Updated Two-Unit
For Sale
$389,000
1851 Carl St, Walla Walla, WA 99362
Two-level duplex with recent upgrades, including a fireplace and new floor coverings in Unit B.
Property Size3,340 SF
Price / SF$116.47
Days on Market68
Property Features for 1851 Carl St
General Information
Standard status
Active
Size
3,340 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Coldwell Banker Walla Walla
(253) 752-7777
Listed By:
Gary D. Petersen · License #111144
Source:
Eastsideseattleproperties
Added: Jun 23
Changed: Aug 28
Last Checked: Aug 29 at 10:38AM
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 Walla Walla
Investment Insights
Based on property information with market context.
This 1950-built duplex contains two upstairs/downstairs units, each measuring approximately 1670 sq ft, for a combined property size of 3340 sq ft. Improvements were completed within the last year, adding current updates to the existing residential layout. Unit B includes a fireplace and new floor coverings.
The property is located at 1851 Carl St in Walla Walla, Washington. Its two-unit configuration and substantial unit sizes provide a straightforward residential income property format.
The property is located at 1851 Carl St in Walla Walla, Washington. Its two-unit configuration and substantial unit sizes provide a straightforward residential income property format.
Key Highlights
- Two‑unit duplex with upstairs/downstairs layouts
- Each unit measures approximately 1670 sq ft
- Combined property size of 3340 sq ft
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
$27,260
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
7.01%
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%
$545,200
$545.2K
Cap Rate 7%
$389,429
$389.4K
Cap Rate 9%
$302,889
$302.9K
Market Conditions
NOI Build-Up for 3,340 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
$40.5K $12.12/SF
− Vacancy
−$1.5K −$0.46/SF
EGI
$38.9K $11.66/SF
− OpEx
−$11.7K −$3.50/SF
NOI
$27.3K $8.16/SF
Area
Walla Walla County, WA
Vacancy
3.80%
Lease Rate
$12.12 /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%
$545,200
Cap Rate 7%
$389,429
Cap Rate 9%
$302,889
Alternative Uses
Best Use
Multifamily LT 5
$389.4K
$340.8K – $454.3K
NOI $27,260 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$340.1K
$297.6K – $396.8K
NOI $23,808 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$786.0K
$687.8K – $917.0K
NOI $55,022 @ 7.0% cap · market cap 14.14%
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
127
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?
Duplex - Two-level duplex with recent upgrades, including a fireplace and new floor coverings in Unit B.
Where is this duplex located?
The property is located at 1851 Carl St Walla Walla, WA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Two‑unit duplex with upstairs/downstairs layouts; Each unit measures approximately 1670 sq ft; Combined property size of 3340 sq ft
