Updated Apartment
For Sale
$995,000
204 SE 12th St, College Place, WA 99324
Fully leased multifamily property with professional management, renovated interiors, and tenants in place.
Property Size5,610 SF
Price / SF$177.36
Days on Market50
Property Features for 204 SE 12th St
General Information
Standard status
Active
Size
5,610 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
8
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Bain
Listed By:
Brent Barker · License #201232075
(541) 382-4123
Source:
Christiesrealestateevg
Added: Aug 26
Changed: Oct 3
Last Checked: Oct 12 at 11:27PM
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 Bain
Investment Insights
Based on property information with market context.
This eight-unit apartment building offers a mix of six two-bedroom, one-bath units, one one-bedroom, one-bath unit, and one studio. Interior updates include renovated kitchen fixtures, fresh paint, and upgraded flooring. Each unit is equipped with a new heat/AC mini-split system.
The property is located at 204 SE 12th St in College Place, Washington. Professional property management is in place, and all units are currently rented. Renovations and stabilization were completed over a two-year period, providing an established operating configuration for the next owner.
The property is located at 204 SE 12th St in College Place, Washington. Professional property management is in place, and all units are currently rented. Renovations and stabilization were completed over a two-year period, providing an established operating configuration for the next owner.
Key Highlights
- Eight‑unit apartment building with six 2‑bedroom, 1‑bath units, one 1‑bedroom, 1‑bath unit, and one studio
- 100% rented with tenants in place
- New heat/AC mini‑split systems in all units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,988
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$799,760
$799.8K
Cap Rate 7%
$571,257
$571.3K
Cap Rate 9%
$444,311
$444.3K
Market Conditions
NOI Build-Up for 5,610 SF
Gross rent
$75.7K $13.50/SF
− Vacancy
−$3.0K −$0.54/SF
EGI
$72.7K $12.96/SF
− OpEx
−$32.7K −$5.83/SF
NOI
$40.0K $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 Rate 5%
$799,760
Cap Rate 7%
$571,257
Cap Rate 9%
$444,311
Alternative Uses
Best Use
Apartment 5plus
$571.3K
$499.9K – $666.5K
NOI $39,988 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,417 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 99324, WA
10,226
Population
3,601
Households
2.8
Avg Household Size
36
Median Age
37%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
3,652
Density / Sq Mi
$64,485
Median Household Income
$29,650
Median Earnings
$1,121
Median Rent
$338,600
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?
Apartment building - Fully leased multifamily property with professional management, renovated interiors, and tenants in place.
Where is this apartment building located?
The property is located at 204 SE 12th St College Place, WA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Eight‑unit apartment building with six 2‑bedroom, 1‑bath units, one 1‑bedroom, 1‑bath unit, and one studio; 100% rented with tenants in place; New heat/AC mini‑split systems in all units
