Renovated
For Sale
$529,000
Pending
1305 Mcpherson Ave, Richland, WA 99354
Two-unit property with updated interiors and flexible owner-occupant or rental use.
Property Size3,430 SF
Days on Market16
Property Features for 1305 Mcpherson Ave
General Information
Standard status
Pending
Size
3,430 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,079
Listing Agency:
The Paragon Group
(509) 308-6615
Listed By:
Philip Snider
(509) 308-6615
Source:
Exprealty
Added: Aug 6
Changed: Aug 20
Last Checked: Aug 21 at 9:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Paragon Group
Investment Insights
Based on property information with market context.
This duplex contains two residential units totaling 3,430 square feet. Renovation work has upgraded functionality and introduced modern finishes across both sides, creating a consistent interior presentation. The property can support an owner-occupant arrangement with one unit occupied and the other leased, or operation as a fully rented two-unit asset.
The home is located at 1305 McPherson Ave in Richland, Washington, with access to schools, healthcare, shopping, and Columbia River activities. Its two-unit layout and updated condition provide a straightforward residential income configuration for an owner-occupant or investor.
The home is located at 1305 McPherson Ave in Richland, Washington, with access to schools, healthcare, shopping, and Columbia River activities. Its two-unit layout and updated condition provide a straightforward residential income configuration for an owner-occupant or investor.
Key Highlights
- Two‑unit duplex totaling 3,430 square feet
- Renovated interiors with modern finishes in both units
- Updates focused on improved functionality throughout the property
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
$29,836
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
5.64%
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%
$596,720
$596.7K
Cap Rate 7%
$426,229
$426.2K
Cap Rate 9%
$331,511
$331.5K
Market Conditions
NOI Build-Up for 3,430 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
$46.5K $13.56/SF
− Vacancy
−$3.9K −$1.13/SF
EGI
$42.6K $12.43/SF
− OpEx
−$12.8K −$3.73/SF
NOI
$29.8K $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%
$596,720
Cap Rate 7%
$426,229
Cap Rate 9%
$331,511
Alternative Uses
Best Use
Multifamily LT 5
$426.2K
$373.0K – $497.3K
NOI $29,836 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$377.5K
$330.3K – $440.5K
NOI $26,427 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$951.4K
$832.4K – $1.11M
NOI $66,595 @ 7.0% cap · market cap 12.59%
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
1,327
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated interiors and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 1305 Mcpherson Ave Richland, WA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,430 square feet; Renovated interiors with modern finishes in both units; Updates focused on improved functionality throughout the property
