Updated Duplex with Fenced
New
For Sale
$529,000
1305 Mcpherson Ave, Richland, WA 99354
MULTI_FAMILY - Richland, WA
Property Size3,430 SF
Lot Size0.30 Acres
Price / SF$154.23
Days on Market4
Property Features for 1305 Mcpherson Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Dining Room, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 1
Parking features
Off Street
Window features
Double Pane Windows, Vinyl Frames
Interior features
Breakfast Bar, Central Vacuum, Eat-in Kitchen, Kitchen/Dining Room Combo, Storage, Great Room, Garden Tub, Laundry Chute, New Floor Cover, New Paint, Tile Bath, Vinyl
Exterior features
Bldg/Loafing Shed, Fencing/Enclosed, Garden, Lighting, Sprinkler System
Fencing
Fenced
Basement
Finished
Appliances
Dishwasher, Dryer, Disposal, Microwave, Range/Oven, Refrigerator, Washer, Built In(s), Central Vacuum, Freezer, Hood/Fan
Subdivision
Richland Cntrl
Elementary school district
RICHLAND
Middle school district
RICHLAND
High school district
RICHLAND
Directions
From Williams, turn North on McPherson, property on West side of street.
Standard status
Active
APN
103984020700022
Size
3,430 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3079
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump, Multi Units
Water source
Public
Building Details
Year built
1944
Number of units
2
Flooring type
New floor cover, Vinyl, Tile
Building materials
Cement Board
Roof type
Composition
Additional Structures
Storage
Listing Agency:
The Paragon Group
(509) 943-0500
Listed By:
Philip Snider
(509) 308-6615
Added: Aug 6
Changed: Aug 8
Last Checked: Aug 9 at 1:06PM
MLS# 295341
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 includes two units within a 3,430-square-foot property on 0.3 acres. Renovation work includes new floor covering, fresh paint, tile bathrooms, and vinyl flooring, complemented by kitchens with breakfast bars, dining areas, and included appliances. Additional interior features include storage, great rooms, laundry chutes, and garden tubs. The property also offers heat-pump heating and cooling, a composition roof, cement-board construction, and off-street parking.
The exterior includes fencing, a garden, sprinkler system, lighting, and a building or loafing shed. Public water is available, and cable service is available. Built in 1944 and zoned Residential, the property is located at 1305 McPherson Ave in Richland, Washington, with access to schools, healthcare, shopping, and Columbia River activities. Both units may support an owner-occupant arrangement or leasing configuration.
The exterior includes fencing, a garden, sprinkler system, lighting, and a building or loafing shed. Public water is available, and cable service is available. Built in 1944 and zoned Residential, the property is located at 1305 McPherson Ave in Richland, Washington, with access to schools, healthcare, shopping, and Columbia River activities. Both units may support an owner-occupant arrangement or leasing configuration.
Key Highlights
- Two‑unit duplex with 3,430 square feet on a 0.3‑acre lot
- Renovated interiors include new floor covering, new paint, tile baths, and vinyl flooring
- Off‑street parking with fenced grounds, garden, lighting, and sprinkler system
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
267
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 renovated units feature modern finishes, functional layouts, and off-street parking in a residential setting.
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 with 3,430 square feet on a 0.3‑acre lot; Renovated interiors include new floor covering, new paint, tile baths, and vinyl flooring; Off‑street parking with fenced grounds, garden, lighting, and sprinkler system
