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    Pullman Fourplex Investment Opportunity Title is generated by Realmo AI

    540 SE McKenzie St., Pullman, WA 99208

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    For Sale
    $550,000

    Four-Plex - Pullman, WA

    Property size:
    2,416 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $227/SF
    Added:
    Apr 3, 2026
    Days on Market:
    40
    Last Refresh:
    May 12 at 8:06 am

    Property Features for 540 SE McKenzie St.

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-family Re
    Bedrooms
    6
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Bath-master, Dining-kitchen/Combo, Dining-liv/Combo, Extra Storage, Utility Room, Walk In Closet(s), Windows-vinyl
    Standard status
    Active
    Size
    2,416 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    4898.48

    Utilities

    Heating system
    Baseboard

    Building Details

    Year built
    1948
    Number of units
    4
    Building materials
    Wood Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Emily Woellhof-Heinz

    Listing agent Emily Woellhof-Heinz License #25007619

    Listing office Kelly Right Real Estate TC 1321 Columbia Park Trail, Spokane, WA

    Listing date Apr 3, 2026

    MLS# 291527 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

    • Prime location near WSU campus and downtown Pullman.
    • Strong income potential with a cap rate over 6% and proven rental history.
    • Quadplex with over 2,500 sq ft of living space on a large 11,000 sq ft lot.
    • Three units are currently occupied, providing immediate income.
    • One unit is a successful Airbnb and can be used for owner‑occupancy.
    • Numerous updates and improvements have been completed.

    Overview

    This fourplex presents a prime investment opportunity in Pullman, Washington, situated in a desirable location near both Washington State University (WSU) campus and downtown. The property features over 2,500 square feet of living space and is located on an 11,000 square foot lot comprised of two city parcels. The quadplex offers income potential, with three of the four units currently occupied. The fourth unit is operated as a successful Airbnb. The property has a cap rate over 6% and a proven rental history. Numerous updates and improvements have been completed. Tenants benefit from convenient access to the university campus, shopping, dining, and public transportation. The property is suitable for expanding an investment portfolio or for flexible investment with owner-occupancy potential.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pullman
    County
    Whitman
    State
    Washington
    Longitude
    -117.176757
    Latitude
    46.728024

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    FAQs

    What type of property is this?
    Quadplex - Well-maintained fourplex near WSU with strong income potential.
    Where is this quadplex located?
    The property is located at 540 SE McKenzie St. Pullman, WA.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Prime location near WSU campus and downtown Pullman.; Strong income potential with a cap rate over 6% and proven rental history.; Quadplex with over 2,500 sq ft of living space on a large 11,000 sq ft lot.
    (509) 904-4663
    We can help!
    Listing Contact
    Emily Woellhof-Heinz
    Real Estate License ID: 25007619
    Learn More
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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.

    More about this property
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