New-Build Duplex with Open
For Sale
$659,850
1118 S Underwood Pl, Kennewick, WA 99337
Two-story duplex with updated kitchens, private outdoor areas, and landscaped yards with partial vinyl fencing.
Property Size2,268 SF
Price / SF$290.94
Days on Market41
Property Features for 1118 S Underwood Pl
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Everstar Realty
(509) 949-1771
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Jul 22
Changed: Aug 31
Last Checked: Aug 31 at 2:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Everstar Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,268-square-foot duplex is identified as two sides, A and B, within one building. Each residence features an open arrangement connecting the great room, kitchen, and dining area. Kitchen finishes include stainless steel appliances, quality cabinetry with soft-close doors and drawers, an island, and a full-height tile backsplash.
An open patio extends the living area outdoors, with access to the yard. The property includes full-yard UGS, full-yard landscaping, and partial vinyl fencing. Upstairs, the residences include a primary bedroom with an en-suite bathroom featuring a walk-in shower, vanity, and walk-in closet, along with two additional bedrooms and a full bathroom.
An open patio extends the living area outdoors, with access to the yard. The property includes full-yard UGS, full-yard landscaping, and partial vinyl fencing. Upstairs, the residences include a primary bedroom with an en-suite bathroom featuring a walk-in shower, vanity, and walk-in closet, along with two additional bedrooms and a full bathroom.
Key Highlights
- 2025 construction with 2,268 SF across a duplex building
- Two separately identified sides: A and B
- Open‑concept great room, kitchen, and dining areas
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
$19,728
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
2.99%
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%
$394,560
$394.6K
Cap Rate 7%
$281,829
$281.8K
Cap Rate 9%
$219,200
$219.2K
Market Conditions
NOI Build-Up for 2,268 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
$30.8K $13.56/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$28.2K $12.43/SF
− OpEx
−$8.5K −$3.73/SF
NOI
$19.7K $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%
$394,560
Cap Rate 7%
$281,829
Cap Rate 9%
$219,200
Alternative Uses
Best Use
Multifamily LT 5
$281.8K
$246.6K – $328.8K
NOI $19,728 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$249.6K
$218.4K – $291.2K
NOI $17,474 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$629.1K
$550.4K – $733.9K
NOI $44,034 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 99337, WA
33,458
Population
11,725
Households
2.9
Avg Household Size
37
Median Age
29%
College-Educated
87%
High-School Grad
165.9 sq mi
ZIP Area
202
Density / Sq Mi
$90,227
Median Household Income
$49,829
Median Earnings
$1,347
Median Rent
$356,700
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?
Duplex - Two-story duplex with updated kitchens, private outdoor areas, and landscaped yards with partial vinyl fencing.
Where is this duplex located?
The property is located at 1118 S Underwood Pl Kennewick, WA.
What is the asking price?
The asking price for this property is $659,850.
What are key features of this property?
This property features: 2025 construction with 2,268 SF across a duplex building; Two separately identified sides: A and B; Open‑concept great room, kitchen, and dining areas
