Two-Unit Duplex
For Sale
$675,000
226 E Whitman Dr, College Place, WA 99324
Residential Income, College Place, WA
Property Size3,056 SF
Lot Size0.21 Acres
Price / SF$220.88
Days on Market80
Property Features for 226 E Whitman Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MULTI-FAMILY RE
Bedrooms
8
Bathrooms
3
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 8, Bedroom 4, Bedroom 6, Bathroom 6, Bedroom 7, Bathroom 4, Bathroom 5, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Directions
E Whitman Dr
Standard status
Active
APN
350736512210
Size
3,056 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Building Details
Year built
2015
Number of units
2
Listing Agency:
VRG Realty LLC
(509) 205-5724
Listed By:
Nate Biehl · License #2252
(509) 539-0333
Added: Jun 8
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 293668
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 duplex property in College Place contains 3,056 square feet on a 0.21-acre lot. The room inventory includes eight bedrooms and six bathrooms, providing a substantial residential configuration for an income-producing property.
Constructed in 2015, the property is zoned MULTI-FAMILY RE and is located at 226 E Whitman Dr in College Place, Washington. The asset is identified as a duplex within the residential income and multifamily property categories.
Constructed in 2015, the property is zoned MULTI-FAMILY RE and is located at 226 E Whitman Dr in College Place, Washington. The asset is identified as a duplex within the residential income and multifamily property categories.
Key Highlights
- Duplex with 3,056 square feet of building area
- Eight bedrooms and six bathrooms
- 0.21‑acre lot
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
$24,942
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
3.70%
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%
$498,840
$498.8K
Cap Rate 7%
$356,314
$356.3K
Cap Rate 9%
$277,133
$277.1K
Market Conditions
NOI Build-Up for 3,056 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
$37.0K $12.12/SF
− Vacancy
−$1.4K −$0.46/SF
EGI
$35.6K $11.66/SF
− OpEx
−$10.7K −$3.50/SF
NOI
$24.9K $8.16/SF
Area
Walla Walla County, WA
Vacancy
3.80%
Lease Rate
$12.12 /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%
$498,840
Cap Rate 7%
$356,314
Cap Rate 9%
$277,133
Alternative Uses
Best Use
Multifamily LT 5
$356.3K
$311.8K – $415.7K
NOI $24,942 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$311.2K
$272.3K – $363.1K
NOI $21,783 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$719.2K
$629.3K – $839.1K
NOI $50,343 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
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
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 - College Place residential income property with MULTI-FAMILY RE zoning and a 2015 construction date.
Where is this duplex located?
The property is located at 226 E Whitman Dr College Place, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Duplex with 3,056 square feet of building area; Eight bedrooms and six bathrooms; 0.21‑acre lot
