For Sale
$675,000
226 E Whitman Dr, College Place, WA 99324
MULTI_FAMILY - College Place, WA
Property Size3,056 SF
Lot Size0.21 Acres
Price / SF$220.88
Days on Market78
Property Features for 226 E Whitman Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MULTI-FAMILY RE
Bedrooms
8
Bathrooms
3
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 7, Bathroom 6, Bathroom 2, Bathroom 1, Bedroom 8, Bedroom 6, Bathroom 5, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 5
Directions
E Whitman Dr
Standard status
Active
APN
350736512210
Size
3,056 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Building Details
Year built
2015
Number of units
2
Listing Agency:
VRG Realty LLC
(509) 205-5724
Listed By:
Nate Biehl · License #2252
(509) 539-0333
Added: Jun 8
Changed: Aug 5
Last Checked: Aug 24 at 10:06PM
MLS# 293668
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 duplex property is situated on a 0.21-acre lot and totals 3,056 square feet, built in 2015. The layout includes eight bedrooms and six bathrooms, making it well-suited for tenants who need multiple private sleeping areas and shared-use flexibility.
The property is zoned MULTI-FAMILY RE. The address is 226 E Whitman Dr, College Place, WA 99324, within Walla Walla County.
If you’re seeking a small multi-family building with a compact lot footprint and a larger bedroom-and-bathroom count, this configuration can support a variety of residential occupancy needs.
The property is zoned MULTI-FAMILY RE. The address is 226 E Whitman Dr, College Place, WA 99324, within Walla Walla County.
If you’re seeking a small multi-family building with a compact lot footprint and a larger bedroom-and-bathroom count, this configuration can support a variety of residential occupancy needs.
Key Highlights
- 0.21‑acre lot
- 3,056 square feet
- Built in 2015
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
$24,942
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
3.70%
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%
$498,840
$498.8K
Cap Rate 7%
$356,314
$356.3K
Cap Rate 9%
$277,133
$277.1K
Market Conditions
NOI Build-Up for 3,056 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
$37.0K $12.12/SF
− Vacancy
−$1.4K −$0.46/SF
EGI
$35.6K $11.66/SF
− OpEx
−$10.7K −$3.50/SF
NOI
$24.9K $8.16/SF
Area
Walla Walla County, WA
Vacancy
3.80%
Lease Rate
$12.12 /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%
$498,840
Cap Rate 7%
$356,314
Cap Rate 9%
$277,133
Alternative Uses
Best Use
Multifamily LT 5
$356.3K
$311.8K – $415.7K
NOI $24,942 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$311.2K
$272.3K – $363.1K
NOI $21,783 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$719.2K
$629.3K – $839.1K
NOI $50,343 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 99324, WA
10,226
Population
3,601
Households
2.8
Avg Household Size
36
Median Age
37%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
3,652
Density / Sq Mi
$64,485
Median Household Income
$29,650
Median Earnings
$1,121
Median Rent
$338,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex located in multi-family residential zoning for College Place, WA.
Where is this duplex located?
The property is located at 226 E Whitman Dr College Place, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 0.21‑acre lot; 3,056 square feet; Built in 2015
