Renovated 10-Unit Apartment
For Sale
Contact for pricing
329 S 3rd Ave, Walla Walla, WA 99362
Multifamily asset with a renovated six-unit building and four newer rear units in a carriage house.
Property Size7,346 SF
Price / SF$176.97
Days on Market117
Property Features for 329 S 3rd Ave
General Information
Standard status
Active
Size
7,346 SF
Property subtype
Multifamily
Zoning
RM
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$82,986
Building Details
Year Built
1906
Buildings
2
Units
10
Tenancy
Multi
Listing Agency:
Paragon Group
(509) 221-9354
Listed By:
Mason Fiascone · License #20115181
Source:
Crexi
Added: May 7
Changed: Aug 31
Last Checked: Aug 31 at 2:29AM
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 Paragon Group
Investment Insights
Based on property information with market context.
This multifamily property comprises 10 units across a fully renovated six-unit building and a newer rear carriage house containing four additional units. The buildings date to 1906 and offer varied floorplans, distinctive architectural character, and updated living spaces. The renovation work addresses the primary six-unit structure, while the newer rear units add a complementary configuration to the property.
Located at 329 S 3rd Ave in Walla Walla, the asset sits in an in-town setting near downtown amenities, neighborhood services, and major employment drivers. The property is zoned RM and has established operations with in-place rental performance. Its combination of renovated interiors, a separate carriage-house component, and differentiated building character provides a distinct multifamily profile.
Located at 329 S 3rd Ave in Walla Walla, the asset sits in an in-town setting near downtown amenities, neighborhood services, and major employment drivers. The property is zoned RM and has established operations with in-place rental performance. Its combination of renovated interiors, a separate carriage-house component, and differentiated building character provides a distinct multifamily profile.
Key Highlights
- 10‑unit multifamily property with 6 units in the main building and 4 newer rear units
- Fully renovated six‑unit building
- Four newer units located in a rear carriage house
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
$52,362
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
4.03%
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%
$1,047,240
$1.0M
Cap Rate 7%
$748,029
$748.0K
Cap Rate 9%
$581,800
$581.8K
Market Conditions
NOI Build-Up for 7,346 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
$99.2K $13.50/SF
− Vacancy
−$4.0K −$0.54/SF
EGI
$95.2K $12.96/SF
− OpEx
−$42.8K −$5.83/SF
NOI
$52.4K $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%
$1,047,240
Cap Rate 7%
$748,029
Cap Rate 9%
$581,800
Alternative Uses
Best Use
Apartment 5plus
$748.0K
$654.5K – $872.7K
NOI $52,362 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,015 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,038
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily asset with a renovated six-unit building and four newer rear units in a carriage house.
Where is this apartment building located?
The property is located at 329 S 3rd Ave Walla Walla, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 10‑unit multifamily property with 6 units in the main building and 4 newer rear units; Fully renovated six‑unit building; Four newer units located in a rear carriage house
