Tri-Level Multifamily
For Sale
$620,000
Pending
1808 Evergreen Street, Walla Walla, WA 99362
Updated windows and added insulation support the property’s residential functionality and ongoing utility performance.
Property Size3,600 SF
Days on Market1034
Property Features for 1808 Evergreen Street
General Information
Standard status
Pending
Size
3,600 SF
Property subtype
Pending
Net Operating Income
$40,602
Taxes and HOA fees
Annual Taxes
$1,668
Amenities
washer and dryer hookups
fenced yards
off street parking
Laminate,Vinyl,Carpet
Yes
No
2
Electric,Natural Gas
Curbs,Sidewalk
Public
Cable TV,Fenced-Partially,Gas Available,Patio,Sprinkler System
0.2337
Wood Products
Concrete Ribbon
3600
4
Building Details
Building Size
3,600 SF
Year Built
1964
Stories
2
Listing Agency:
Windermere Whidbey Island
(541) 248-5477
Listed By:
Laura Norman
(541) 556-0062
Source:
Premierepropertygroup
Added: Nov 6, 2023
Changed: Sep 4
Last Checked: Sep 4 at 2:36AM
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 Windermere Whidbey Island
Investment Insights
Based on property information with market context.
This multifamily property at 1808 Evergreen Street includes a tri-level unit design with washer and dryer hookups, fenced yards, and off-street parking. The property contains approximately 3,600 square feet and was built in 1964. Central heat and air conditioning were replaced approximately 10 years ago, while the windows were replaced and insulation added in 2021 through Sustainable Living Center.
The property is served by public utilities and is located along a street with curbs and sidewalks. Additional site features include a patio, sprinkler system, partial fencing, cable TV availability, and gas availability. Interior finishes include laminate, vinyl, and carpet flooring, with electric and natural gas service identified.
The property is served by public utilities and is located along a street with curbs and sidewalks. Additional site features include a patio, sprinkler system, partial fencing, cable TV availability, and gas availability. Interior finishes include laminate, vinyl, and carpet flooring, with electric and natural gas service identified.
Key Highlights
- Tri‑level unit design within a 3,600‑square‑foot multifamily property
- Windows replaced and insulation added in 2021 through Sustainable Living Center
- Central heat and AC replaced approximately 10 years ago
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
$25,661
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
4.14%
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%
$513,220
$513.2K
Cap Rate 7%
$366,586
$366.6K
Cap Rate 9%
$285,122
$285.1K
Market Conditions
NOI Build-Up for 3,600 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
$48.6K $13.50/SF
− Vacancy
−$1.9K −$0.54/SF
EGI
$46.7K $12.96/SF
− OpEx
−$21.0K −$5.83/SF
NOI
$25.7K $7.13/SF
Area
Walla Walla County, WA
Vacancy
4.00%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
45.00%
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%
$513,220
Cap Rate 7%
$366,586
Cap Rate 9%
$285,122
Alternative Uses
Best Use
Apartment 5plus
$366.6K
$320.8K – $427.7K
NOI $25,661 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$847.2K
$741.3K – $988.4K
NOI $59,305 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Explore this area
Business Placement
Demographics for 99362, WA
43,249
Population
18,022
Households
2.4
Avg Household Size
40
Median Age
31%
College-Educated
90%
High-School Grad
303.1 sq mi
ZIP Area
143
Density / Sq Mi
$70,660
Median Household Income
$37,236
Median Earnings
$1,148
Median Rent
$398,000
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?
Multifamily property - Updated windows and added insulation support the property’s residential functionality and ongoing utility performance.
Where is this multifamily property located?
The property is located at 1808 Evergreen Street Walla Walla, WA.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Tri‑level unit design within a 3,600‑square‑foot multifamily property; Windows replaced and insulation added in 2021 through Sustainable Living Center; Central heat and AC replaced approximately 10 years ago
