MLS# 287813 Located on 0.2 acres in Colfax, WA, this 9,250 sq. ft. hotel offers 20units, including 13 one-bed units, 5 two-bed units, 1 furnished apartment, and 1 unfurnished apartment. Built in 1949 with new flooring, the property also includes an office, laundry room and four storage closets. Its prime location is 30-minutes from Washington State University, the University of Idaho, and the regional airport, drawing steady demand year-round. From college football games and parent weekends to festivals and community events like the Lentil Festival, the area provides a constant flow of activity. With a long history of both short- and long-term tenants, this property is a reliable and versatile investment in a thriving college-town community. If you are looking to owner operate this property quickly turns into a cap rate of 10%!
Colfax is located in Washington. Colfax, Washington has a population of 2,808. Colfax is less family-centric than the surrounding county with 29.65% of the households containing married families with children. The county average for households married with children is 31.52%.
The median household income in Colfax, Washington is $54,301. The median household income for the surrounding county is $43,613 compared to the national median of $69,021. The median age of people living in Colfax is 46.5 years.
The average high temperature in July is 83.9 degrees, with an average low temperature in January of 26.1 degrees. The average rainfall is approximately 19.2 inches per year, with 28.7 inches of snow per year.
