
KENNEWICK-RICHLAND-PASCO, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2021
$11,415
$352,700
$1,178,800
$1,531,500
-
$352,700
$1,178,800
$1,531,500

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