Historic Apartment
New
For Sale
$1,500,000
208 S Palouse Street, Walla Walla, WA 99362
Residential Income, Walla Walla, WA
Property Size9,367 SF
Lot Size0.36 Acres
Price / SF$160.14
Days on Market5
Property Features for 208 S Palouse Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
MULTI-FAMILY RE
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 5, Bedroom 8, Bedroom 9, Bedroom 10, Bathroom 1, Bathroom 2, Bathroom 4, Bathroom 6, Bedroom 3, Bedroom 7
Parking features
Carport
Interior features
Carpets
Exterior features
Balcony
Fireplace
1
Basement
Finished
Appliances
Range/Oven, Refrigerator
Directions
GPS friendly
Standard status
Active
APN
360729870412
Size
9,367 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11097
Utilities
Cooling system
Window Unit(s)
Amenities
covered porches
fireplace
stained glass
bay windows
carved wood staircase
decorative columns
arched doorways
detailed ceilings
Building Details
Year built
1893
Number of units
10
Flooring type
Carpet
Building materials
Frame
Listing Agency:
Berkshire Hathaway Hm Serv Central WA Real Estate
(509) 563-5117
Listed By:
Leticia Torres
(509) 619-6304
Added: Aug 26
Changed: Aug 27
Last Checked: Aug 30 at 1:06AM
MLS# 295964
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 apartment-building property pairs a two-story main residence with 9 apartment units, creating a combined offering of approximately 9,367 square feet on .36 of an acre. The primary structure contains 4 bedrooms, 2.5 bathrooms, 2 offices, and 2 living rooms, along with a primary suite featuring two vanities, a soaking tub, and a tiled walk-in shower. Architectural details include a carved wood staircase, fireplace, woodwork, decorative columns, arched doorways, stained glass, detailed ceilings, bay windows, rounded front elevation, covered porches, and distinctive rooflines.
Constructed in 1893, the property is zoned MULTI-FAMILY RE and located at 208 S Palouse Street in Walla Walla. Downtown Walla Walla and Whitman College are within walking distance, while Pioneer Park is also nearby. Additional features include a balcony, carport, window-unit cooling, range/oven, and refrigerator.
Constructed in 1893, the property is zoned MULTI-FAMILY RE and located at 208 S Palouse Street in Walla Walla. Downtown Walla Walla and Whitman College are within walking distance, while Pioneer Park is also nearby. Additional features include a balcony, carport, window-unit cooling, range/oven, and refrigerator.
Key Highlights
- 9 apartment units plus a two‑story main residence
- Approximately 9,367 square feet on .36 of an acre
- Main home includes 4 bedrooms, 2.5 bathrooms, 2 offices, and 2 living rooms
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
$66,768
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
4.45%
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%
$1,335,360
$1.3M
Cap Rate 7%
$953,829
$953.8K
Cap Rate 9%
$741,867
$741.9K
Market Conditions
NOI Build-Up for 9,367 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
$126.5K $13.50/SF
− Vacancy
−$5.1K −$0.54/SF
EGI
$121.4K $12.96/SF
− OpEx
−$54.6K −$5.83/SF
NOI
$66.8K $7.13/SF
Area
Walla Walla County, WA
Vacancy
4.00%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
45.00%
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%
$1,335,360
Cap Rate 7%
$953,829
Cap Rate 9%
$741,867
Alternative Uses
Best Use
Apartment 5plus
$953.8K
$834.6K – $1.11M
NOI $66,768 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,308 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 99362, WA
43,249
Population
18,022
Households
2.4
Avg Household Size
40
Median Age
31%
College-Educated
90%
High-School Grad
303.1 sq mi
ZIP Area
143
Density / Sq Mi
$70,660
Median Household Income
$37,236
Median Earnings
$1,148
Median Rent
$398,000
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?
Apartment building - Multi-unit property combines a two-story residence with nine apartment units and distinctive period architectural details.
Where is this apartment building located?
The property is located at 208 S Palouse Street Walla Walla, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 9 apartment units plus a two‑story main residence; Approximately 9,367 square feet on .36 of an acre; Main home includes 4 bedrooms, 2.5 bathrooms, 2 offices, and 2 living rooms
