Upgraded Duplex with
For Sale
$510,000
1513 Johnston, Richland, WA 99354
Two residential units offer updated kitchens, varied interior improvements, and access to a multifunctional workshop.
Property Size1,800 SF
Price / SF$283.33
Days on Market23
Property Features for 1513 Johnston
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1944
Listing Agency:
Dk Bain Real Estate, Inc
(509) 949-1771
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Aug 9
Changed: Aug 30
Last Checked: Aug 30 at 4:30PM
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 Dk Bain Real Estate, Inc
Investment Insights
Based on property information with market context.
This 1,800-square-foot duplex, built in 1944, combines two residential units with substantial updates and a 36x30 shop. Both units have heat pumps and refreshed kitchens. The owner-occupied side includes a renovated bathroom, new flooring, fresh paint, updated trim, and a downstairs bedroom. The other unit features newer kitchen cabinetry and a fully fenced yard with a garden area.
The shop expands the property’s utility beyond the residences. Its layout includes a storage area, primary work area with counters, bathroom with shower, meat-cutting room, and loft storage. The property is located at 1513 Johnston in Richland, Washington.
The shop expands the property’s utility beyond the residences. Its layout includes a storage area, primary work area with counters, bathroom with shower, meat-cutting room, and loft storage. The property is located at 1513 Johnston in Richland, Washington.
Key Highlights
- 1,800‑square‑foot duplex with two residential units
- 36x30 shop with work area, counters, bathroom, meat‑cutting room, and loft storage
- Heat pumps serving both units
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
$15,657
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
3.07%
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%
$313,140
$313.1K
Cap Rate 7%
$223,671
$223.7K
Cap Rate 9%
$173,967
$174.0K
Market Conditions
NOI Build-Up for 1,800 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
$24.4K $13.56/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$22.4K $12.43/SF
− OpEx
−$6.7K −$3.73/SF
NOI
$15.7K $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%
$313,140
Cap Rate 7%
$223,671
Cap Rate 9%
$173,967
Alternative Uses
Best Use
Multifamily LT 5
$223.7K
$195.7K – $261.0K
NOI $15,657 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$198.1K
$173.4K – $231.1K
NOI $13,868 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$499.3K
$436.9K – $582.5K
NOI $34,948 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 99354, WA
24,839
Population
10,807
Households
2.3
Avg Household Size
37
Median Age
42%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,039
Density / Sq Mi
$88,601
Median Household Income
$50,192
Median Earnings
$1,299
Median Rent
$355,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated kitchens, varied interior improvements, and access to a multifunctional workshop.
Where is this duplex located?
The property is located at 1513 Johnston Richland, WA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 1,800‑square‑foot duplex with two residential units; 36x30 shop with work area, counters, bathroom, meat‑cutting room, and loft storage; Heat pumps serving both units
