Remodeled Triplex with Private
For Sale
$499,900
224204 E Main Street, Kennewick, WA 99337
MULTI_FAMILY - Kennewick, WA
Property Size3,064 SF
Lot Size0.41 Acres
Price / SF$163.15
Days on Market146
Property Features for 224204 E Main Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
MULTI-FAMILY RE
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 3, Dining Room, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Parking features
RV, Off Street
Window features
Vinyl Frames, Single Pane Window(s)
Patio and Porch features
Patio
Interior features
Carpets, Kitchen/Dining Room Combo, Storage, Walk-In Closet(s)
Exterior features
Storage Building, Fencing/Partial, Garden
Fencing
Fenced
Basement
Partially Finished
Appliances
Range/Oven, Refrigerator
Subdivision
Kennewick East
Elementary school district
Buyer to Verify
Middle school district
Buyer to Verify
High school district
Buyer to Verify
Directions
S on Hwy 397; R on Finley Rd; L on Main St.
Standard status
Active
APN
126802020013019
Size
3,064 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3405
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Baseboard, Wall Furnace, Forced Air, Electric (Heating)
Cooling system
Wall Unit(s), Electric
Water source
Well
Amenities
open patios
Building Details
Year built
1940
Number of units
3
Flooring type
Carpet
Building materials
Block, T1-11, Wood Siding, Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Kenmore Team Property Manage
(509) 820-3637
Listed By:
Brett Patrick · License #129750
(509) 947-0242
Added: Apr 1
Changed: Aug 7
Last Checked: Aug 24 at 10:06PM
MLS# 291739
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.
Remodeled triplex featuring three updated units on a .41-acre lot with mature trees, a sprawling lawn, and patio space. Built in 1940, the property includes interior upgrades such as new luxury vinyl plank flooring and plush carpet, with kitchens and bathrooms updated for a refreshed look and feel. Unit 1 (224204) is a 3-bedroom, 1-bath layout. Unit 2 (224206) offers 2 bedrooms, 1 bath, plus an extra room suitable for an office or study. Unit 3 (224208) is also 2 bedrooms, 1 bath, plus an extra room. Each unit has its own PUD meter.
The triplex is served by electricity, with a well water source and a septic tank sewer system. Exterior amenities include a storage building, fencing, and patio areas. Parking is off street with RV parking available. Heating includes forced air, wall furnace, electric heating, and baseboard, with wall unit electric cooling.
Construction materials include block, T1-11, wood siding, and frame, and the roof is composition.
The triplex is served by electricity, with a well water source and a septic tank sewer system. Exterior amenities include a storage building, fencing, and patio areas. Parking is off street with RV parking available. Heating includes forced air, wall furnace, electric heating, and baseboard, with wall unit electric cooling.
Construction materials include block, T1-11, wood siding, and frame, and the roof is composition.
Key Highlights
- .41‑acre lot with mature trees, sprawling lawn, and patio space
- Three remodeled units with updated kitchens and bathrooms
- Unit 1 (224204): 3 BD, 1 BA
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
$26,652
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
5.33%
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%
$533,040
$533.0K
Cap Rate 7%
$380,743
$380.7K
Cap Rate 9%
$296,133
$296.1K
Market Conditions
NOI Build-Up for 3,064 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
$41.5K $13.56/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$38.1K $12.43/SF
− OpEx
−$11.4K −$3.73/SF
NOI
$26.7K $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%
$533,040
Cap Rate 7%
$380,743
Cap Rate 9%
$296,133
Alternative Uses
Best Use
Multifamily LT 5
$380.7K
$333.2K – $444.2K
NOI $26,652 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$337.2K
$295.1K – $393.5K
NOI $23,607 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$849.8K
$743.6K – $991.5K
NOI $59,489 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
31
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three remodeled units, each with its own PUD meter, on a fenced lot with patio space and on-site parking.
Where is this triplex located?
The property is located at 224204 E Main Street Kennewick, WA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: .41‑acre lot with mature trees, sprawling lawn, and patio space; Three remodeled units with updated kitchens and bathrooms; Unit 1 (224204): 3 BD, 1 BA
