Fenced Duplex
New
For Sale
$450,000
1441 Thayer Drive, Richland, WA 99354
Residential Income, Richland, WA
Property Size2,348 SF
Price / SF$191.65
Days on Market2
Property Features for 1441 Thayer Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 6, Bedroom 5
Exterior features
Fencing/Enclosed, Fencing/Partial
Fencing
Fenced
Subdivision
PLAT OF RICHLAN
Lot features
Loc in City Limits
Directions
see maps
Standard status
Active
APN
103984020318019
Size
2,348 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3487
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central heat and air
fenced back yard
Building Details
Year built
1944
Number of units
2
Building materials
Frame
Listing Agency:
HomeSmart Elite Brokers
(509) 371-9085
Listed By:
Paula Elledge
(509) 308-7800
Added: Aug 20
Last Checked: Aug 21 at 6:06AM
MLS# 295788
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 2,348-square-foot frame duplex contains two residential units, each with 1,174 square feet, three bedrooms, and one bathroom. The property includes forced-air heating, central air conditioning, and a fenced backyard. Constructed in 1944, the building is served by public water.
The property is located at 1441 Thayer Drive in Richland, Washington, within Benton County. Its duplex configuration provides separate residential spaces within one building, with six bedrooms and two bathrooms in total.
The property is located at 1441 Thayer Drive in Richland, Washington, within Benton County. Its duplex configuration provides separate residential spaces within one building, with six bedrooms and two bathrooms in total.
Key Highlights
- Two‑unit duplex totaling 2,348 square feet
- Each unit measures 1,174 sq. ft. and includes 3 bedrooms and 1 bath
- Forced‑air heating and central air conditioning
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
$20,424
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
4.54%
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%
$408,480
$408.5K
Cap Rate 7%
$291,771
$291.8K
Cap Rate 9%
$226,933
$226.9K
Market Conditions
NOI Build-Up for 2,348 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
$31.8K $13.56/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$29.2K $12.43/SF
− OpEx
−$8.8K −$3.73/SF
NOI
$20.4K $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%
$408,480
Cap Rate 7%
$291,771
Cap Rate 9%
$226,933
Alternative Uses
Best Use
Multifamily LT 5
$291.8K
$255.3K – $340.4K
NOI $20,424 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$258.4K
$226.1K – $301.5K
NOI $18,090 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$651.2K
$569.8K – $759.8K
NOI $45,587 @ 7.0% cap · market cap 10.13%
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
495
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 - Residential units include central air, forced-air heat, and enclosed outdoor space.
Where is this duplex located?
The property is located at 1441 Thayer Drive Richland, WA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,348 square feet; Each unit measures 1,174 sq. ft. and includes 3 bedrooms and 1 bath; Forced‑air heating and central air conditioning
