Two-Unit Duplex with Open
For Sale
$673,850
1141 S Underwood Pl, Kennewick, WA 99337
2025-built duplex with two distinct residences, upgraded kitchens, private primary suites, and landscaped outdoor areas.
Property Size2,569 SF
Price / SF$262.30
Days on Market8
Property Features for 1141 S Underwood Pl
General Information
Standard status
Active
Size
2,569 SF
Property subtype
Multi-Family
Amenities
stainless steel appliances
quality cabinets
island
full height tile backsplash
open patio
full yard UGS
full yard landscape
partial vinyl fencing
Building Details
Year Built
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Nai Tri-Cities Commercial
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:01AM
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 Nai Tri-Cities Commercial
Investment Insights
Based on property information with market context.
This 2,569-square-foot duplex was built in 2025 and includes two separate residences identified as Unit 110 and Unit 120. Each side features an open main level connecting the living, kitchen, and dining areas. Kitchens include stainless steel appliances, soft-close cabinetry, an island, and a full-height tile backsplash. An open patio extends the living space outdoors, with access to the yard, underground sprinklers, landscaping, and partial vinyl fencing.
The upper level of each residence includes a primary bedroom with an en-suite bathroom, walk-in shower, vanity, and walk-in closet. Two additional bedrooms and a full bathroom complete the upstairs layout. The property is located at 1141 S Underwood Pl in Kennewick, Washington.
The upper level of each residence includes a primary bedroom with an en-suite bathroom, walk-in shower, vanity, and walk-in closet. Two additional bedrooms and a full bathroom complete the upstairs layout. The property is located at 1141 S Underwood Pl in Kennewick, Washington.
Key Highlights
- 2,569‑square‑foot duplex built in 2025
- Two residences: Unit 110 and Unit 120
- Open‑concept living, 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
$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
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - 2025-built duplex with two distinct residences, upgraded kitchens, private primary suites, and landscaped outdoor areas.
Where is this duplex located?
The property is located at 1141 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‑square‑foot duplex built in 2025; Two residences: Unit 110 and Unit 120; Open‑concept living, kitchen, and dining areas
