1603 Mahan Ave Richland, WA 99354
Estimated payment $8,496/month
About This Home
MLS# 280420 Opportunity to acquire the Richland Residential Portfolio (RRP), a collection of five fully leased residential properties located in Richland, Washington. These properties present an exceptional investment for those looking to secure a stabilized income-generating asset with significant potential for growth. With a proven track record of strong occupancy, long-term tenants, and under-valued rental rates, the portfolio offers both immediate cash flow and future upside. Proforma Rents are at $99k for the Portfolio with a Net Operating Income of $82k. 5.35% CAP rate, $285/SF or $308k per door. All 5 properties are within 1 mile of each other and takes 10 minutes to drive the portfolio making it easy to Manage. Must purchase entire portfolio, will not break up individually. Call LA for more information and Do Not Disturb tenants. A. 1603 Mahan AveB. 1209 Winslow AveC. 704 Birch AveD. 2305 Concord StreetE. 312 Adams
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,673
Year Built
- Built in 1948
Home Design
- 5,387 Sq Ft Home
Bedrooms and Bathrooms
- 14 Bedrooms
- 6 Bathrooms
Community Details
- 5 Units
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $2,372 | $270,290 | $50,000 | $220,290 |
| 2023 | $2,372 | $251,140 | $50,000 | $201,140 |
| 2022 | $2,209 | $217,620 | $50,000 | $167,620 |
| 2021 | $2,023 | $198,460 | $50,000 | $148,460 |
| 2020 | $1,742 | $174,510 | $50,000 | $124,510 |
| 2019 | $1,394 | $141,750 | $26,000 | $115,750 |
| 2018 | $1,447 | $121,800 | $26,000 | $95,800 |
| 2017 | $1,265 | $105,830 | $26,000 | $79,830 |
| 2016 | $1,247 | $105,830 | $26,000 | $79,830 |
| 2015 | $1,201 | $105,830 | $26,000 | $79,830 |
| 2014 | -- | $100,000 | $26,000 | $74,000 |
| 2013 | -- | $100,000 | $26,000 | $74,000 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/27/2025 03/27/25 | Price Changed | $1,485,000 | -3.6% | $276 / Sq Ft |
| 11/26/2024 11/26/24 | For Sale | $1,540,000 | +976.9% | $286 / Sq Ft |
| 12/19/2016 12/19/16 | Sold | $143,000 | -1.4% | $124 / Sq Ft |
| 11/19/2016 11/19/16 | Pending | -- | -- | -- |
| 11/18/2016 11/18/16 | For Sale | $145,000 | -- | $126 / Sq Ft |
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Quit Claim Deed | -- | Stewart Title | |
| Warranty Deed | $175,000 | Benton Franklin Title Co | |
| Warranty Deed | $143,000 | Stewart Title Company |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $141,000 | New Conventional | |
| Previous Owner | $140,000 | New Conventional | |
| Previous Owner | $92,250 | New Conventional | |
| Previous Owner | $75,000 | Credit Line Revolving | |
| Previous Owner | $80,000 | Credit Line Revolving |
Source: Pacific Regional MLS
MLS Number: 280420
APN: 103981020739018
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