Updated Duplex with Finished
For Sale
$499,000
1217-1219 McPherson Ave, Richland, WA 99354
Residential Income, Richland, WA
Property Size3,526 SF
Lot Size0.19 Acres
Price / SF$141.52
Days on Market160
Property Features for 1217-1219 McPherson Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MULTI-FAMILY RE
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 4, Dining Room, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Parking features
Off Street
Window features
Vinyl Frames
Interior features
Breakfast Bar, Carpets, Kitchen/Dining Room Combo, Dining/Living Room Combo, Storage, Utility Room, Ceiling Fan(s)
Exterior features
Fencing/Partial
Fencing
Fenced
Basement
Partially Finished
Appliances
Dishwasher, Range/Oven, Refrigerator
Subdivision
Richland Cntrl
Lot features
Loc in City Limits
Elementary school district
RICHLAND
Middle school district
RICHLAND
High school district
RICHLAND
Directions
Williams to McPherson
Standard status
Active
APN
110981020605005
Size
3,526 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
3649
Tax Annual Amount
2026
Utilities
Utilities
Cable Available
Heating system
Baseboard, Forced Air
Cooling system
Central Air, Electric, Window Unit(s), Wall Unit(s)
Water source
Public
Building Details
Year built
1944
Number of units
2
Flooring type
Carpet
Building materials
Cement Board
Roof type
Composition
Additional Structures
Storage
Listing Agency:
HomeSmart Elite Brokers
(509) 371-9085
Listed By:
Trish Rudolph · License #118373
(509) 528-5175
Added: Apr 7
Changed: Sep 13
Last Checked: Sep 13 at 2:06AM
MLS# 291896
Copyright © 2026 PACMLS. 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 duplex at 1217-1219 McPherson Ave in Richland contains 3,526 square feet across two fully finished units. Each residence spans two stories and includes a basement that can function as a family room or flexible-use area. Together, the units offer 6 bedrooms and 2 bathrooms, with kitchen and dining areas, storage, utility rooms, and off-street parking. The property also includes dishwashers, ranges/ovens, refrigerators, carpeting, and fenced outdoor space.
Recent property updates include cement-board siding, the composition roof, windows, and a covered back patio. Located in Central Richland on a 0.19-acre lot, the duplex is situated in an established neighborhood near schools, parks, and everyday amenities. Public water is available, with baseboard and forced-air heating plus multiple cooling systems.
Recent property updates include cement-board siding, the composition roof, windows, and a covered back patio. Located in Central Richland on a 0.19-acre lot, the duplex is situated in an established neighborhood near schools, parks, and everyday amenities. Public water is available, with baseboard and forced-air heating plus multiple cooling systems.
Key Highlights
- 3,526 square feet across two fully finished units
- 6 bedrooms and 2 bathrooms combined
- Each unit has a two‑story layout with a finished basement
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
$30,671
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
6.15%
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%
$613,420
$613.4K
Cap Rate 7%
$438,157
$438.2K
Cap Rate 9%
$340,789
$340.8K
Market Conditions
NOI Build-Up for 3,526 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
$47.8K $13.56/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$43.8K $12.43/SF
− OpEx
−$13.1K −$3.73/SF
NOI
$30.7K $8.70/SF
Area
Benton County, WA
Vacancy
8.36%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$613,420
Cap Rate 7%
$438,157
Cap Rate 9%
$340,789
Alternative Uses
Best Use
Multifamily LT 5
$438.2K
$383.4K – $511.2K
NOI $30,671 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$388.1K
$339.6K – $452.8K
NOI $27,166 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$978.0K
$855.7K – $1.14M
NOI $68,459 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,342
Businesses Nearby
Explore this area
Business Placement
Demographics for 99354, WA
24,839
Population
10,807
Households
2.3
Avg Household Size
37
Median Age
42%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,039
Density / Sq Mi
$88,601
Median Household Income
$50,192
Median Earnings
$1,299
Median Rent
$355,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two completed units provide flexible layouts, additional living space, and separate household accommodations.
Where is this duplex located?
The property is located at 1217-1219 McPherson Ave Richland, WA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3,526 square feet across two fully finished units; 6 bedrooms and 2 bathrooms combined; Each unit has a two‑story layout with a finished basement
