Quadplex with Central
For Sale
$649,990
3506 W 1st Ave, Kennewick, WA 99336
MULTI_FAMILY - Kennewick, WA
Property Size3,544 SF
Lot Size0.24 Acres
Price / SF$183.41
Days on Market154
Property Features for 3506 W 1st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI-FAMILY RE
Bedrooms
2
Bathrooms
1
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2, Bathroom 3, Dining Room
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Carpets, Dining/Living Room Combo, Drapes/Blinds, Storage, Utility Room
Exterior features
Fencing/Enclosed
Fencing
Fenced
Appliances
Dishwasher, Disposal, Range/Oven
Subdivision
Kennewick Cntrl
Lot features
Located in County
Elementary school district
KENNEWICK
Middle school district
KENNEWICK
High school district
KENNEWICK
Directions
395 S. to W. on Kenn Ave to S.on Morain to E. on 1st
Standard status
Active
APN
***
Size
3,544 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3024
Utilities
Utilities
Electricity Available
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
central air
utility hookups
dedicated tenant storage
large fenced yard
off-street parking
Building Details
Year built
1972
Number of units
4
Flooring type
Carpet
Building materials
T1-11, Wood Siding
Roof type
Built-Up
Additional Structures
Storage
Listing Agency:
EXP Realty, LLC Tri Cities
(888) 317-5197
Listed By:
C. Todd Watkins · License #26297
(509) 947-3741
Added: Mar 25
Changed: Aug 5
Last Checked: Aug 25 at 7:06AM
MLS# 291548
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.
Quadplex investment property at 3506 W 1st Ave, Kennewick, WA, built in 1972 on a 0.24-acre lot. The 3,544-square-foot building offers four 2-bedroom/1-bath units, each equipped with central air and utility hookups. Interior amenities include carpets, dining/living room combo layouts, drapes/blinds, and in-unit storage, along with a utility room. Unit kitchens include a dishwasher, disposal, and range/oven. Heating is forced air electric, with a built-up roof.
Exterior features include wood siding with T1-11 construction elements, a deck, and a fenced yard for tenants. Parking is available off-street, and tenants have dedicated storage.
The property is serviced by public water and has electricity available, supporting straightforward residential operations for each unit.
Exterior features include wood siding with T1-11 construction elements, a deck, and a fenced yard for tenants. Parking is available off-street, and tenants have dedicated storage.
The property is serviced by public water and has electricity available, supporting straightforward residential operations for each unit.
Key Highlights
- Four 2‑bedroom/1‑bath units with central air
- 0.24‑acre lot with a 3,544‑square‑foot quadplex
- Built in 1972 with T1‑11 and wood siding and a built‑up roof
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
$30,827
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
4.74%
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%
$616,540
$616.5K
Cap Rate 7%
$440,386
$440.4K
Cap Rate 9%
$342,522
$342.5K
Market Conditions
NOI Build-Up for 3,544 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
$48.1K $13.56/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$44.0K $12.43/SF
− OpEx
−$13.2K −$3.73/SF
NOI
$30.8K $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%
$616,540
Cap Rate 7%
$440,386
Cap Rate 9%
$342,522
Alternative Uses
Best Use
Multifamily LT 5
$440.4K
$385.3K – $513.8K
NOI $30,827 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$390.1K
$341.3K – $455.1K
NOI $27,305 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$983.0K
$860.1K – $1.15M
NOI $68,808 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 99336, WA
51,127
Population
20,915
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
85%
High-School Grad
13.4 sq mi
ZIP Area
3,815
Density / Sq Mi
$63,308
Median Household Income
$38,211
Median Earnings
$1,155
Median Rent
$292,300
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?
Quadplex - Turn-key quadplex with four 2-bedroom/1-bath units, each with central air and dedicated tenant storage.
Where is this quadplex located?
The property is located at 3506 W 1st Ave Kennewick, WA.
What is the asking price?
The asking price for this property is $649,990.
What are key features of this property?
This property features: Four 2‑bedroom/1‑bath units with central air; 0.24‑acre lot with a 3,544‑square‑foot quadplex; Built in 1972 with T1‑11 and wood siding and a built‑up roof
