Duplex with Open-Concept
For Sale
$673,850
1140 S Underwood Pl, Kennewick, WA 99337
Two-sided residential income property with upgraded kitchens, private outdoor areas, and landscaped yards.
Property Size2,569 SF
Price / SF$262.30
Days on Market104
Property Features for 1140 S Underwood Pl
General Information
Standard status
Active
Size
2,569 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Coldwell Banker Tomlinson
(509) 783-4147
Listed By:
Jesse Irwin
(509) 783-4147
Source:
Exprealty
Added: May 19
Changed: Aug 29
Last Checked: Aug 29 at 6:50PM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
This 2,569-square-foot duplex is organized as two sides identified as A and B. Each residence is arranged around an open main level connecting the living, kitchen, and dining areas. Kitchen finishes include stainless steel appliances, soft-close cabinetry, an island, and a full-height tile backsplash. Upstairs, the layout includes a primary bedroom with an ensuite bathroom, walk-in shower, vanity, and walk-in closet, along with two additional bedrooms and a full bathroom.
Outdoor features include an open patio, landscaped yards, full-yard underground sprinklers, and partial vinyl fencing. The property is located at 1140 S Underwood Pl in Kennewick, Washington.
Outdoor features include an open patio, landscaped yards, full-yard underground sprinklers, and partial vinyl fencing. The property is located at 1140 S Underwood Pl in Kennewick, Washington.
Key Highlights
- 2,569 SF duplex with sides identified as A and B
- Open main‑level layout linking living, kitchen, and dining areas
- Kitchens feature stainless steel appliances, soft‑close cabinetry, islands, and full‑height tile backsplashes
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
$22,346
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
3.32%
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%
$446,920
$446.9K
Cap Rate 7%
$319,229
$319.2K
Cap Rate 9%
$248,289
$248.3K
Market Conditions
NOI Build-Up for 2,569 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
$34.8K $13.56/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$31.9K $12.43/SF
− OpEx
−$9.6K −$3.73/SF
NOI
$22.3K $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%
$446,920
Cap Rate 7%
$319,229
Cap Rate 9%
$248,289
Alternative Uses
Best Use
Multifamily LT 5
$319.2K
$279.3K – $372.4K
NOI $22,346 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$282.8K
$247.4K – $329.9K
NOI $19,793 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$712.5K
$623.5K – $831.3K
NOI $49,878 @ 7.0% cap · market cap 7.40%
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-sided residential income property with upgraded kitchens, private outdoor areas, and landscaped yards.
Where is this duplex located?
The property is located at 1140 S Underwood Pl Kennewick, WA.
What is the asking price?
The asking price for this property is $673,850.
What are key features of this property?
This property features: 2,569 SF duplex with sides identified as A and B; Open main‑level layout linking living, kitchen, and dining areas; Kitchens feature stainless steel appliances, soft‑close cabinetry, islands, and full‑height tile backsplashes
