Mixed-Use Property with
For Sale
$750,000
202 S 4th AVE, Ridgefield, WA 98642
A church building and separate apartment structure create a two-part mixed-use property in Ridgefield.
Property Size4,742 SF
Price / SF$158.16
Days on Market28
Property Features for 202 S 4th AVE
General Information
Standard status
Active
Size
4,742 SF
Property subtype
Multi-Family
Building Details
Year Built
1945
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 966-4371
Listed By:
Realty Portland Team
(503) 966-4371
Source:
Realtyportland
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 28 at 8:17PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This mixed-use property comprises a church building and a separate structure with two leased apartments. Built in 1945, the property contains 4,742 square feet and combines an institutional component with residential space under one ownership. The church offers a distinctive historic character, while the apartment building adds an established leased use.
Located at 202 S 4th AVE in Ridgefield, Washington, the property is near the Ridgefield National Wildlife Refuge, the Columbia River, and downtown amenities. Its configuration supports multiple existing property components within a single site, with the church and apartment improvements serving distinct functions.
Located at 202 S 4th AVE in Ridgefield, Washington, the property is near the Ridgefield National Wildlife Refuge, the Columbia River, and downtown amenities. Its configuration supports multiple existing property components within a single site, with the church and apartment improvements serving distinct functions.
Key Highlights
- 4,742‑square‑foot mixed‑use property in Ridgefield
- Church building paired with a separate apartment structure
- Two leased apartments included
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
Multifamily LT 5
$882.6K
$772.3K – $1.03M
NOI $61,781 @ 7.0% cap · market cap 8.24%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - A church building and separate apartment structure create a two-part mixed-use property in Ridgefield.
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; Church building paired with a separate apartment structure; Two leased apartments included
