Triplex with
For Sale
$455,000
208 S Dawes, Kennewick, WA 99336
Three separate units include two-bedroom and one-bedroom layouts.
Property Size1,968 SF
Price / SF$231.20
Days on Market9
Property Features for 208 S Dawes
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
the kitchens could benefit from a modern refresh
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
outdoor space
usable backyard area
Building Details
Year Built
1950
Buildings
1
Listing Agency:
HomeSmart Elite Brokers
(509) 308-7800
Listed By:
Paula Elledge · License #868
Source:
Tricitiesrealtygroupllc
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 1:15PM
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 HomeSmart Elite Brokers
Investment Insights
Based on property information with market context.
This 1,968-square-foot triplex contains three separate residential units: two with two bedrooms and one bathroom each, plus a one-bedroom, one-bath unit. The kitchens are ready for updating, providing a clear opportunity to customize the interiors while retaining the existing unit configuration.
Outdoor features include mature trees, natural shade, and a usable backyard area. Built in 1950, the property is located at 208 S Dawes in Kennewick, Washington, and offers a mix of unit sizes suited to varied residential occupancy needs.
Outdoor features include mature trees, natural shade, and a usable backyard area. Built in 1950, the property is located at 208 S Dawes in Kennewick, Washington, and offers a mix of unit sizes suited to varied residential occupancy needs.
Key Highlights
- Three‑unit residential property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 1,968 square feet of total property size
- Usable backyard area with mature trees and natural shade
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
$17,119
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
3.76%
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%
$342,380
$342.4K
Cap Rate 7%
$244,557
$244.6K
Cap Rate 9%
$190,211
$190.2K
Market Conditions
NOI Build-Up for 1,968 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
$26.7K $13.56/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$24.5K $12.43/SF
− OpEx
−$7.3K −$3.73/SF
NOI
$17.1K $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%
$342,380
Cap Rate 7%
$244,557
Cap Rate 9%
$190,211
Alternative Uses
Best Use
Multifamily LT 5
$244.6K
$214.0K – $285.3K
NOI $17,119 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$216.6K
$189.5K – $252.7K
NOI $15,163 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$545.9K
$477.6K – $636.8K
NOI $38,210 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 99336, WA
51,127
Population
20,915
Households
2.4
Avg Household Size
33
Median Age
21%
College-Educated
85%
High-School Grad
13.4 sq mi
ZIP Area
3,815
Density / Sq Mi
$63,308
Median Household Income
$38,211
Median Earnings
$1,155
Median Rent
$292,300
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?
Triplex - Three separate units include two-bedroom and one-bedroom layouts.
Where is this triplex located?
The property is located at 208 S Dawes Kennewick, WA.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Three‑unit residential property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 1,968 square feet of total property size; Usable backyard area with mature trees and natural shade
