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    Kennewick Fourplex Investment Opportunity Title is generated by Realmo AI

    3506 W 1st Ave, Kennewick, WA 99336

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    For Sale
    $659,000

    MULTI_FAMILY - Kennewick, WA

    Property size:
    3,544 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $185/SF
    Added:
    Apr 14, 2026
    Days on Market:
    45
    Last Refresh:
    May 28 at 5:06 pm

    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
    Rooms
    Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2
    Parking features
    Off Street
    Patio and Porch features
    Deck
    Exterior features
    Deck/Wood Open, Fencing/Enclosed
    Fencing
    Fenced
    Appliances
    Dishwasher, Garbage Disposal, Range/Oven
    Standard status
    Active
    Size
    3,544 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3024

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1972
    Number of units
    4
    Flooring type
    Carpet, Drapes/curtains/blinds, Extra storage, Utility room, Dining-liv/combo
    Roof type
    Built-Up

    We can help!

    Listing Contact
    C. Todd Watkins
    C. Todd Watkins

    Listing agent C. Todd Watkins License #26297

    Listing office EXP Realty, LLC Tri Cities 3311 Clearwater Ave Suite D239, Kennewick, WA

    Listing date Apr 14, 2026

    MLS# 291548 Listing URL

    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.

    HighLights

    • Turn‑key investment property with a stable rental history and long‑term tenants.
    • Fourplex featuring 2BR/1BA units with central air and utility hookups.
    • Large, fenced yard and ample off‑street parking for all residents.
    • Convenient location near 1st Ave/Morain, close to amenities and transit.
    • Units include dedicated storage and appliances such as a dishwasher and range/oven.
    • Exterior features include a deck and enclosed fencing.

    Overview

    This is a turn-key investment opportunity featuring an exceptionally clean and stable fourplex. The property is located near 1st Ave and Morain. Each unit includes 2 bedrooms and 1 bathroom, central air conditioning, utility hookups, and dedicated storage. The property features a large fenced yard and ample parking for residents. The property has an incredible rental history with long-term tenants. It is located close to all amenities and transit options. The property size is 3544 square feet, and the lot size is 0.24 acres. The zoning is multi-family residential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kennewick
    County
    Benton
    State
    Washington
    Longitude
    -119.16868
    Latitude
    46.208849

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    FAQs

    What type of property is this?
    Quadplex - Turn-key fourplex near amenities and transit with long-term tenants.
    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 $659,000.
    What are key features of this property?
    This property features: Turn‑key investment property with a stable rental history and long‑term tenants.; Fourplex featuring 2BR/1BA units with central air and utility hookups.; Large, fenced yard and ample off‑street parking for all residents.
    (509) 947-3741
    We can help!
    Listing Contact
    C. Todd Watkins
    C. Todd Watkins
    Real Estate License ID: 26297
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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