11 East Main Street
Soap Lake, WA 98851
$525,000
Price
2
Beds
6
Baths
1,820 Sq. Ft.
$288 / Sq. Ft.
1,820
Sq. Ft.
$288
per Sq. Ft.
Listing provided courtesy of Keller Williams Columbia Basin
Description
Did you know you can get a loan based on rent income, not your income - DSCR Loans. This property's ratio: 1.38 Discover a Prime Investment Opportunity in the heart of Soap Lake, Wa. This property offers an unique blend of multi-family residential and commercial space and is perfect for investors. This versatile property comprises of one Commercial space, 2 Single Bedroom units, and 3 Studio Apartments; 100% occupancy for numerous years, with commercial tenant approaching 20 years - residential tenants...Did you know you can get a loan based on rent income, not your income - DSCR Loans. This property's ratio: 1.38 Discover a Prime Investment Opportunity in the heart of Soap Lake, Wa. This property offers an unique blend of multi-family residential and commercial space and is perfect for investors. This versatile property comprises of one Commercial space, 2 Single Bedroom units, and 3 Studio Apartments; 100% occupancy for numerous years, with commercial tenant approaching 20 years - residential tenants are on month to month basis, but would love to continue tenancy. The property is positioned at the intersection of Division and Main, and enjoys a coveted corner location within walking distance to the beach and parks.
- Listed by Kim Randolph Meaney • Keller Williams Columbia Basin
Property Details for 11 East Main Street
Community Name
Soap Lake
School DistrictSoap Lake
ViewLake
Number of Assigned Spaces12
Total Covered Parking0
Entry Date09-12-2024
Energy SourceElectric
SewerSewer Connected
LISTING UPDATED: 10/16/2024 09:04 PM
Property Details for 11 East Main Street
| Status | Active |
|---|---|
| MLS # | 2288749 |
| Days on Market | 62 |
| Cumulative Days on Market | 61 |
| Taxes | $1,181 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1940 |
| Lot Size | 0.29 AC / 12,629 SF |
| County | Grant County |
Building Information for 11 East Main Street
Stories2Residences6Year Built1940Building Size-Lot Size0.29 AC / 12,629 SF
Property Information for 11 East Main Street
Summary
Location and General Information
- Style: 55 - 5-9 Units
- Area: 291 - North Central Grant County
- Elementary School: Soap Lake Elem
- Middle Or Junior School: Soap Lake Mid & High
- High School: Soap Lake Mid & High
- Effective Year Built Source: See Remarks
- Directions: Corner of Main and Division in Soap Lake, WA
- Leased Items: None
- Property Sub Type: MULT
- View: Yes
- Waterfront: No
Taxes and HOA Information
- Tax Year: 2024
Parking
- Number of Carport Spaces: 0.0
- Carport: No
- Open Parking Spaces: 12.0
- Open Parking: Yes
Interior and Exterior Features
Bathroom Information
- Full Baths Upper: 0
- Three Quarter Baths Upper: 0
- Half Baths Upper: 0
- Main Level Bathrooms: 0
Bedroom Information
- Bedrooms Upper: 0
- Bedrooms Possible: 0
Interior Features
- Fireplaces Total: 0
- Cooling: Yes
- Cooling: Insert
- Fireplace: No
- Heating: Yes
- Heating: Baseboard
- FIRPTA: No
Exterior Features
- Exterior: Wood Products
- Roof: Composition, Metal
Property
Utilities
- Water Source: Community
- Water/Sewer/Garbage: 8916
- Power Company: Grant County PUD
- Sewer Company: City of Soap Lake
- Water Company: City of Soap Lake
- Power Production Type: Electric
Property and Assessments
- New Construction YN: No
- Zoning Jurisdiction: City
- Foundation: Poured Concrete
- Zoning Class: Commercial,Multi-Family,Residential,Retail
- First Right Of Refusal: false
- Possible Use: Commercial, Multi-Family, Residential, Retail
- Letter On File: Duplicate Prop Type
- Preliminary Title Ordered: Yes
- Senior Community: No
- Special Listing Conditions: None
- Year Built Effective: 2000
- Photos Count: 26
Lot Information
- Lot Details: Corner Lot, Paved, Sidewalk
- Lot Size Source: Grant County Assessor
- Parcel Number Free Text: 080388000
- Building Condition: Good
- Calculated Square Footage: 1820
- Structure Type: Multi Family
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 1820.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
Multi Family
Building Details
- Number of Uncovered Spaces: 12
- Number of Stories in Building: 2
- Vacancy Rate: 0
- Number Of Units Total: 6
- Units Below Grade: false
- Units In Building Total: 6
Financing / Income and Expenses
- Electric Expense: $2,400
- Total Expenses: 16358
- Gross Adjusted Income: 51900
- Gross Rent Multiplier: 10.11
- Gross Scheduled Income: $51,900
- Insurance Expense: $3,861
- Net Operating Income: $35,542
- Other Expenses: $0
- Total Monthly Income: 4325
- Fuel Expense: $0
Unit 1
- Name Unit 1: #1
- Washer/Dryer Unit 1: false
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Dishwasher Unit 1: false
- Rent Unit 1: $725.00
- Bathrooms Unit 1: 1
Unit 2
- Name Unit 2: #2
- Washer/Dryer Unit 2: false
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Dishwasher Unit 2: false
- Rent Unit 2: $700.00
- Bathrooms Unit 2: 1
Unit 3
- Name Unit 3: #3
- Washer/Dryer Unit 3: false
- Range/Oven Unit 3: true
- Refrigerator Unit 3: true
- Dishwasher Unit 3: false
- Rent Unit 3: $700.00
- Bathrooms Unit 3: 1
Unit 4
- Name Unit 4: #4
- Washer/Dryer Unit 4: false
- Range/Oven Unit 4: true
- Refrigerator Unit 4: true
- Dishwasher Unit 4: false
- Rent Unit 4: $900.00
- Bedrooms Unit 4: 1
- Bathrooms Unit 4: 1
Unit 5
- Name Unit 5: Commercial
- Washer/Dryer Unit 5: false
- Range/Oven Unit 5: false
- Refrigerator Unit 5: false
- Dishwasher Unit 5: false
- Rent Unit 5: $600.00
- Bathrooms Unit 5: 1
Unit 6
- Name Unit 6: Upstairs
- Washer/Dryer Unit 6: false
- Range/Oven Unit 6: true
- Refrigerator Unit 6: true
- Dishwasher Unit 6: false
- Rent Unit 6: $700.00
- Bedrooms Unit 6: 1
- Bathrooms Unit 6: 1
Rental
Rent Information
- Occupant Type: Tenant
- Leasable Area: 3860.0
- Leasable Area Units: Square Feet
Property History for 11 East Main Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 11 East Main Street
This home is within Soap Lake School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 5 | |||
| Public - | 6 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Soap Lake Elementary School PublicPK to 5 | ||
Soap Lake Middle & High School Public6 to 12 | ||
RISE Academy Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of Keller Williams Columbia Basin
Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.
