New Duplex With Open
For Sale
$673,850
1163 S Underwood Pl, Kennewick, WA 99337
Two-unit residential income property with updated kitchens, private patios, landscaped yards, and upstairs bedroom suites.
Property Size2,569 SF
Price / SF$262.30
Days on Market8
Property Features for 1163 S Underwood Pl
General Information
Standard status
Active
Size
2,569 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
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 7:14AM
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.
Completed in 2025, this 2,569-square-foot duplex is arranged as two residences within one building, identified as Unit 110 and Unit 120. Both sides feature an open main-level design connecting the living, kitchen, and dining areas. Kitchens include stainless steel appliances, soft-close cabinetry, an island, and full-height tile backsplashes. Each residence also includes an open patio, yard access, three upstairs bedrooms, and two upstairs bathrooms, including a primary suite with a walk-in shower, vanity, and walk-in closet.
The property is located at 1163 S Underwood Pl in Kennewick, Washington. Exterior improvements include full-yard underground sprinklers, full-yard landscaping, and partial vinyl fencing, providing defined outdoor areas for each side of the duplex.
The property is located at 1163 S Underwood Pl in Kennewick, Washington. Exterior improvements include full-yard underground sprinklers, full-yard landscaping, and partial vinyl fencing, providing defined outdoor areas for each side of the duplex.
Key Highlights
- 2,569‑square‑foot duplex completed in 2025
- Two residences identified as Unit 110 and Unit 120
- Open living, kitchen, and dining arrangement in each side
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
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
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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 - Two-unit residential income property with updated kitchens, private patios, landscaped yards, and upstairs bedroom suites.
Where is this duplex located?
The property is located at 1163 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 completed in 2025; Two residences identified as Unit 110 and Unit 120; Open living, kitchen, and dining arrangement in each side
