Apartment Property with 1893
For Sale
$1,500,000
208 S Palouse Street, Walla Walla, WA 99362
Residential Income, Walla Walla, WA
Property Size9,367 SF
Lot Size0.36 Acres
Price / SF$160.14
Days on Market41
Property Features for 208 S Palouse Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
MULTI-FAMILY RE
Bedrooms
13
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bedroom 3, Bedroom 13, Bathroom 6, Bedroom 12, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 6, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 9, Bedroom 10, Bathroom 4, Bedroom 1, Bedroom 11, Bedroom 4, Bathroom 1
Parking features
Carport
Interior features
Carpets
Exterior features
Balcony
Fireplace
1
Basement
Finished
Appliances
Range/Oven, Refrigerator
Directions
GPS friendly
Standard status
Active
APN
360729870412
Size
9,367 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11097
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1893
Number of units
10
Flooring type
Carpet
Building materials
Frame
Listing Agency:
Berkshire Hathaway Hm Serv Central WA Real Estate
(509) 563-5117
Listed By:
Leticia Torres
(509) 619-6304
Added: Aug 26
Changed: Oct 2
Last Checked: Oct 5 at 4:06AM
MLS# 295964
Copyright © 2026 PACMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,367-square-foot property on .36 of an acre combines a two-story main residence with nine separate apartment units, each configured with one bedroom and one bathroom. Built in 1893, the residence includes four bedrooms, 2.5 bathrooms, two offices, and two living areas. Interior details include stained glass, woodwork, a carved staircase, bay windows, arched doorways, and a fireplace. A balcony, carport, and window-unit cooling are also present.
The property is at 208 S Palouse Street in Walla Walla, within walking distance of downtown and Whitman College. The site is zoned MULTI-FAMILY RE.
The property is at 208 S Palouse Street in Walla Walla, within walking distance of downtown and Whitman College. The site is zoned MULTI-FAMILY RE.
Key Highlights
- Nine separate apartments, each with 1 bedroom and 1 bathroom
- 9,367 SF on .36 of an acre
- Two‑story main residence built in 1893
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
$66,768
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
4.45%
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%
$1,335,360
$1.3M
Cap Rate 7%
$953,829
$953.8K
Cap Rate 9%
$741,867
$741.9K
Market Conditions
NOI Build-Up for 9,367 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
$126.5K $13.50/SF
− Vacancy
−$5.1K −$0.54/SF
EGI
$121.4K $12.96/SF
− OpEx
−$54.6K −$5.83/SF
NOI
$66.8K $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%
$1,335,360
Cap Rate 7%
$953,829
Cap Rate 9%
$741,867
Alternative Uses
Best Use
Apartment 5plus
$953.8K
$834.6K – $1.11M
NOI $66,768 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,308 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,804
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
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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 - Nine one-bedroom apartments accompany a two-story residence with four bedrooms and two offices.
Where is this apartment building located?
The property is located at 208 S Palouse Street Walla Walla, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Nine separate apartments, each with 1 bedroom and 1 bathroom; 9,367 SF on .36 of an acre; Two‑story main residence built in 1893
