Kennewick Four-Plex Investment
1121 N Cleveland Street, Kennewick, WA 99336
- Added:
- Apr 2, 2026
- Days on Market:
- 57
- Last Refresh:
- May 28 at 3:06 pm
Property Features for 1121 N Cleveland Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- MULTI-FAMILY RE
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 8, Bathroom 4, Bathroom 2, Bedroom 7, Bedroom 3
- Parking features
- Off Street
- Patio and Porch features
- Patio
- Exterior features
- Lighting, Deck & Patio, Sprinkler
- Appliances
- Dishwasher, Refrigerator, Range
- Standard status
- Active
- Size
- 4,032 SF
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 4603
Utilities
- Heating system
- Electric (Heating), Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1978
- Number of units
- 4
- Flooring type
- Carpet, Tile, Utility closet, Vinyl, Extra storage, Breakfast bar
- Roof type
- Composition
Listing agent Joyce Wilder Halsey (509) 546-1902
Listing office PNW Collective / Real Broker 507 Knight St, Richland, WA (509) 204-7360
Listing date Apr 2, 2026
MLS# 290155
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
- Turnkey investment: Fully rented with established tenants providing immediate income.
- Four spacious units: Each unit has 1,008 sq ft, 2 bedrooms, 1 bathroom, kitchen with appliances, dining area, and large living room.
- Desirable amenities: Each unit includes a private patio or terrace, generous closets, and utility closets for washer/dryer.
- Convenient location: Close to Kennewick amenities with easy highway access.
- Ample off‑street parking available for tenants and guests.
- Bonus opportunity: Adjacent 4‑plex available for portfolio expansion.
Overview
This four-plex investment opportunity is located in Kennewick. Each of the four units features 1,008 square feet of living space, with 2 bedrooms and 1 bathroom. The units have thoughtfully designed floor plans. Each unit includes a kitchen with a pantry, breakfast bar, dishwasher, range, and refrigerator, as well as a dedicated dining area and a large living room with slider access to a private lower-level patio or upper-level terrace. Additional features include generous bedroom closets, utility closets for a washer and dryer, yard space, and ample off-street parking. The property is fully rented with established tenants. The property is conveniently located near Kennewick amenities with easy highway access off Edison. The property size is 4,032 square feet.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$389.7K
NOI $35,072 @ 9.00% cap · cautious / downside scenario
Moderate
$501.0K
NOI $35,072 @ 7.00% cap · market / base-case scenario
Aggressive
$701.4K
NOI $35,072 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.7k | $13.56 |
| − Vacancy | −$4.6k | −$1.13 |
| EGI | $50.1k | $12.43 |
| − OpEx | −$15.0k | −$3.73 |
| NOI | $35.1k | $8.70 |
4,032 SF · lease $13.56/SF/yr · vacancy 8.36% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$501.0K
$438.4K – $584.5K
NOI $35,072 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$443.8K
$388.3K – $517.8K
NOI $31,065 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$1.12M
$978.5K – $1.30M
NOI $78,283 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
GUZMAN & PAINTING SERVICES
Painting
Location Insight
- Map
- Local Demand
- City
- Kennewick
- County
- Benton
- State
- Washington
- Longitude
- -119.188715
- Latitude
- 46.222779
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Well-maintained four-plex with strong income potential in Kennewick.
Where is this quadplex located?
The property is located at 1121 N Cleveland Street Kennewick, WA.
What is the asking price?
The asking price for this property is $695,555.
What are key features of this property?
This property features: Turnkey investment: Fully rented with established tenants providing immediate income.; Four spacious units: Each unit has 1,008 sq ft, 2 bedrooms, 1 bathroom, kitchen with appliances, dining area, and large living room.; Desirable amenities: Each unit includes a private patio or terrace, generous closets, and utility closets for washer/dryer.
