Historic Mixed-Use
For Sale
$750,000
202 S 4TH Ave, Ridgefield, WA 98642
MultiFamily, Ridgefield, WA
Property Size4,742 SF
Price / SF$158.16
Days on Market52
Property Features for 202 S 4TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
9-11
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 4
Elementary school
Union Ridge
Middle school
View Ridge
High school
Ridgefield
Directions
West on Pioneer, Left on 4th Avenue
Subdivision
_50
Standard status
Active
APN
069168000
Size
4,742 SF
Taxes and HOA fees
Tax Description
UNRECD LAMBERT & SARGENTS ADDN #2 LOT 9 & ALL LOT 10 BLK 6 FOR AS
Tax Annual Amount
10167
Legal Description
UNRECD LAMBERT & SARGENTS ADDN #2 LOT 9 & ALL LOT 10 BLK 6 FOR AS
Utilities
Cooling system
Central Air
Building Details
Year built
1945
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Chris Balmes Properties LLC
(503) 427-0372
Listed By:
Lisa Balmes PC
(503) 901-6545
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 5 at 5:06PM
MLS# 724213223
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property includes a historic church and a separate building with two leased apartments. The improvements total 4,742 square feet and date to 1945, with central air conditioning and a composition roof. The property is identified under zoning designation 9-11 and includes four bedrooms and three bathrooms.
Located at 202 S 4TH Ave in Ridgefield, the property is near the Ridgefield National Wildlife Refuge, the Columbia River, and downtown amenities. Its existing configuration supports a combination of religious, commercial, and multifamily uses, with the church building offering a distinctive setting for continued community use or another permitted application.
Located at 202 S 4TH Ave in Ridgefield, the property is near the Ridgefield National Wildlife Refuge, the Columbia River, and downtown amenities. Its existing configuration supports a combination of religious, commercial, and multifamily uses, with the church building offering a distinctive setting for continued community use or another permitted application.
Key Highlights
- 4,742‑square‑foot mixed‑use property in Ridgefield
- Historic church paired with a separate apartment building
- Two leased apartments included in the secondary building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$63,450
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,269,000
$1.3M
Cap Rate 7%
$906,429
$906.4K
Cap Rate 9%
$705,000
$705.0K
Market Conditions
NOI Build-Up for 4,742 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$109.3K $23.04/SF
− Vacancy
−$7.7K −$1.63/SF
EGI
$101.5K $21.41/SF
− OpEx
−$38.1K −$8.03/SF
NOI
$63.5K $13.38/SF
Area
Clark County, WA
Vacancy
7.08%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,269,000
Cap Rate 7%
$906,429
Cap Rate 9%
$705,000
Alternative Uses
Best Use
Mixed Use
$906.4K
$793.1K – $1.06M
NOI $63,450 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$824.0K
$721.0K – $961.4K
NOI $57,681 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,869 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 98642, WA
23,685
Population
9,736
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
96%
High-School Grad
56.8 sq mi
ZIP Area
417
Density / Sq Mi
$119,316
Median Household Income
$62,710
Median Earnings
$1,938
Median Rent
$622,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Church improvements and a separate apartment building create a flexible combination of community, commercial, and residential space.
Where is this mixed-use property located?
The property is located at 202 S 4TH Ave Ridgefield, WA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,742‑square‑foot mixed‑use property in Ridgefield; Historic church paired with a separate apartment building; Two leased apartments included in the secondary building
