Updated Four-Unit
For Sale
$669,000
Pending
6702 W 1st Ave., Kennewick, WA 99336
Residential Income, Kennewick, WA
Property Size3,734 SF
Lot Size0.24 Acres
Days on Market48
Property Features for 6702 W 1st Ave.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI-FAMILY RE
Bedrooms
10
Bathrooms
3
Full bathrooms
6
Rooms
Bedroom 10, Bedroom 4, Bedroom 2, Bedroom 8, Bedroom 9, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 7, Bedroom 6, Bedroom 1, Bathroom 5, Bathroom 6, Bathroom 4, Bedroom 5, Bathroom 1
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
SHORT PLAT
Directions
From W Clearwater Ave. turn onto N. Quay Turn Right onto 1st Ave.
Standard status
Pending
APN
105891010617001
Size
3,734 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
71
Utilities
Heating system
Baseboard
Cooling system
Central Air
Building Details
Year built
1978
Number of units
4
Building materials
T1-11
Listing Agency:
EXP Realty, LLC Tri Cities
(888) 317-5197
Listed By:
Richelle Davis
(509) 212-9945
Added: Jul 17
Changed: Aug 26
Last Checked: Sep 2 at 5:06AM
MLS# 294811
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 four-unit residential property contains 3,734 square feet across four two-bedroom, one-bath units. Interior improvements include fresh paint and flooring, while the property also features a newer roof, HVAC systems, fencing, parking lot, stairway, landings, and railings. Each residence offers generously sized rooms, ample closet space, a kitchen with dining area, utility closet with washer and dryer hookups, and a family room opening to either an upper balcony or lower patio. Refrigerators, ranges, dishwashers, and microwaves are included. Units A and C also have exterior storage closets.
The 0.24-acre property includes a private backyard with underground sprinklers. One unit is vacant, while the remaining three are occupied. The owner covers water, irrigation, and sewer; residents pay the other utilities. Built in 1978, the property is zoned MULTI-FAMILY RE and is located near shopping, schools, highway access, and Columbia Park in Kennewick.
The 0.24-acre property includes a private backyard with underground sprinklers. One unit is vacant, while the remaining three are occupied. The owner covers water, irrigation, and sewer; residents pay the other utilities. Built in 1978, the property is zoned MULTI-FAMILY RE and is located near shopping, schools, highway access, and Columbia Park in Kennewick.
Key Highlights
- Four‑unit property with 3,734 square feet of total building area
- All four units offer 2 bedrooms and 1 bathroom
- Renovations include roof, HVAC systems, paint, flooring, fencing, parking lot, stairs, landings, and railings
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
$32,480
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
4.86%
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%
$649,600
$649.6K
Cap Rate 7%
$464,000
$464.0K
Cap Rate 9%
$360,889
$360.9K
Market Conditions
NOI Build-Up for 3,734 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
$50.6K $13.56/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$46.4K $12.43/SF
− OpEx
−$13.9K −$3.73/SF
NOI
$32.5K $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%
$649,600
Cap Rate 7%
$464,000
Cap Rate 9%
$360,889
Alternative Uses
Best Use
Multifamily LT 5
$464.0K
$406.0K – $541.3K
NOI $32,480 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$411.0K
$359.6K – $479.5K
NOI $28,769 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$1.04M
$906.2K – $1.21M
NOI $72,497 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
883
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 - Renovated residential income property with two-bedroom layouts, private outdoor areas, and in-unit washer and dryer hookups.
Where is this quadplex located?
The property is located at 6702 W 1st Ave. Kennewick, WA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Four‑unit property with 3,734 square feet of total building area; All four units offer 2 bedrooms and 1 bathroom; Renovations include roof, HVAC systems, paint, flooring, fencing, parking lot, stairs, landings, and railings
