Updated Duplex with
For Sale
$560,000
2224 W 13th Ave, Kennewick, WA 99337
Two-unit property with refreshed interiors, newer exterior paint, and a spacious yard on a quiet street.
Property Size2,820 SF
Price / SF$198.58
Days on Market33
Property Features for 2224 W 13th Ave
General Information
Standard status
Active
Size
2,820 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,735
Listing Agency:
Cari McGee Real Estate Team/Re/Max Northwest
(509) 430-5342
Listed By:
Cari Mcgee
(509) 430-5342
Source:
Exprealty
Added: Jul 10
Changed: Aug 8
Last Checked: Aug 11 at 12:46PM
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 Cari McGee Real Estate Team/Re/Max Northwest
Investment Insights
Based on property information with market context.
This duplex contains 2,820 square feet across two separately configured sides, with each unit measuring just over 1,400 square feet. Both sides include a one-car garage, while newer exterior paint and interior updates contribute to the property’s current condition. The unusually large yard adds usable outdoor space uncommon for a duplex setting.
Located at 2224 W 13th Ave in Kennewick, the property sits on a quiet street set back from Vancouver. The layout supports multiple occupancy approaches, including living in one unit while leasing the other or renting both sides.
Located at 2224 W 13th Ave in Kennewick, the property sits on a quiet street set back from Vancouver. The layout supports multiple occupancy approaches, including living in one unit while leasing the other or renting both sides.
Key Highlights
- 2,820 SF duplex with two residential units
- Each side measures just over 1,400 square feet
- One‑car garage serving each unit
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
$24,530
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
4.38%
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%
$490,600
$490.6K
Cap Rate 7%
$350,429
$350.4K
Cap Rate 9%
$272,556
$272.6K
Market Conditions
NOI Build-Up for 2,820 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
$38.2K $13.56/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$35.0K $12.43/SF
− OpEx
−$10.5K −$3.73/SF
NOI
$24.5K $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%
$490,600
Cap Rate 7%
$350,429
Cap Rate 9%
$272,556
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,530 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$310.4K
$271.6K – $362.1K
NOI $21,727 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$782.2K
$684.4K – $912.5K
NOI $54,751 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 99337, WA
33,458
Population
11,725
Households
2.9
Avg Household Size
37
Median Age
29%
College-Educated
87%
High-School Grad
165.9 sq mi
ZIP Area
202
Density / Sq Mi
$90,227
Median Household Income
$49,829
Median Earnings
$1,347
Median Rent
$356,700
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-unit property with refreshed interiors, newer exterior paint, and a spacious yard on a quiet street.
Where is this duplex located?
The property is located at 2224 W 13th Ave Kennewick, WA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 2,820 SF duplex with two residential units; Each side measures just over 1,400 square feet; One‑car garage serving each unit
