Four-Unit Apartment
For Sale
$700,000
504 N 7TH Ave, Kelso, WA 98626
MultiFamily, Kelso, WA
Property Size3,326 SF
Lot Size0.12 Acres
Price / SF$210.46
Days on Market211
Property Features for 504 N 7TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 9, Bathroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 2
Subdivision
Old Kelso Hill
View
Territorial
Elementary school
Barnes
Middle school
Huntington
High school
Kelso
Directions
I-5 to Exit 39, W on Allen St, Ron N 6th St, R on Cowlitz Wy, Left on N 7th Ave, Property on Right.
Standard status
Active
APN
20223
Size
3,326 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
275 (KELSO OLD TOWN) -33 -4 26 -8N -2W
Tax Annual Amount
5471
Legal Description
275 (KELSO OLD TOWN) -33 -4 26 -8N -2W
Amenities
on-site laundry room
Building Details
Year built
1966
Floors in Building
2
Number of units
10
Roof type
Tar/Gravel, Flat
Listing Agency:
Windermere Northwest Living · Windermere Real Estate
(360) 993-2222
Listed By:
David Thelin
(360) 749-5667
Added: Feb 12
Changed: Sep 10
Last Checked: Sep 11 at 1:06AM
MLS# 274357666
Copyright © 2026 Regional Multiple Listing Services. 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 four-unit residential income property contains 3,326 square feet on a 0.12-acre lot and was built in 1966. Three residences offer two bedrooms and one bathroom, while the fourth has been converted to a three-bedroom layout. Each of the three two-bedroom units includes a dedicated storage unit and covered parking space. Residents also have access to a large shared balcony.
The property is located at 504 N 7th Ave in Kelso, Washington. On-site laundry includes a coin-operated facility with a new electrical panel and separate hot water tank, providing an additional income stream. The building has a flat tar/gravel roof, R2 zoning, a reported cap rate of approximately 7.5%, and a history of stable, long-term tenants.
The property is located at 504 N 7th Ave in Kelso, Washington. On-site laundry includes a coin-operated facility with a new electrical panel and separate hot water tank, providing an additional income stream. The building has a flat tar/gravel roof, R2 zoning, a reported cap rate of approximately 7.5%, and a history of stable, long-term tenants.
Key Highlights
- Four‑unit property with 3,326 square feet on a 0.12‑acre lot
- Three 2‑bedroom, 1‑bath units plus one converted 3‑bedroom unit
- Each 2‑bedroom residence includes storage and a covered parking space
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
$38,283
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
5.47%
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%
$765,660
$765.7K
Cap Rate 7%
$546,900
$546.9K
Cap Rate 9%
$425,367
$425.4K
Market Conditions
NOI Build-Up for 3,326 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
$57.9K $17.40/SF
− Vacancy
−$3.2K −$0.96/SF
EGI
$54.7K $16.44/SF
− OpEx
−$16.4K −$4.93/SF
NOI
$38.3K $11.51/SF
Area
Cowlitz County, WA
Vacancy
5.50%
Lease Rate
$17.40 /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%
$765,660
Cap Rate 7%
$546,900
Cap Rate 9%
$425,367
Alternative Uses
Best Use
Multifamily LT 5
$546.9K
$478.5K – $638.1K
NOI $38,283 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$502.2K
$439.4K – $585.9K
NOI $35,153 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.10M
$958.9K – $1.28M
NOI $76,708 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 98626, WA
26,291
Population
10,642
Households
2.5
Avg Household Size
39
Median Age
15%
College-Educated
90%
High-School Grad
134.6 sq mi
ZIP Area
195
Density / Sq Mi
$70,058
Median Household Income
$40,996
Median Earnings
$1,169
Median Rent
$339,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - R2-zoned property with shared laundry, covered parking, storage units, and a mix of two- and three-bedroom residences.
Where is this quadplex located?
The property is located at 504 N 7TH Ave Kelso, WA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Four‑unit property with 3,326 square feet on a 0.12‑acre lot; Three 2‑bedroom, 1‑bath units plus one converted 3‑bedroom unit; Each 2‑bedroom residence includes storage and a covered parking space
