Duplex with Covered
New
For Sale
$348,888
1115 N 4TH Ave, Kelso, WA 98626
MultiFamily, Kelso, WA
Property Size1,652 SF
Price / SF$211.19
Days on Market4
Property Features for 1115 N 4TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1
Elementary school
Barnes
Middle school
Huntington
High school
Kelso
Directions
Kelso Ave to Redpath st to 4th
Subdivision
_82
Standard status
Active
APN
2221101
Size
1,652 SF
Taxes and HOA fees
Tax Description
331 (MANNA CRUMB) -2 -14,15 26 -8N -2W N 30 FT LOT 14 S12 OF LOT
Tax Annual Amount
3741
Legal Description
331 (MANNA CRUMB) -2 -14,15 26 -8N -2W N 30 FT LOT 14 S12 OF LOT
Utilities
Heating system
Baseboard, Zoned
Amenities
hardwood floors
custom cedar accents
washer/dryer hookups
covered parking
individual storage
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Justin Green
(503) 869-8276
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 4:06PM
MLS# 113342064
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 one-level duplex contains two residences, each with two bedrooms and one bathroom, measuring approximately 826 square feet. Interior details include hardwood flooring and cedar accents. Both units have washer and dryer hookups, and the property includes covered parking and separate storage areas. The composition roof is described as newer, and the interiors have been freshly painted.
The property is in Kelso, near I-5, schools, shopping, and downtown. Both units are occupied.
The property is in Kelso, near I-5, schools, shopping, and downtown. Both units are occupied.
Key Highlights
- Two occupied units, each with 2 bedrooms and 1 bathroom
- Approximately 826 SF per unit; 1,652 SF total
- One‑level layout with hardwood floors and cedar accents
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
$19,015
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
5.45%
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%
$380,300
$380.3K
Cap Rate 7%
$271,643
$271.6K
Cap Rate 9%
$211,278
$211.3K
Market Conditions
NOI Build-Up for 1,652 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
$28.7K $17.40/SF
− Vacancy
−$1.6K −$0.96/SF
EGI
$27.2K $16.44/SF
− OpEx
−$8.1K −$4.93/SF
NOI
$19.0K $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%
$380,300
Cap Rate 7%
$271,643
Cap Rate 9%
$211,278
Alternative Uses
Best Use
Multifamily LT 5
$271.6K
$237.7K – $316.9K
NOI $19,015 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$249.4K
$218.3K – $291.0K
NOI $17,460 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$544.3K
$476.3K – $635.0K
NOI $38,100 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
234
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each occupied residence has two bedrooms and one bathroom, with laundry hookups provided in both units.
Where is this duplex located?
The property is located at 1115 N 4TH Ave Kelso, WA.
What is the asking price?
The asking price for this property is $348,888.
What are key features of this property?
This property features: Two occupied units, each with 2 bedrooms and 1 bathroom; Approximately 826 SF per unit; 1,652 SF total; One‑level layout with hardwood floors and cedar accents
