Multifamily Property with Oversized
For Sale
$699,000
24524 S Oak Street, Kennewick, WA 99337
Residential Income, Kennewick, WA
Property Size6,413 SF
Lot Size1.19 Acres
Price / SF$108
Days on Market86
Property Features for 24524 S Oak Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 3
Parking features
Garage
Patio and Porch features
Deck
Exterior features
Fencing/Enclosed
Fencing
Fenced
Appliances
Dishwasher, Range/Oven, Refrigerator
Subdivision
Kennewick East
Lot features
Located in County
Directions
See Google Maps
Standard status
Active
APN
118804010591003
Size
6,413 SF
Lot size
1.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3543
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1972
Number of units
2
Building materials
Metal Siding, Wood Siding
Listing Agency:
Beacon Realty & Property Manag
(509) 737-8080
Listed By:
Patrick Scacco · License #13557
(509) 539-9385
Added: May 30
Changed: Aug 22
Last Checked: Aug 23 at 8:06AM
MLS# 293584
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 multifamily property includes two manufactured homes and two detached shops on 1.19 acres. The homes provide 1,381 square feet and 912 square feet, with bedroom, bonus-room, den, and bath configurations suited to residential occupancy. Both residences have received extensive updates to their kitchens, bathrooms, flooring, and paint. The property also includes 3,384-square-foot and 736-square-foot shops, bringing the gross building area to 6,413 square feet.
RL-5 zoning permits allowable commercial uses, and the larger shop offers an additional leasing opportunity. Existing improvements include fencing, garage parking, decks, forced-air heating, central air, electricity availability, a well, and a septic tank. The property was built in 1972 and is located in Kennewick, Washington.
RL-5 zoning permits allowable commercial uses, and the larger shop offers an additional leasing opportunity. Existing improvements include fencing, garage parking, decks, forced-air heating, central air, electricity availability, a well, and a septic tank. The property was built in 1972 and is located in Kennewick, Washington.
Key Highlights
- Two manufactured homes totaling 2,293 square feet
- Homes include 3 bedrooms plus 2 bonus rooms and 2 baths; the second has 2 bedrooms plus den and 1 bath
- Two shops measure 3,384 square feet and 736 square feet
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
$49,409
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
7.07%
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%
$988,180
$988.2K
Cap Rate 7%
$705,843
$705.8K
Cap Rate 9%
$548,989
$549.0K
Market Conditions
NOI Build-Up for 6,413 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
$98.5K $15.36/SF
− Vacancy
−$8.7K −$1.35/SF
EGI
$89.8K $14.01/SF
− OpEx
−$40.4K −$6.30/SF
NOI
$49.4K $7.70/SF
Area
Benton County, WA
Vacancy
8.80%
Lease Rate
$15.36 /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%
$988,180
Cap Rate 7%
$705,843
Cap Rate 9%
$548,989
Alternative Uses
Best Use
Apartment 5plus
$705.8K
$617.6K – $823.5K
NOI $49,409 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,511 @ 7.0% cap · market cap 17.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
26
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?
Multifamily property - Two updated manufactured homes and enclosed shop space occupy a fenced income-producing property with additional commercial-use flexibility.
Where is this multifamily property located?
The property is located at 24524 S Oak Street Kennewick, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two manufactured homes totaling 2,293 square feet; Homes include 3 bedrooms plus 2 bonus rooms and 2 baths; the second has 2 bedrooms plus den and 1 bath; Two shops measure 3,384 square feet and 736 square feet
